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The Crypto Daily – The Movers and Shakers – 16/09/19
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It's a bullish start to the day for the majors, with Ethereum and Litecoin setting the pace. A Bitcoin move through to $10,400 would deliver a 2nd boost...
Bitcoin fell by 0.58% on Saturday. Following on from a 0.04% decline from Friday, Bitcoin ended the day at $10,321.
A bullish start to the morning saw Bitcoin strike an early morning intraday high $10,403.
Falling short of the first major resistance level at $10,469, Bitcoin fell to a late morning low $10,294 before finding support.
Bitcoin managed to recover to a late afternoon high $10,365 before sliding to a late intraday low $10,275.
Finding support at the first major support level at $10,273, Bitcoin recovered to $10,300 levels to limit the downside on the day.
A 5th day in the red for the week left Bitcoin down by 0.87%, Monday through Sunday.
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.
EOS and Ethereum bucked the trend on the day, with gains of 1.04% and 0.22% respectively.
It was red for the rest of the majors, however. Binance Coin led the way down, sliding by 3.33%.
Bitcoin Cash SV (-1.39%), and Stellar’s Lumen (-1.87%) also saw relatively heavy losses on the day.
Bitcoin Cash ABC (-0.88%), Litecoin, Monero’s XMR (-0.84%), and Ripple’s XRP (-0.56%) saw more modest losses on the day.
For the week, EOS led the way, rallying by 7.81%, with an 8.26% rally on Saturday delivering the upside for the week.
Ethereum also saw green for the week, rising by 4.26%.
It was red for the rest of the pack. Bitcoin Cash SV and Binance Coin led the way down with losses of 12.11% and 9.33% respectively.
Stellar’s Lumen and Monero’s XMR also struggled, ending the week down by 5.13% and 1.84% respectively.
Bitcoin Cash ABC (-0.88%), Litecoin (-0.44%), and Ripple’s XRP (-0.63%) saw more modest losses in the week.
Through the current week, the total crypto market cap fell from $270bn levels to a Wednesday low $257.48bn before recovering to $266bn levels.
At the time of writing, the total crypto market cap stood at $266.052bn.
This Morning
At the time of writing, Bitcoin was up by 0.37% to $10,359. A relatively bullish start to the day saw Bitcoin rise from an early morning low $10,314.1 to a high $10.381.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Ethereum and Litecoin led the way, with gains of 1.88% and 1.80% respectively.
Binance Coin also found much-needed support, rising by 1.03%.
Bitcoin Cash SV and Monero’s XMR trailed the majors early, with the pair flat at the time of writing.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a pullback through to $10,330 levels to support upward momentum through the day.
A move through the morning high $10,381 would bring the first major resistance level at $10,391 into play.
Bitcoin would need the support of the broader market, however, to break out from $10,380 levels.
Barring an extended crypto rally, Bitcoin would likely fall short of the second major resistance level at $10,461.
Failure to steer clear of $10,330 levels could see Bitcoin test the first major support level at $10,263.
Barring a crypto meltdown, Bitcoin should steer clear of sub-$10,200 levels. The second major support level at $10,205 should limit the downside in the event of an extended sell-off.
About the Author
Bob Masonauthor
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
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