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.

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