The Crypto Week – A Bull Run That Could Have Been So Much MoreIt’s been quite a week for the majors and the bulls will be looking to end it on a high to see momentum continue into next week…
What a week for the Bitcoin bulls… and bears.
Bitcoin fell by 2.2% on Saturday. Following on from a 5.1% slide on Friday, Bitcoin ended the day at $7,260.1.
For the current week, Monday through Saturday, Bitcoin was up by 20.2%, though it could have been so much more…
A particularly bullish first half of the week saw Bitcoin rally from a start of a week $6,980.2 to an intraweek high and new swing hi $8,352.3 before hitting reverse.
3 consecutive days in the red saw Bitcoin call on support at the 23.6% FIB of $7,031, with a Friday slide back to $6,999.9.
While the bears managed to avoid a breakout to $9,500 levels, support at $7,000 was key to avoiding a full reversal of the week’s gains.
The Rest of the Pack,
Across the rest of the top 10 cryptos, there was nothing mixed about the week, with the majors making solid gains.
Leading the majors through to Saturday was Binance Coin. A trend-bucking 10.8% rally on Saturday left Binance Coin up 37.6% for the current week.
Close behind was Stellar’s Lumen that was playing catch up. Stellar’s Lumen was up by 34.6%, with a 0.14% fall on Saturday amongst the best performers on the day.
Trailing the front runners were EOS and Cardano’s ADA, with gains of 10.19% and 12.07% for the current week. Heavy losses following Thursday highs pinned back the pair.
For the broader market, Bitcoin’s slide back from $8,300 levels certainly contributed to the late in the week pullback.
Thursday highs, however, could be a taste of things to come should the news wires remain crypto friendly.
By market cap, Ethereum put further distance between itself and number 3 ranked XRP, following a 24% gain through to Saturday.
For Ripple’s XRP, it was a week of 2-halves. A particularly bullish first half of the week saw Ripple’s XRP strike a Thursday high $0.47869 before hitting reverse.
It was almost unsurprising that the market laggard in recent weeks broke out to lead the way, only to see one of the more substantial reversals late in the week.
The late in the week reversal came off the back of news hitting the wires of Bitcoin sell-orders pending execution. Combined with a number of bearish analysts reminding investors of last year’s sell-off, investors were quick to jump ship.
At the time of writing, Bitcoin was up by 0.61% to $7,304.5. Finding support at the start of the day, Bitcoin rose from a morning low $7,249.3 to a high $7,305.1.
While a number of the majors were in the green at the start of the day, there were no breakouts to suggest a bullish day ahead…
Elsewhere, Binance Coin and Stellar’s Lumen were on the slide having led the way through to the end of Saturday. Binance Coin was down by 2.57%, with Stellar’s Lunar down by 1.81%, at the time of writing.
For the Day Ahead,
The Bitcoin bulls will be looking for a return to Saturday’s high $7,518. A move through $7,350 levels would bring the first major resistance level at $7,449.53 into play.
Bitcoin would need support from the broader market, however, to break out from $7,350 levels on the day.
Failure to move through to $7,350 levels could see Bitcoin hit reverse. A fall through the morning low $7,249.3 would bring the first major support level at $7,139.13 into play.
Barring a broad-based crypto sell-off, the second major resistance level at $7,018.17 would likely limit the downside on the day.