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The Crypto Daily – The Movers and Shakers 08/07/19

It’s a bearish start to the week. Bitcoin would need to hold onto $11,400 levels to support the majors on the day…
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Bitcoin closed out the week in positive territory, resuming what has been a particularly bullish run since January.

Year-to-date Bitcoin has seen just 8 weekly losses, 2 of which came in June.

On Sunday, Bitcoin rose by 1.85%, following on from a 2.56% gain on Saturday, to end the day at $11,485.

It was a relatively range-bound first half of the day. Bitcoin eased back to a mid-morning intraday low $11,110 before recovering to a late morning high $11,375.

The late morning rally saw Bitcoin break through the 23.6% FIB of $11,275 that provided much-needed support through the morning.

Falling back from $11,400 levels struck in the middle of the day, Bitcoin slipped through the 23.6% FIB to $11,150 levels before finding support.

Bitcoin bounced back to a late intraday high $11,620 before easing back. In spite of the afternoon rally, Bitcoin came up short of the first major resistance level at $11,680.33.

For the week, the weekend gains delivered a 6.34% rise for the week ending 7th July.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was green across the board for majors on Sunday.

Leading the way on the day were Tron’s TRX and Ethereum, which saw gains of 8.94% and 6.52% respectively.

EOS also outperformed Bitcoin on the day, rising by 3.28%.

The rest of the pack saw more modest gains. Bitcoin Cash ABC (+1.79%), Ripple’s XRP (+1.81%), Binance Coin (+1.91%), and Bitcoin Cash SV (+1.96%) stood alongside Bitcoin on the day.

Litecoin saw the most modest gain of the day, however, rising by 1.71%.

For the week, Tron’s TRX led the way, rallying by 10.06% to cement its position in the number 10 spot by market cap.

Bucking the trend in the week was Litecoin, which fell by 1.52%.

Bitcoin’s dominance held onto 62% levels, having peaked at 63% levels on Thursday. At the time of writing, Bitcoin’s dominance stood at 62.1%.

The total crypto market cap rose from $313.57bn to a high $337.76bn on Thursday before easing back to $330bn levels.


This Morning

At the time of writing, Bitcoin was down by 0.39% to $11,440. Moves at the start of the day saw Bitcoin fall from a morning high $11,547 to a low $11,413.

Bitcoin steered clear of the major support and resistance levels early on.

Elsewhere, Bitcoin Cash ABC and Tron’s TRX bucked the trend early, rising by 0.49% and by 0.29% respectively.

The rest of the pack were in the red, with Bitcoin Cash SV leading the way down with a 1.47% loss.

For the Day Ahead

Bitcoin would need to hold onto $11,400 levels to make a move later in the day. A move through the morning high to $11,600 levels would bring the first major resistance level at $11,700 into play.

Barring a broad-based crypto rally, Sunday’s high $11,620 and the first major resistance level will likely limit any upside.

Failure to hold onto $11,400 levels could see Bitcoin slide through the 23.6% FIB of $11,275. A pullback to $11,200 levels would bring the first major support level at $11,190 into play before any recovery.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$11,000 support levels on the day.

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