The Crypto Daily – The Movers and Shakers – 08/09/19

Bitcoin would need a move back through to $10,600 levels to deliver another crypto breakout… Steering clear of $10,450 will be key.
Bob Mason
Cryptomania

Bitcoin rose by 1.73% on Saturday. Partially reversing a 2.59% slide from Friday, Bitcoin ended the day at $10,489.

It was a relatively range-bound day for Bitcoin, which moved within a $300 spread through the day.

Finding support from the early morning, Bitcoin rose from an early intraday low $10,306 to a late afternoon intraday high $10,582.

Bitcoin left the major support and resistance levels untested before easing back to sub-$10,500 levels late in the day.

A 3rd day in the green left Bitcoin up by 7.26% for the current week, largely driven by a Monday 6.23% rally.

For Bitcoin, the extended bullish trend remained intact. Bitcoin continued to hold above the 38.2% FIB of $9,734 having steered well clear of sub-$9,000 levels and the 62% FIB of $7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a sea of green.

EOS led the way on the day, surging by 11.2% to recover losses from earlier in the week.

Litecoin (+6.1%), Ethereum (+5.22%) and Stellar’s Lumen (+4.5%) also made solid gains on the day.

Binance Coin trailed the pack with a 1.95% gain.

For the current week, Stellar’s Lumen bucked the trend going into Sunday, with a 1.93% loss.

Following Saturday’s breakout, EOS led the way in the week, rising by 9.42%. Monero’s XMR (+8.85%) and Bitcoin Cash ABC (+7.33%) weren’t far behind.

Off the back of the bullish start to the weekend, the total crypto market cap rose from a day low $261.98bn to a high $268.98bn before easing back. At the time of writing, the total crypto market cap stood at $268.46bn.

Bitcoin’s dominance continued to hold onto 70% levels, with Bitcoin amongst the front runners with a 7.26% gain for the current week.

This Morning

At the time of writing, Bitcoin was up by 0.36% to $10,527.  A relatively bullish start to the day saw Bitcoin rise from an early morning low $10,490 to a high $10,546.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, Binance Coin and Bitcoin Cash SV led the way with gains of 0.58% and 0.70% respectively.

Bucking the trend in the early hours were EOS and Stellar’s Lumen, which were down by 0.23% and 0.12% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to break through Saturday’s high $10,582 to bring the first major resistance level at $10,612 into play.

Support from the broader market would be needed, however, for Bitcoin to break through to $10,600 levels.

Barring a 2nd consecutive broad-based crypto rally, Bitcoin should come up short of the second major resistance level at $10,735.

Failure to move back through Saturday’s high $10,582 could see Bitcoin hit reverse.

A fall through to $10,450 levels would bring the first major support level at $10,336 into play before any recovery.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$10,300 support levels on the day.

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