The Crypto Daily – The Movers and Shakers 24/06/19It’s red across the board for the majors as profit-taking kicks in. It could get messy if Bitcoin slides to sub-$10.400 levels.
Bitcoin bucked the trend on Sunday, rising by 1.57% to end the day at $10,913.00. 6 days in the green out of 7 saw Bitcoin rally by 21.5%, Monday through Sunday.
On the day, a mixed morning saw Bitcoin fall from an early morning high $10,985.00 to a late morning intraday low $10,572.00.
Steering well clear of the major support and resistance levels, Bitcoin found support through the afternoon. A late rally saw Bitcoin break through the first major resistance level at $11,290.67 to strike an intraday high and new swing hi $11,369.00.
A late pullback left Bitcoin back at sub-$11,000 levels.
The Rest of the Pack,
Across the rest of the top 10 cryptos, it was a sea of red for the major cryptos.
Litecoin led the way down on the day, sliding by 3.34%. EOS was close behind, falling by 3.13%.
Ethereum saw the most modest losses on the day, falling by 0.49% to hold onto $300 levels.
For the week, Litecoin and Stellar’s Lumen saw red, with losses of 0.25% and 0.66% respectively.
While Bitcoin led the way with the 21.5% rally, Binance Coin and Ethereum also saw solid gains. The pair ended the week up by 15.4% and by 14.4% respectively.
Bitcoin Cash ABC and Bitcoin Cash SV also saw double-digit gains on the week.
Bitcoin’s trend-bucking move on Sunday led to a further rise in dominance to 59% levels, with a further rise anticipated.
Over the course of the week, the total crypto market cap jumped from $285.84bn to $325bn levels on Sunday.
24-hour trading volumes were choppy through the week, however. Volumes fell to $46bn levels on Thursday before recovering to $72bn levels on Sunday.
At the time of writing, Bitcoin was down by 1.73% to $10,724.00. A bearish start to the day saw Bitcoin fall from a morning high $10,922.00 to a low $10,560.00 before finding support.
Falling well short of the major resistance levels, Bitcoin came within range of the first major support level at $10,533.67.
Elsewhere, it was red across the crypto-board. Leading the way down was Bitcoin Cash SV, with a 3.96% loss. Stellar’s Lumen continued to struggle, falling by 3.03%
Ethereum saw more modest losses early on, down by just 0.78% at the time of writing.
For the Day Ahead
Bitcoin would need to move through the morning high $10,922.00 to $10,950 levels to support a return to $11,000 levels.
Support from the broader market would be needed, however, for Bitcoin to take a run at the first major resistance level at $11,330.67.
Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $11,369 would likely limit any upside on the day.
Failure to move through to $10,950 levels could see Bitcoin fall deeper into the red before any recovery.
A pullback through the morning low $10,560.00 would likely see Bitcoin fall through the first major support level at $10,533.67.
Barring an extended sell-off through the day, Bitcoin should steer clear of sub-$10,400 levels.