The Crypto Daily – The Movers and Shakers – 13/09/19

It’s a bearish start to the day for the majors. A Bitcoin breakthrough to $10,500 would be a signal for the bulls.
Bob Mason
Crypto00 567

Bitcoin rallied by 2.72% on Thursday. Reversing a 1.21% fall from Wednesday, Bitcoin ended the day at $10,452.

A bearish start to the morning saw Bitcoin slide to a mid-morning intraday low $10,064. Holding well above the first major support level at $9,892.67, Bitcoin bounced back to a late intraday high $10,488.

Bitcoin broke through the first major resistance level at $10,378.67 to test resistance at $10,500.

While failing to break through to $10,500 levels, Bitcoin managed to hold onto $10,400 levels in spite of a late pullback.

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 mixed bag.

Bitcoin Cash ABC (+0.59%), Binance Coin (+0.58%), Ethereum (+1.56%), and Monero’s XMR (+0.54%) joined Bitcoin in the green on the day.

It was red for the rest of the pack, however, with Litecoin and Stellar’s Lumen leading the way down. Litecoin fell by 0.80%, with Stellar’s Lumen falling by 0.95%.

Bitcoin’s dominance held at 70.3%, supported by the upward momentum on the day.

On Thursday, the total crypto market cap recovered from Wednesday’s current week low $257.9bn to hit a day high $266.17bn. In spite of the recovery, more support is needed to recover to $267bn levels seen at the start of the week.

At the time of writing, the total crypto market cap stood at $265.37bn.

There were no major news events to provide the market split and Bitcoin support on the day.

On the Bitcoin ETF front, SEC Chairman Clayton spoke in the early part of the week, saying that progress has been made on addressing SEC concerns. He also noted, however, that concerns over price manipulation remained. His comments suggested that Bitcoin was likely to remain in limbo for some time to come.

A number of SEC deadlines are set for October on the Bitcoin ETF front…

Key near-term is for Bitcoin to break out from $10,000 levels to avoid a reversal in the final quarter.

This Morning

At the time of writing, Bitcoin was down by 0.42% to $10,408. A mixed start to the day saw Bitcoin rise to an early morning high $10,475 before falling to a low $10,408.

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

Elsewhere, Ripple’s XRP bucked the trend early, rising by just 0.06%.

It was red for the rest of the pack. Monero’s XMR and Stellar’s Lumen led the way down with 1.1% and 1.55% losses respectively.

For the Bitcoin Day Ahead

Bitcoin would need to hold above $10,350 levels to support a run at the first major resistance level at $10,605.33.

Support from the broader market would be needed, however, for Bitcoin to break through to $10,500 levels.

Barring a broad-based crypto rally, we would expect Bitcoin to come up short of $10,600 levels for a 7th consecutive day.

In the event of a breakout, a move through the first major resistance level would bring $10,700 levels into play.

Failure to steer clear of $10,350 levels would bring the first major support level at $10,181.33 into play.

Barring an extended sell-off through the day, Bitcoin should steer clear of the second major support level at $9,910.67.

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
IMPORTANT DISCLAIMERS
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.
RISK DISCLAIMER
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.
FOLLOW US