The Crypto Daily – The Movers and Shakers – 28/08/19

Bitcoin manages to recover from early losses but will need the support of the broader market to break out from $10,200 levels later in the day.
Bob Mason
Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

Bitcoin fell by 1.86% on Tuesday. Partially reversing a 2.41% rally from Monday, Bitcoin ended the day at $10,184.

Bearish through the morning, Bitcoin fell from a start of a day intraday high $10,395 to a midday intraday low $10,021.

Falling well short of the day’s major resistance levels, Bitcoin slid through the first major support level at $10,115.

Bitcoin continued to find support at the first major support level through the afternoon before a late rise to $10,200 levels.

Bearish sentiment ultimately pinned Bitcoin back to $10,100 levels at the day end, however.

For the bulls, the extended bullish trend remained intact. 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, 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 mixed bag for the majors.

Bitcoin Cash SV bucked the trend on the day, rising by 1.58%, with Cardano’s ADA gaining 0.65%.

It was red for the rest of the majors, however.

Stellar’s Lumen led the way down on Tuesday, sliding by 2.98%. Binance Coin (-1.99%), EOS (-1.58%) and Monero’s XMR (-1.51%) also saw relatively heavy losses on the day.

With the month of August coming rapidly to an end, Bitcoin stands alone in positive territory for the current month. Through to the end of Tuesday, Bitcoin was up by 0.95%.

Bitcoin’s sole challenger remains Monero’s XMR, which was down by 2.95%.

Litecoin (-26.5%), Tron’s TRX (-21.6%), EOS (-20.2%) and Stellar’s Lumen (-19.1%) have seen the heaviest losses in the month.

The total crypto market cap fell back on Tuesday from $269bn levels to $262bn levels before support kicked in. At the time of writing, the total market cap stood at $264.86, with Bitcoin’s dominance sitting at 68.9%.

This Morning

At the time of writing, Bitcoin was up by 0.04% to $10,188. A choppy start to the day saw Bitcoin slide to an early morning low $10,063 before making a recovery.

Steering clear of the first major support level at $10,005, Bitcoin struck a mid-morning intraday high $10,268.

Falling shy of the first major resistance level at $10,379, Bitcoin eased back to sub-$10,200 levels.

Elsewhere, it was another mixed bag for the majors. Bitcoin Cash ABC (+1.05%), Stellar’s Lumen (+0.85%), and Monero’s XMR (+0.65%) joined Bitcoin in the green.

It was red for the rest of the majors, with Ripple’s XRP leading the way down early on. At the time of writing, Ripple’s XRP was down by 0.96%.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $10,200 levels to support another run at the first major resistance level at $10,379.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $10,268.

Barring a broad-based crypto rebound, Bitcoin would likely come up short of $10,400 levels.

The first major resistance level at $10,379 and Tuesday’s high $10,395 would likely limit any upside on the day.

Failure to move back through to $10,200 levels could see Bitcoin slide back into the red.

A fall through to sub-$10,100 levels would bring the first major support level at $10,005 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $9,826.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US