The Crypto Daily – The Movers and Shakers 22/07/19

It’s a mixed start to the day for the majors. Bitcoin could provide support if it holds onto $10,500 levels through the morning.
Bob Mason
Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

Bitcoin trailed the majors through the week as $11,000 proved to be a step too far.

Bitcoin fell by 1.59% on Sunday. Reversing most of a 2.11% gain from Saturday, Bitcoin ended the day at $10,569.4.

Bearish through the morning, Bitcoin fell from an early intraday high $10,812 to an early afternoon intraday low $10,300.

Coming up short of the first major resistance level at $11,102, Bitcoin fell through the first major support level at $10,374.

Finding support through the afternoon, Bitcoin managed to recover to $10,640 levels before easing back at the day end.

The loss on the day left Bitcoin with a 3.63% gain for the week.

Bitcoin’s market cap struck a week high $196.72bn on Tuesday before falling to a week low $163.74bn on Wednesday. A Thursday 9.7% rally supported a move back to $189.12bn by the end of the week.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed bag for the majors on the day.

Bucking the trend on the day were Bitcoin Cash SV, Tron’s TRX and EOS. Bitcoin Cash SV rallied by 3.19%, while Tron and EOS rose by 0.35% and by 0.29% respectively.

It was red for the rest of the pack. Binance Coin led the way down, sliding by 2.25%. Bitcoin Cash ABC and Ethereum also saw relatively heavy losses. The pair ended the day down by 1.65% and 1.4% respectively.

In spite of the Sunday pullback, the majority of the majors saw solid gains for the week. Bitcoin Cash SV led the way, rallying by 39.46%. Also seeing strong gains were Tron’s TRX (+15.48%), Bitcoin Cash ABC (+13.84%), and Litecoin (+11.19%).

Bucking the trend for the week was Ethereum, which fell by 0.14%.

Bitcoin’s dominance held on to 65% levels in spite of the more modest gains through the week.

Over the week, the total crypto market cap recovered from a Wednesday low $248.64bn to $289.81bn at the time of writing.

This Morning

At the time of writing, Bitcoin was down by 0.08% to $10,561. A relatively range-bound start to the day saw Bitcoin fall from an early morning high $10,672 to a low $10,505.

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

Elsewhere, Bitcoin Cash SV (-2.35%) and Bitcoin Cash ABC (-1.34%) saw heavy losses early on.

On the rise were Tron’s TRX and Binance Coin, which were up by 1.49% and 1.11% respectively.

For the Day Ahead

Holding onto $10,500 levels through the morning would support another run at the first major resistance level at $10,820.93.

Bitcoin would need the support of the broader market, however, to break out from $10,700 levels.

In the event of a broad-based crypto rally, Bitcoin could test the second major resistance level at $11,072.47 before any pullback.

Failure to hold onto $10,500 levels could see Bitcoin slide deeper into the red. A fall through the morning low $10,505 would bring the first major support level at $10,308.93 into play.

Barring a crypto meltdown, Bitcoin should steer well clear of the second major support level at $10,048.47.

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