The Crypto Week – Bitcoin Cash ABC and Litecoin Stole the ShowBitcoin Cash ABC and Litecoin reverse heavy losses from the previous week, largely thanks to a Bitcoin breakthrough to $6,000 levels…
It’s been quite a week for the Bitcoin bulls. After a bearish start to the week that saw Bitcoin fall to a week low $5,365.0 on Monday, it’s been bullish all the way.
The bad start to the week saw Bitcoin test support levels before embarking on a 5-day rally.
The breakout saw Bitcoin strike a current week high $6,190 on Saturday before easing back.
While falling short of the first major resistance level at $6,210.57 on the day, a 4.89% rally on Friday saw Bitcoin break through the 38.2% FIB of $5,809 and hold onto $6,000 going into this morning.
A near-term hold onto $6,000 levels and move through to $6,500 levels would see Bitcoin form a near-term bullish trend to reverse the extended bearish trend formed back in May of last year.
For the current week, Monday through Saturday, Bitcoin was up by 11.21%.
The Rest of the Pack,
Across the rest of the top 10 cryptos, it’s been a mixed week.
Reversing losses from the previous week, Bitcoin Cash ABC led the way through to the end of Saturday. A 12.7% rally on Tuesday and 7.64% gain on Friday led to a 16.2% gain for the current week, which also supported a return to $300 levels.
Also ahead of Bitcoin was Litecoin, which was up by 13.55% to the end of Saturday.
More modest gains were seen elsewhere, with EOS and Ethereum up by 5.77% and by 5.23% respectively.
Bucking the trend through the week was Cardano’s ADA, which was down by 1.65%. After a 7-consecutive week rally, Cardano’s ADA is facing a possible 4th consecutive weekly loss.
The reversal leaves Cardano’s ADA at the number 10 spot by market cap, with Tron’s TRX close behind and vying for a return to the top 10.
With Bitcoin Cash ABC cementing its number 4 ranking for yet another week, it’s Litecoin and EOS who continue to battle for the number 5 spot. Litecoin’s latest rally supports the number 5 spot for now.
The pair continue to see some of the most significant moves of the top 10. Support for Bitcoin Cash ABC comes from the delisting of Bitcoin Cash SV from a number of crypto exchanges. For Litecoin, this summer’s halving event remains the key driver, though adoption has been another source of support.
Adoption has also been key to Bitcoin’s recent gains that have left Bitcoin’s dominance at 55% levels in spite of the broad-based crypto gains through the week.
For the week, the total crypto market cap rose from $167bn levels to $184bn levels at the time of writing. A return to $190bn levels could have been on the cards, had it not been for Saturday’s pullback.
The latest breakout also saw volumes recover from sub-$40bn levels to $60bn levels in the week. Volumes will likely begin to move back through to $80bn levels should Bitcoin manage to break through to $6,500 levels…
At the time of writing, Bitcoin was down by 0.31% to $6,078.9. A bearish start to the day saw Bitcoin slide to a morning low $6,011.3 before finding support.
Avoiding a return to sub-$6,000 levels, Bitcoin managed to strike a morning high $6,112.3 before easing back.
In spite of a relatively choppy day, Bitcoin left the major support and resistance levels untested.
Elsewhere, it was a mixed bag for the top 10. Litecoin and Bitcoin Cash ABC were also in the red, down by 1.11% and by 0.27%.
While EOS was also in the red, down by 0.20%, Ripple’s XRP, Stellar’s Lumen, Ethereum, Cardano’s ADA and Binance Coin all found early support.
For the Day Ahead,
The Bitcoin bulls will have set $6,500 as the next target for the recovery that has now extended from mid-December’s swing lo $3,215.2.
A move back through to $6,100 levels would give the bulls a run at $6,200 levels later in the day.
Any move northwards by Bitcoin would likely support the broader market and Bitcoin Cash ABC and Litecoin in particular.
Current laggards Ripple’s XRP and Stellar’s Lumen could breakout from their current ruts should Bitcoin continue to find support. The pair have struggled of late and a game of catch-up could be on the horizon…