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The Crypto Daily – Movers and Shakers -10/11/19

Bob Mason

Bitcoin rose by 0.52% on Saturday. Partially reversing a 4.67% slide from Friday, Bitcoin ended the day at $8,828.0.

A bullish start to the day saw Bitcoin rise to a mid-morning intraday high $8,896.0 before easing back.

Falling short of the first major resistance level at $9,129.8, Bitcoin fell to a late afternoon intraday low $8,734.8.

Steering well clear of the first major support level at $8,557.9, Bitcoin moved back through to $8,800 levels late on to deliver the upside for the day.

For the bulls, the extended bullish trend remained intact in spite of failing to break back through the 38.2% FIB of $9,734. Bitcoin has continued to hold above the 62% FIB of 7,245.

The Rest of the Pack

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

Bitcoin Cash SV led the way, rallying by 4.40%.

Litecoin (+2.89%), Stellar’s Lumen (+2.60%), EOS (+2.41%), and Bitcoin Cash ABC (+2.13%) also saw solid gains.

Ripple’s XRP (+1.55%), Ethereum (+0.63%), Binance Coin (+0.66%), and Tron’s TRX (+0.54%) trailed the front runners.

Through the current week, the total crypto market cap rose to a Wednesday high $254.37 before sliding to a Friday low $237.62bn. At the time of writing, the total market cap stood at $240.10bn.

Bitcoin’s dominance held onto 66% levels on the day, while trading volumes slipped back further to $61bn levels.

This Morning

At the time of writing, Bitcoin was down by 0.6% to $8,775.2. A bearish start to the day saw Bitcoin fall from an early morning high $8,828.0 to a low $8,764.3.

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

Elsewhere, Stellar’s Lumen and Binance Coin bucked the trend early, with gains of 1.91% and 0.12% respectively.

It was red for the rest, however, with Bitcoin Cash ABC (-1.07%) leading the way down.

Ripple’s XRP (-0.88%), EOS (-0.74%), Litecoin (-0.61%), and Ethereum (-0.53%) weren’t far behind.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $8,820 levels to support a run at the first major resistance level at $8,904.4.

Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $8,896.

Barring a broad-based crypto rally, Bitcoin would likely come up short of $9,000 levels for a 2nd consecutive day.

The second major resistance level at $8,904.4 would limit any upside on the day.

Failure to move back through to $8,820 levels could leave Bitcoin in the red for the day.

A fall through the morning low $8,764.3 would bring the first major support level at $8,743.2 into play.

Barring an extended sell-off through the day, however, Bitcoin should steer clear of sub-$8,700 levels.

This article was originally posted on FX Empire

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