The Crypto Daily – The Movers and Shakers – 26/08/19

The Bitcoin bulls come out fighting, with a late Sunday rally continues into the early hours. Can Bitcoin take a look at $11,000?
Bob Mason
Bitcoin 1

Bitcoin fell by 0.23% on Sunday. Following on from a 2.44% slide on Saturday, Bitcoin ended the day at $10,132.

A bullish morning saw Bitcoin rally to a midday intraday high $10,350 before hitting reverse.

Falling well short of the first major resistance level at $10,422.7, Bitcoin slid to a late intraday low $9,805.8.

The reversal saw Bitcoin fall through the first major support level at $9,889.6 before finding support.

Steering clear of the 38.2% FIB of $9,734, Bitcoin managed to move back through to $10,100 levels ahead of the day end.

For the week, a 5th day in the red left Bitcoin down 1.9%. The week’s loss also reversed gains from earlier in the month, leaving Bitcoin up by just 0.44% for August.

For the bulls, the extended bullish trend remained intact in spite of the weekly loss. Bitcoin closed out the week above the 38.2% FIB of $9,734. More importantly, Bitcoin last visited sub-$9,000 levels back in mid-June, holding well above the 62% FIB of $7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a sea of red for the majors.

Leading the way on the day were EOS and Ethereum, which slid by 3.28% and 2.26% respectively.

Binance Coin (-1.03%), Stellar’s Lumen (-1.32%), and Litecoin (-1.74%) also struggled on the day.

Monero’s XMR and Bitcoin Cash SV fared better than most. The pair fell by 0.36% and 0.50% respectively.

The best performer on the day, however, was Bitcoin Cash ABC, which closed out the day flat. A late rebound reversed losses from the day.

The Sunday reversal left the majors with heavy losses for the week.

Monero’s XMR led the way down, sliding by 8.31%. Binance Coin (-6.66%), Litecoin (-5.43%) and Ripple’s XRP (-5.08%) also saw heavy losses.

Stellar’s Lumen was the best performer of the week, falling by just 1.8%.

Following a particularly bearish July, August looks set to deliver another heavy loss across the broader market.

While Bitcoin held onto positive territory and Monero’s XMR was down by just 0.24%, there are a number of majors facing double-digit losses.

Litecoin and EOS lead the way down with losses of 27.06% and 19.78% respectively. Things are not much better for Stellar’s Lumen (-17.18%), Ripple’s XRP (-15.71%), and Ethereum (-14.67%).

The total crypto market cap fell back from a Tuesday high $282.72bn last Monday to a Thursday low $256.94bn on Thursday before steadying. At the time of writing, the total market cap stood at $271.19bn.

In spite of Bitcoin’s loss in the week, Bitcoin’s dominance managed to hold onto 68% levels…

This Morning

At the time of writing, Bitcoin was up by 3.41% to $10,477. A particularly bullish start to the day saw Bitcoin rise from a low $10,133 to a high $10,600.

Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $10,386.07 before easing back.

Elsewhere, it was a sea of green across the crypto-board. Monero’s XRM (+4.66%), EOS (+3.47%), Litecoin (+3.46%) and Ethereum (+3.07%) also found strong support.

Stellar’s Lumen trailed the pack early, with a 1.88% gain.

For the Bitcoin Day Ahead

Bitcoin would need to hold above the first major support level at $10,386.07 to support a move through the second major support level at $10,640.13.

A particularly bullish start to the day brings $11,000 levels into play for the first time since 13th August.

Bitcoin would need the support of the broader market, however, to break out from the early morning high.

Failure to hold above the first major support level could see Bitcoin cough up the early gains.

A slide through the morning low $10,133 to sub-$10,100 levels would bring the first major support level at $9,841.87 into play.

We would expect Bitcoin to steer clear of the 38.2% FIB of $9,734, however, in the event of a reversal.

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