The Crypto Week – The Week Goes to the Bulls 21/07/19Bitcoin sits in the red early. A move back through to $10,740 would signal a market rebound…
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.
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.