The Crypto Daily – The Movers and Shakers 10/06/19

The Bitcoin bulls look to take control, but Bitcoin will need to move through and hold above the 23.6% FIB to support a bullish afternoon…
Bob Mason
Bitcoin coin on white keyboard

Bitcoin fell by 3.67% on Sunday. Following on from the 0.95% fall on Saturday, Bitcoin ended the day at $7,633.3.

A relatively range-bound morning saw Bitcoin fall from an intraday high $7,963.3 to an early morning low $7,851.5 before finding support.

Bitcoin moved back through to $7,900 levels before getting hit by a broad-based crypto sell-off.

The sell-off saw Bitcoin slide to a late intraday low $7,497.9 before finding support.

Bitcoin fell through the first major support level at $7,793.4 and second major support level at $7,662.8. Of greater significance on the day was the pullback through the 23.6% FIB of $7,718.

A 5% slide on Monday and a bearish weekend left Bitcoin down by 12.7% for the week, Monday through Sunday.

The Rest of the Pack,

Across the rest of the top 10 cryptos, it was a sea of red on the day, with even Litecoin and Binance Coin falling victim to the crypto sell-off.

Leading the way down on the day was Bitcoin Cash SV, which slumped by 7.93%. Ripple’s XRP (-5.64%), Binance Coin (-5.34%) and Ethereum (-5.32%) were not far behind on the day.

Falling alongside Bitcoin were EOS (-3.66%), Bitcoin Cash ABC (-3.64%), Stellar’s Lumen (-3.62%), and Litecoin (-3.1%)

The Sunday sell-off left Litecoin with a 0.13% gain for the week. Litecoin was the only major to end the week in positive territory.

For the rest of the pack, it was a particularly bearish week. Some suffered more than others.

Leading the way down was EOS, which tumbled by 20.5%. Bitcoin Cash ABC was a distant second, sliding by 14.8%.

Ethereum (-14.1%), Ripple’s XRP, and Stellar’s Lumen (-12.4%), also joined Bitcoin with double-digit losses for the week.

Binance Coin and Bitcoin Cash SV were the best performers. While Binance Coin fell by 9.2%, Bitcoin Cash SV fell by just 4.07%, Sunday’s reversal leading to the weekly loss.

The week’s losses left the total crypto market cap at $243bn levels at the end of Sunday. 24-hour trading volumes were also down, falling from $82bn on Tuesday levels to $57bn levels on Sunday.

This Morning,

At the time of writing, Bitcoin was up by 0.94% to $7,704.9. A mixed start to the day saw Bitcoin fall to a morning low $7,513.2 before striking a morning high $7,745.3.

While steering clear of the major support and resistance levels, Bitcoin moved back through the 23.6% FIB of $7,718.

Elsewhere, Binance Coin and Bitcoin Cash ABC led the way, at the time of writing, with gains of 2.53% and 2.6% respectively.

Trailing the pack through the early hours was Bitcoin.


For the Day Ahead,

Bitcoin would need to move back through the 23.6% FIB of $7,718 and hold to support further gains on the day.

A move through to $7,780 levels would support a run at the first major resistance level at $7,898.43.

Bitcoin would need continued support from the broader market, however, to break out from the 23.6% FIB.

Failure to move through the 23.6% FIB could see Bitcoin hit reverse. A fall through the morning low $7,513.2 would bring the first major support level at $7.433.03 into play.

Barring a crypto meltdown, however, Bitcoin would likely steer clear of sub-$7.400 levels.

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