The Crypto Week – The Week Goes to the Bulls 21/07/19

Bitcoin sits in the red early. A move back through to $10,740 would signal a market rebound…
Bob Mason
Bitcoin coin on white keyboard

Bitcoin finds support as a number of the majors bounce back from the previous week’s woes.

Bitcoin rose by 2.11% on Saturday. Reversing a 0.98% loss from Friday, Bitcoin ended the day at $10,740.

A relatively range-bound morning saw Bitcoin recover from an early intraday low $10,370 to a morning high $10,692.

Coming up short of the first major resistance level at $10,812.67, Bitcoin eased back to $10,400 levels.

Finding support from the broader market, Bitcoin rallied through the afternoon to a late intraday high $11,098.

Bitcoin broke through the first major resistance level at $10,812.67 to come within range of the second major resistance level at $11,107.33.

In spite of the late rally, Bitcoin was unable to hold onto $11,000 levels at the day end.

For the current week, Bitcoin was up by 5.3%. A particularly bearish Tuesday limited Bitcoin’s upside.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a sea of green.

Leading the way was Bitcoin Cash SV, which rallied by 17.4% on Saturday. Also seeing solid gains were Binance Coin and EOS, which rose by 7.09% and 6.25% respectively.

Litecoin and Tron’s TRX trailed the pack, Monday through Saturday, with gains of 1.86% and 2.89% respectively.

For the current week, Bitcoin Cash SV and Bitcoin Cash ABC led the way, with gains of 36.5% and $15.04% respectively.

Tron’s TRX wasn’t far behind with a 14.72% gain, Monday through Saturday.

EOS saw the most modest gain, rising by 4.94%, the only top 10 cryptos to trail Bitcoin on the week.

Over the week, Bitcoin’s dominance levels rose to 66% levels before easing back to 65.2% at the time of writing.

A bullish week saw the total crypto market cap fall to a Wednesday current week low $248.42bn before recovering to a current week high $300.21bn. At the time of writing, the total crypto market cap stood at $290.29bn.

24-hour trading volumes were on the slide, in spite of the upward momentum. Volumes fell back from $94bn levels on Wednesday to $61.61bn at the time of writing.

This Morning

At the time of writing, Bitcoin was down by 1.47% to $10,582. A bullish start to the day saw Bitcoin rise to an early morning high $10,812 before easing to a low $10,523.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, Bitcoin Cash SV bucked the trend with a 2.01%. It was a sea of red across the rest of the crypto-board. EOS led the way down early on, falling by 1.73% at the time of writing.

For the Day Ahead

Bitcoin would need to break back through to $10,740 levels to take another run at $11,000 levels.

Barring a broad-based crypto rebound, however, Bitcoin would likely come up short of the first major resistance level at $11,102.

In the event of a crypto rebound, the 23.6% FIB of $11,275 could come into play before any pullback.

Failure to move back through to $10,740 levels could see Bitcoin fall deeper into the red.

A fall through the morning low $10,523 would bring the first major support level at $10,374 into play.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$10,300 levels on the day.

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