The Crypto Daily – The Movers and Shakers 05/08/19

Bitcoin’s on the move after a bullish start to August. The bulls will be eyeing 11,500 levels to bring $12,000 into play later in the week…
Bob Mason
Bitcoin coin on white keyboard

Bitcoin rose by 1.4% on Sunday. Following on from a 2.88% gain on Saturday, Bitcoin ended the day at $10,973.

A particularly bearish morning saw Bitcoin slide from a morning high $10,916 to an early morning intraday low $10,514.

The sell-off saw Bitcoin slide through the first major support level at $10,579.67 before making a move.

Finding support through the early afternoon, Bitcoin bounced back to strike a late intraday high $11,060.

The bounce-back saw Bitcoin break through the first major resistance level at $10,990.67.

Falling short of the second major resistance level at $11,159.33, Bitcoin eased back through the first major resistance level late on.

Following a bearish July, where Bitcoin fell by 6.59%, it’s been a particularly bullish start to August. For the week ending 4th August, Bitcoin rallied by 15.3%…

The Rest of the Pack

Across the rest of the top 10 cryptos, it was another mixed bag for the majors on the day.

Tron’s TRX led the way on the day, rallying by 1.95% to limit the loss for the week to just 0.1%.

Joining Bitcoin and Tron in the green were Ripple’s XRP and Ethereum, which rose by 1.01% and by 0.3% respectively.

It was red for the rest of the majors at the end of the week. Litecoin and EOS led the way down with falls of 1.38% and 1.12% respectively.

Binance Coin (-0.79%), Stellar’s Lumen (-0.78%), Bitcoin Cash SV (-0.17%) and Bitcoin Cash ABC (-0.09%) saw modest losses on the day.

It was also a mixed bag for the majors for the week ending 4th August.

Bitcoin Cash ABC (+8.4%), Ethereum (+5.35%), Litecoin (+3.15%), Ripple’s XRP (+2.48%) and Bitcoin Cash SV (+1.35%) joined Bitcoin in the green.

It was red for the rest of the majors, however, with Stellar’s Lumen leading the way down, falling by 4.47%. In spite of the weekly loss, Stellar’s Lumen held on to the number 10 spot by market cap, with Monero’s XRM and Tron’s TRX close behind.

EOS and Tron’s TRX saw modest losses of 0.81% and 0.10% respectively.

Through the week, the crypto market cap rose from $262bn levels to $292bn levels, largely fueled by Bitcoin that drove Bitcoin’s dominance up to 67% at the time of writing.

Bitcoin’s dominance last stood at 67% levels back in April 2017…

This Morning

At the time of writing, Bitcoin was up by 2.69% to $11,268. A particularly bullish start to the day saw Bitcoin surge from a morning low $10,973 to a high $11,272.

The early rally saw Bitcoin break through the first major resistance level at $11,184 to come up against the 23.6% FIB of $11,275.

Elsewhere, it was a sea of green across the crypto board, with Bitcoin’s breakout providing support.

Leading the way at the start of the day was Litecoin, which was up by 3.13% at the time of writing.

Bitcoin Cash ABC (+1.49%), Ethereum (+1.9%), Bitcoin Cash SV (+1.67%), EOS (+1.11%)  and Steller’s Lumen (+1.02%) also saw solid gains.

Trailing the pack were Binance Coin (+0.96%), Ripple’s XRP (+0.33%) and Tron’s TRX (+0.67%).

For the Bitcoin Day Ahead

Holding above the first major resistance level at $11,184 would support a bullish start to the week. A move back through the morning high $11,272 would bring the second major resistance level at $11,395 into play.

Bitcoin would need the support of the broader market, however, to break out from the 23.6% FIB of $11,275.

Failure to hold above the first major resistance level could see Bitcoin cough up the early gains. A slide back through to $10,850 would bring the first major support level at $10,638 into play.

Barring a crypto meltdown, Bitcoin should steer well clear of the second major support level at $10,303.

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