The Crypto Daily – The Movers and Shakers 12/08/19

It’s a bearish start to the week. Bitcoin would need to move back through to $11,440 levels to provide support to the broader market.
Bob Mason

Bitcoin rose by 2.25% on Sunday. Partially reversing a 4.87% slide on Saturday, Bitcoin ended the day at $11,565.4.

A relatively choppy morning saw Bitcoin fall to a late morning intraday low $11,129 before finding support.

Whilst steering clear of the major support levels, Bitcoin fell through the 23.6% FIB of $11,275.

Finding support in the late morning, Bitcoin struck a morning high $11,494 before easing back to $11,300 levels.

A late rally led to an intraday high $11,615 before falling back to $11,500 levels. Whilst Bitcoin fell short of the first major resistance level at $11,812.27, Bitcoin managed to break back through the 23.6% FIB.

For the week, Bitcoin gained 5.4%, with Saturday’s sell-off limiting the upside.

The Rest of the Pack

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

Stellar’s Lumen and Bitcoin Cash ABC led the way on the day, rallying by 6.7% and 6.5% respectively.

Litecoin (+5.43%), Ethreum (+4.83%), Bitcoin Cash SV (+3.61%) and EOS (+3.36%) also saw solid gains.

Trailing the pack, however, were Ripple’s XRP and Binance Coin, which rose by 1.34% and by 2.20% respectively.

Sunday’s much-needed rally reversed losses in the week for Bitcoin Cash ABC, which joined Bitcoin in the green.

Binance Coin led the way, however, rallying by 9.85% from Monday through Sunday.

It was red for the rest of the majors. Tron’s TRX and Stellar’s Lumen led the way down, falling by 7.14% and by 5.5% respectively. Stellar’s Lumen saw a heavy loss in spite of Sunday’s rebound.

Ripple’s XRP (-4.95%), Litecoin (-3.44%), Ethereum (-3.06%) and Bitcoin Cash SV (-3.02%) were also deep in the red.

For Bitcoin, Bitcoin Cash and Binance Coin, last week’s gains left the trio in the green for the current month. Bitcoin led the way, rallying by 14.65% to the end of Sunday. Binance Coin was a distant second, up by 8.67%, while Bitcoin Cash ABC was up by 3.09%.

With the rest of the pack down for the month, Litecoin and Tron’s TRX saw the heaviest losses. Litecoin was down by 9.24%, with Tron’s TRX down by 7.35%.

Following Sunday’s gain, Bitcoin’s dominance held relatively steady at 68.5%.

The broad-based sell-off through the week, however, led to a fall in the total market cap from a Tuesday high $319.93bn to a Sunday low $293bn. At the time of writing, the total crypto market cap stood at $297.65bn.

This Morning

At the time of writing, Bitcoin was down by 1.57% to $11,384. A bearish start to the day saw Bitcoin fall from a morning high $11,585 to a low $11,381.

Bitcoin steered clear of the major support and resistance levels and the 23.6% FIB of $11,275 early on.

Elsewhere, Bitcoin Cash ABC and Binance Coin bucked the trend in the early hours. Bitcoin Cash ABC was up by 0.24% at the time of writing, with Binance Coin up by 0.10%.

With the rest of the pack in the red, Litecoin led the way down, falling by 2.66%. Stellar’s Lumen (-1.25%), EOS (-1.52%) and Ethereum (-1.29%) also struggled early on.

For the Bitcoin Day Ahead

A move back through to $11,440 levels would support a rebound from the early losses.

Bitcoin would need the support of the broader market, however, to break out from Sunday’s high $11,615.

Barring a broad-based crypto rally, Bitcoin would likely come up short of the first major resistance level at $11,743.93.

In the event of a breakout, Bitcoin could come up against the second major resistance level at $11,922.47 before any pullback.

Failure to move through to $11,440 levels could see Bitcoin slide deeper into the red. A fall through the morning low $11,381 would bring the 23.6% FIB of $11,275 into play.

Barring an extended sell-off, the first major support level at $11,257.93 and 23.6% FIB should limit any downside.

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