The Crypto Daily – The Movers and Shakers – 16/09/19

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…
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

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.

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