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The Crypto Daily – Movers and Shakers -06/10/19

Bob Mason

Bitcoin slipped by 0.09% on Saturday. Following on from a 1.10% decline on Friday, Bitcoin ended the day at $8,162.5.

A mixed start to the day saw Bitcoin rise to an early morning high $8,184.9 before hitting reverse.

Falling short of the first major resistance level at $8,279.03, Bitcoin fell to an early afternoon intraday low $8,040.

Finding support at the first major support level at $8,046.83, Bitcoin rallied to a late intraday high $8,210.8.

Bitcoin came up short of the first major resistance level at $8,279.03 before sliding back to sub-$8,200 levels.

For the week, a 3rd consecutive day in the red left Bitcoin down by 2.1% going into Sunday.

For the bulls, the extended bullish trend remained intact in spite of the slide to sub-$9,000 levels. While falling back through the 38.2% FIB, Bitcoin continued to steer clear of the 62% FIB of 7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed day for the majors on Saturday.

Litecoin (+0.69%), Binance Coin (+0.45%), Ethereum (+0.43%) and Ripple’s XRP (+0.36%) closed out the day in the green.

The rest of the pack joined Bitcoin in the red, with EOS leading the way, falling by 0.55%.

For the current week, it was also a mixed bag.

Litecoin and EOS rose by 1.35% and by 0.74% respectively, while the rest of the pack saw red.

Bitcoin Cash SV and Stellar’s Lumen led the way down, with losses of 5.61% and 4.81% respectively.

Through the week, the total crypto market cap recovered from a Monday low $208.5 to a Tuesday high $226.12bn before easing back. At the time of writing, the total market cap stood at $217.32bn.

In spite of Bitcoin’s pullback in the week, Bitcoin’s dominance continued to hover at 67% levels.

This Morning

At the time of writing, Bitcoin was down by 0.88% to $8,090.9. A bearish start to the day saw Bitcoin slide from an early morning high $8,183.2 to a low $8,050.2.

The early sell-off saw Bitcoin slide through the first major support level at $8,064.73 before finding support.

Things were no better elsewhere, with the rest of the major also seeing red in the early hours.

Binance Coin, EOS, and Litecoin led the way down. Litecoin was down by 1.18%, with EOS and Binance Coin down by 1.15% and 1.02% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $8,140 levels to support a run at $8,200 levels later in the day.

Support from the broader market would be needed, however, for Bitcoin to break through the first major resistance level at $8,235.53.

Barring a broad-based crypto rebound, Saturday’s high $8,210.8 and the first major resistance level would cap any upside.

Failure to move back through to $8,140 levels could see Bitcoin see red for a 4th consecutive day.

A fall back through the first major resistance level at $8,064.73 would bring the second major resistance level at $7,966.97 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$7,900 levels on the day.

This article was originally posted on FX Empire

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