The Crypto Week – Bitcoin Leads the Way in a Mixed Week for the Majors

Bitcoin leads the way for the current week as some of the majors struggle. While dominant, it’s not been the most impressive of weeks for the Bitcoin bulls.
Bob Mason
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While the Bitcoin bulls continued to maintain control, its been another mixed week for the rest of the pack.

Bitcoin rose by 2.56% on Saturday. Reversing a 1.42% fall from Friday, Bitcoin ended the day at $11,281.

On the day, a bullish start to the morning saw Bitcoin rally from an intraday low $10,961 to a morning high $11,594 before easing back.

The early rally saw Bitcoin break through the 23.6% FIB of $11,275 and first major resistance level at $11,378.

Following a relatively range-bound late morning, Bitcoin rallied to a late afternoon intraday high $11,720.

Falling short of the second major resistance level at $11,753, slid back through the 23.6% FIB to a 2nd half of a day low $11,066.

For the bulls, steering clear of sub-$11,000 levels was key late in the day, supporting a move back through the 23.6% FIB to $11,280 levels.

For the current week, Bitcoin was up by 4.45%, which was also supported by 2.29% and 10.09% gains from Tuesday and Wednesday respectively.

The Rest of the Pack,

Across the rest of the top 10 cryptos, it was a mixed start to the weekend.

Joining Bitcoin in the green for the day were Ripple’s XRP, which led the way with a 3.08% rally.

Bitcoin Cash ABC and EOS also ended the day in the green, with gains of 1.59% and 0.19% respectively.

Bitcoin Cash SV (-1.2%), Litecoin (-0.18%), Binance Coin (-0.15%) and Ethereum (-0.09%) saw red on the day, while Tron ended the day flat.

For the current week, Bitcoin led the way with its 4.45%, Monday through Saturday.

Bitcoin Cash ABC (+2.7%), Bitcoin Cash SV (+2.33%), and Binance Coin (+2.04%) also saw solid gains.

Tron’s TRX and EOS were also in the green with 1.26% and 0.05% gains respectively.

Bucking the trend on the week were Litecoin and Ethereum, which were down by 3.1% and by 0.87% respectively.

Another choppy week saw the total crypto market cap recover from a Tuesday current week low $288.64bn to a current week high $337.76bn. At the time of writing, the total crypto market cap stood at $320.33bn.

24-hour trading volumes were on the slide, however. Falling back from $99bn levels on Wednesday, 24-hour trading volumes stood at $62.72bn at the time of writing.

This Morning

At the time of writing, Bitcoin was down by 0.55% to $11,219. A mixed start to the day saw Bitcoin fall from a morning high $11,276 to a low $11,111 before finding support.

Whilst steering clear of the major support and resistance levels, Bitcoin fell through the 23.6% FIB of $11,275.

Elsewhere, Litecoin recovered from early losses to move into the green, up by 0.06% at the time of writing. Joining Litecoin in the green were EOS (+0.54%), Ethereum (+0.18%) and Binance Coin (+0.02%).

Bitcoin Cash ABC joined Bitcoin in the red with a -1.64%, while Bitcoin Cash SV was flat.

For the Day Ahead

Bitcoin would need to break back through the 23.6% FIB of $11,275 to $11,320 levels to bring the first major resistance level at $11,680.33 into play.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $11,720 would likely limit any upside.

Failure to move back through the 23.6% FIB to $11,320 levels could see Bitcoin slide deeper into the red.

A fall through the morning low $11,111 would bring the first major support level at $10,921.33 into play.

Barring a broad-based crypto sell-off, Bitcoin should steer clear of sub-$10,900 levels on the day.

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