The Crypto Week – A Bull Run That Could Have Been So Much More

It’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…
Bob Mason
cryptocurrency Silver and gold Bitcoin,litecoin,ethereum on dollar banknote on golden table,Virtual Digital money on blockchain concept.financial business.crypto currency mining.

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.

This Morning,

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.

Get Into Cryptocurrency Trading Today

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

Top Promotions

Top Brokers

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