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

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.

Get Into Cryptocurrency Trading Today

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.