The Crypto Daily – The Movers and Shakers – 15/09/19

Bitcoin’s struggles continue while a number of the crypto majors find strong support. A move back through to $10,400 could draw some attention.
Bob Mason
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin slipped by 0.04% on Saturday. Following on from a 0.73% fall from Friday, Bitcoin ended the day at $10,380.

A relatively choppy morning saw Bitcoin slide from an early morning high $10,395 to a mid-day intraday low $10,255.

In spite of the choppy start to the day, Bitcoin left the major support and resistance levels untested.

Finding support through the afternoon, Bitcoin rallied to a late intraday high $10,488. Falling short of the first major resistance level at $10,514.33, Bitcoin fell back to $10,300 levels and into the red.

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.

Monero’s XMR joined Bitcoin in the red on the day, with a 0.99% loss.

It was a bullish day for the rest of the pack, however.

EOS led the way, surging by 8.02% on Saturday. Ethereum (+3.96%), Bitcoin Cash SV (+2.8%), and Stellar’s Lumen (+2.73%) also saw solid gains on the day.

Ripple’s XRP (+2.34%), Litecoin (+2.2%), and Binance Coin (+0.77%) trailed the pack in spite of the gains on the day.

The relatively bullish start to the weekend left the majors mixed for the current week.

EOS led the way, rising by 6.63% Monday through Saturday. Ethereum and Litecoin were also in positive territory, with gains of 4.02% and 0.24% respectively.

It was red for the rest of the pack, however. Bitcoin SV and Binance Coin led the way down, with losses of 11.03% and 6.25% respectively.

Stellar’s Lumen also struggled in the week, falling by 3.3%. Losses elsewhere were modest, however. Monero’s XRM was down by 1.53%, with Bitcoin Cash ABC and Ripple’s XRP down by 0.39% and 0.11% respectively.

Bitcoin’s dominance eased back to 69% levels following a lackluster day on Saturday.

Through the current week, the total crypto market cap recovered from a Wednesday low $257.48bn to $266bn levels. In spite of the recovery, another crypto rally is needed to recover to $270bn levels seen at the start of the week.

At the time of writing, the total crypto market cap stood at $266.04bn.

This Morning

At the time of writing, Bitcoin was down by 0.19% to $10,360. A bearish start to the day saw Bitcoin fall from an early morning high $10,403 to a low $10,337.

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

Elsewhere, Monero’s XMR (-1.65%), Stellar’s Lumen (-0.7%), Binance Coin (-0.03%), and Bitcoin Cash SV (-0.43%) also saw red.

Bitcoin Cash ABC led the way in the early hours, up by 0.98% at the time of writing.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $10,360 levels to support a run at the first major resistance level at $10,469.

Support from the broader market would be needed, however, to break out from the morning low $10,403.

Barring a Bitcoin breakout later in the day, Saturday’s high $10,451 and first major resistance level would likely pin any upside.

Failure to move through to $10,360 levels could see Bitcoin spend a 3rd consecutive day in the red.

A fall through to $10,320 levels would bring the first major support level at $10,273 into play before any recovery.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$10,200 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
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