The Crypto Daily – The Movers and Shakers – 30/08/19

The bears remain in control as the majors eye the prospects of a 3rd consecutive day in the red. Bitcoin et al will need a miracle to reverse August’s losses.
Bob Mason
Crypto00 567

Bitcoin fell by 2.24% on Thursday. Following on from a 4.53% slide on Wednesday, Bitcoin ended the day at $9,509.4

A 3rd consecutive day in the red saw Bitcoin close out the day at sub-$10,000 levels for only the 2nd time since July.

A bearish start to the day saw Bitcoin slide from an early intraday high $9,729.7 to a mid-morning intraday low $9,358.2.

Falling short of the major support levels and 38.2% FIB, Bitcoin fell through the first major support level at $9,408.27.

Bitcoin found support in the mid-afternoon to briefly hit $9,600 levels before sliding back to close out the day at $9,500 levels.

For the bulls, the extended bullish trend remained intact in spite of the pullback through the 38.2% FIB of $9,734. Bitcoin last visited sub-$9,000 levels back in mid-June and continued to hold 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 day for the majors.

Bucking the trend on the day were Bitcoin Cash SV and Ripple’s XRP, which rose by 1.39% and by 0.30% respectively.

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

Monero’s XRM and Binance Coin led the way down, with the pair sliding by 7.11% and by 6.68% respectively.

Litecoin wasn’t far behind, falling by 5.01%.

Bitcoin Cash ABC (-3.66%), Stellar’s Lumen (-2.58%), Ethereum (-2.31%) and EOS (-1.66%) saw more modest losses.

The sell-off on the day, which followed on from Tuesday’s meltdown, left Bitcoin down by 5.74% for the current month.

Leading the way down in August were Litecoin and EOS, which were down by 35.85% and 27.56%.

Things were not much better for Stellar’s Lumen (-25.91%), Ethereum (-22.8%) and Binance Coin (-21.65%).

Ripple’s XRP (-19.58%), Monero’s XMR (-17.29%), Bitcoin Cash ABC (-14.81%), and Bitcoin Cash SV (-13.53%) were the best of the rest.

The total crypto market cap fell back on Thursday from $250bn levels to $245bn levels. At the time of writing, the total market cap stood at $245.66, with Bitcoin’s dominance sitting at 69.1%.

This Morning

At the time of writing, Bitcoin was down by 0.38% to $9,473.3. A choppy start to the day saw Bitcoin rise to an early morning high $9,552.8 before hitting reverse.

Falling short of the first major resistance level at $9,706.67, Bitcoin fell to an early morning low $9,380.4.

In spite of the pullback, Bitcoin held above the first major support level at $9,335.17.

Elsewhere, EOS managed to avoid red in the early hours, up by 0.02% at the time of writing.

It was red for the rest of the majors. Litecoin and Bitcoin Cash ABC led the way early, with losses of 1.47% and 1.52% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,530 levels to support a run at the first major resistance level at $9,706.67.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $9,552.8.

Barring a broad-based crypto rebound, Bitcoin would likely continue to come up short of the 38.2% FIB of $9,734.

Failure to back move through to $9,530 levels could see Bitcoin slide deeper into the red. A fall through the morning low $9,380.4 would bring the first major support level at $9,335.17 into play.

Barring an extended sell-off, Bitcoin should steer clear of the second major support level at $9,160.93.

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