The Crypto Daily – The Movers and Shakers 17/06/19Bitcoin is on the move early, with the bulls eyeing a breakthrough to $9,400 levels. The rest of the pack will need to catch up for a breakout, however.
Bitcoin led the way on Sunday, gaining 1.47%. Following on from a 1.92% rise from Saturday, Bitcoin ended the day at $8,985.9.
A particularly bullish start to the day saw Bitcoin rally from an early intraday low $8,801 to a mid-morning intraday high and new swing hi $9,395.5.
Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $8,988.27 and second major resistance level at $9,120.53.
A choppy afternoon saw Bitcoin slide back to $8,800 levels before finding support late in the day.
While unable to hold onto $9,000 levels at the day’s end, it was Bitcoin’s highest end of day price since May 2018.
For the week, Bitcoin rallied by 17.7%, with the gains coming off the back of 6 days in the green out of the 7.
The Rest of the Pack,
Across the rest of the top 10 cryptos, it was a mixed bag for the major cryptos.
Leading the pack on Sunday was Ripple’s XRP, which rallied by 4.07% to end the week up by 11.2%. The weekly gain wasn’t enough, however, to fully reverse a previous week 13.4% slide.
Bitcoin Cash ABC was a distant second, rising by 2.02% to end the week up 13.6%. Stellar’s Lumen (1.82%), EOS (1.23%) and Bitcoin Cash SV (0.41%) also ended the day in the green.
Binance Coin and Litecoin were the worst performers on the day, with losses of 1.7% and 1.05% respectively. Ethereum also ended the day in the red, falling by 0.35%.
For the week, in spite of Sunday’s loss, Litecoin led the way, rallying by 19.3%. Ethereum and Bitcoin Cash SV also made solid gains, rising by 16% and by 14.7% respectively.
While all of the crypto top 10 made gains in the week, Binance Coin trailed the pack, rising by just 7.2%, Monday through Sunday.
The upward momentum through the week led to a crypto market cap rebound. The total crypto market cap rose from $244bn levels last Monday to a Sunday high $289bn.
Trading volumes were also on the rise, recovering from $60bn levels to $75bn levels on Sunday.
At the time of writing, Bitcoin was up by 2.27% to $9,189.9. A bullish start to the day saw Bitcoin rise from a morning low $8,985.9 to a high $9,247.7 before easing back.
Bitcoin left the major support and resistance levels untested in spite of the early breakout.
Elsewhere, Litecoin and Stellar’s Lumen saw red in the early hours, falling by 0.83% and 0.01% respectively.
While Bitcoin Cash ABC was flat at the time of writing, the rest of the pack were in the green. Trailing Bitcoin into a distant 2nd was Binance Coin, which was up by 1.28%.
For the Day Ahead,
Bitcoin would need hold above $9,060 levels through the day to support a move back through to $9,200 levels.
Bitcoin would need the support of the broader market, however, to break back through to $9,300 levels and bring the first major resistance level at $9,320.60 into play.
In the event of a crypto rally, Bitcoin could visit $9,400 level before any pullback.
Failure to hold above $9,060 levels could see Bitcoin slide back into the red. A fall through to sub-$9,000 levels would bring $8,800 levels into play before any recovery.
Barring a crypto meltdown, Bitcoin would likely steer clear of the first major support level at $8,726.10.