The Crypto Daily – The Movers and Shakers – 23/08/19

Bitcoin looks set for a breakout. Moving through to $10,200 levels would deliver support for the rest of the pack…
Bob Mason
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Bitcoin fell by 0.29% on Thursday. Following on from a 5.99% tumble on Wednesday, Bitcoin ended the day at $10,117.

A particularly bearish start to the day saw Bitcoin slide from a morning high $10,163.3 to an early morning intraday low $9,787.

Steering clear of the major resistance levels, Bitcoin came within range of the 38.2% FIB of $9,734.

Finding support through the late morning, Bitcoin rallied to a late afternoon intraday high $10,259.

In spite of the rebound, Bitcoin came up well short of the first major resistance level at $10,706.67, leading to a pullback to $10,100 levels.

For the bulls, the extended bullish trend remained intact. In spite of a choppy current week, Bitcoin continued to hold above the 38.2% FIB of $9,734. More importantly, Bitcoin last visited sub-$9,000 levels back in mid-June, steering well clear of the 62% FIB of $7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a sea of green across the board.

EOS and Stellar’s Lumen led the way, rallying by 3.62% and 2.76% respectively. Bitcoin Cash ABC wasn’t far behind, rising by 2.47%.

The rest of the majors saw more modest gains, with Litecoin and Binance Coin trailing the pack. The pair rose by 0.26% and by 0.45% respectively.

Outside of the top 10, Cardano’s ADA and Tron’s TRX outperformed with gains of 3.94% and 3.87% respectively.

It’s been a bearish week for the majors. Monero’s XMR led the way down, sliding by 6.44% to the end of Thursday. In spite of the heavy losses, Monero’s XMR is the only major to join Bitcoin in positive territory for the current month. While Bitcoin was up by 0.29%, Monero’s XMR was up by 1.8% to the end of Thursday.

This Morning

At the time of writing, Bitcoin was up by 0.04% to $10,121. A mixed start to the day saw Bitcoin fall from a morning high $10,166 to a low $10,047 before finding support.

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

Elsewhere, EOS and Ethereum joined Bitcoin in the green, rising by 0.25% and by 0.46% respectively.

It was red for the rest of the pack, however, with Stellar’s Lumen sliding by 1.55% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to steer clear of $10,060 levels to support upward momentum through the day.

A move back through the morning high $10,166 to $10,200 levels would bring the first major resistance level at $10,319 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $10,255.

In the event of a broad-based crypto rally, the second major resistance level at $10,521 could come into play.

Failure to steer clear of $10,060 levels could see Bitcoin revisit sub-$10,000 levels before any recovery.

Barring an extended broad-based crypto sell-off, the first major support level at $9,851 should limit any downside.

In the event of a crypto meltdown, support at the 38.2% FIB of $9,734 would likely be tested on the day.

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