The Crypto Week – The Majors Hit Reverse 09/06/19The bears have been in control this week, with the majors needing a weekend rally of old to reverse the current week’s losses…
It’s been a bearish start to the month of June as the bears look to claw back control of the reins.
Bitcoin fell by 0.95% on Saturday. Partially reversing a 2.36% gain from Friday, Bitcoin ended the day at $7,924.0.
Bearish through most of the day, Bitcoin fell from an early morning intraday high $8,069.0 to a late afternoon intraday low $7,800.1.
Falling well short of the first major resistance level at $8,178.63, Bitcoin came within range of the first major support level at $7,791.53 before finding late support.
For the current week, Monday through Saturday, Bitcoin was down by 9.34% in spite of 3 consecutive days in the green mid-week. A bearish start to the week did the damage, with Bitcoin seeing heavy losses in the first 2-days of the week.
In spite of the bearish week, Bitcoin managed to hold above the 23.6% FIB of $7,718 and touch $8,000 levels before reversing.
The Rest of the Pack,
Across the rest of the top 10 cryptos, it was a mixed bag for the pack.
Bucking the trend from across the broader market, Litecoin and Bitcoin Cash SV held onto gains through the current week.
Monday through Saturday, Litecoin led the way with a 3.33% gain, with Bitcoin Cash SV up by 2.63%.
Elsewhere, it was a sea of red. Leading the way down was EOS, which had tumbled by 17.6%. Bitcoin Cash ABC was a distant second, sliding by 11.5%.
Ethereum (-9.3%), Stellar’s Lumen (-8.7%) and Ripple’s XRP (-8.1%) were also deep in the red for the week.
The sell-off through the current week came as 24-hour trading volumes fell from $72bn levels at the start of the week to $57bn levels at the time of writing.
The total crypto market cap slid from $275bn levels to $250bn levels at the time of writing.
On the rankings, EOS’s heavy losses in the week led to a fall to the number 6 spot. Litecoin’s trend-bucking moves led to a move through to the number 4 spot, with Bitcoin Cash ABC at number 5.
At the time of writing, Bitcoin was down by 0.73% to $7,865.8. A bearish start to the day saw Bitcoin fall from an early morning high $7,963.3 to a low $7,851.5.
Bitcoin left the major support and resistance levels untested in the early part of the day.
Elsewhere, Bitcoin Cash SV, EOS and Litecoin saw the heaviest losses in the early hours. Bitcoin Cash SV led the way, down by 2.82% at the time of writing. EOS and Litecoin were down by 1.73% and 1.97% respectively.
For the Day Ahead,
Bitcoin would need to move through to $7,930 to support a run at the first major resistance level at $8,061.30.
The sentiment from across the broader market would need to materially improve, however, for Bitcoin to move back through to $7,900 levels.
Barring a broad-based crypto rebound, Bitcoin would likely come up short of $8,000 levels.
Failure to move through to $7,930 levels could see Bitcoin fall deeper into the red. A fall back through the morning low $7,851.5 would bring the first major support level at $7,793.4 into play.
Barring an extended crypto sell-off through the day, Bitcoin would likely steer clear of sub-$7,700 levels.