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The Crypto Daily – The Movers and Shakers – 09/09/19

Bob Mason

Bitcoin fell by 0.71% on Sunday. Partially reversing a 1.72% gain from Saturday, Bitcoin ended the week up 6.5% to $10,415.

A relatively bullish start to the day saw Bitcoin rise to a mid-morning intraday high $10,599.

Through the mid-morning, resistance at $10,600 left Bitcoin short of the first major resistance level at $10,612.

A late morning sell-off saw Bitcoin slide through the first major support level at $10,336 to an intraday low $10,241.9.

Bitcoin managed to recover to $10,460 levels in a relatively choppy afternoon that saw Bitcoin revisit $10,300 levels before wrapping up the day at $10,400 levels.

For Bitcoin, the extended bullish trend remained intact. Bitcoin continued to hold above the 38.2% FIB of $9,734 having steered well clear of sub-$9,000 levels and the 62% FIB of $7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed bag on the day.

Monero’s XMR, Stellar’s Lumen, and Binance Coin joined Bitcoin in the red on Sunday. Monero’s XMR led the way, falling by 1.05%, while Binance Coin and Stellar’s Lumen fell by just 0.36% and 0.34% respectively.

The rest of the majors found support through the 2nd half of the day to reverse morning losses.

EOS led the way, rallying by 6%. Litecoin was a distant second, gaining 2.41%, with Ethereum up by 1.95%.

Bitcoin Cash ABC (+1.06%), Ripple’s XRP (+0.90%), and Bitcoin Cash SV (+0.90%) made more modest gains on the day.

For the week, EOS was the trailblazer, rallying by 15.83%. Bitcoin Cash ABC was a distant second, rising by 9.15%.

Monero’s XMR (+7.68%), Litecoin (+6.73%), Ethereum (+5.98) and, Binance Coin (+4.14%) also made solid gains.

Stellar’s Lumen bucked the trend, however, falling by 0.90% through the week.

Off the back of a relatively bullish week, the total crypto market cap rose from a Monday low $251.51bn to a Friday high $274.1bn before easing back. At the time of writing, the total crypto market cap stood at $267.79bn.

Bitcoin’s dominance slipped back to 69.9% following Sunday’s pullback.

This Morning

At the time of writing, Bitcoin was down by 0.24% to $10,390. A mixed start to the day saw Bitcoin rise to an early morning high $10,439 before falling to a low $10,374.

Bitcoin left the major support and resistance levels untested in the early part of the day.

Elsewhere, Bitcoin Cash SV bucked the trend early on, rising by 0.35%. It was red for the rest of the pack with EOS leading the way down. At the time of writing, EOS was down by 1.81%, as investors took some froth off the top following last week’s rally.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $10,420 levels to support a run at the first major resistance level at $10,595.37.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $10,439.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $10,599 would likely limit any upside.

Failure to move back through to $10,420 levels could see Bitcoin slide deeper into the red. A fall through to $10,320 levels would bring the first major support level at $10,238.27 into play.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$10,200 levels on the day.

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This article was originally posted on FX Empire

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