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The Crypto Daily – The Movers and Shakers 29/07/19

Bob Mason

Bitcoin gained 0.56% on Sunday. Partially reversing a 3.77% slide on Saturday, Bitcoin ended the day at $9,519.

While Bitcoin managed to find support on Sunday, a particularly bearish week left Bitcoin down 9.9% Monday through Sunday.

It was particularly range-bound through the majority of the day on Sunday. A bearish start saw Bitcoin fall to an early morning low $9,361.6 before striking a mid-morning high $9,571.4.

Bitcoin steered well clear of the major support and resistance levels through the morning. Bitcoin continued to hover at around $9,500 levels through the afternoon ahead of a late sell-off.

A late broad-based crypto sell-off saw Bitcoin slide to an intraday low $9,101.4. Finding support at the first major support level at $9,110.33, Bitcoin bounced back to an intraday high $9,628.

In spite of the move back into positive territory, Bitcoin came up short of the first major resistance level at $10,013.33.

Bitcoin’s market cap slid back from $189bn levels on Monday to $165bn levels on Sunday. At the time of writing, Bitcoin’s market cap stood at $171.54bn

The Rest of the Pack

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

Bitcoin Cash SV (-1.49%), EOS (-0.12%), and Stellar’s Lumen (-0.65%) saw red at the end of the week

Leading the way on the day was Ethereum, which rallied by 2.12%. Bitcoin Cash ABC and Litecoin also saw solid gains, with the pair rising by 1.72% and by 1.33% respectively.

Ripple’s XRP and Binance Coin joined Bitcoin with modest gains of 0.68% and 0.04% respectively.

It was a different story for the week, however, with all of the majors seeing red.

Tron’s TRX led the way down, with a 23.4% slide that left Tron out of the top 10.

Bitcoin Cash SV (-17.7%), Litecoin (-9.77%), Binance Coin (-9.15%) and Stellar’s Lumen (-8.69%) also saw heavy losses.

Bitcoin Cash ABC and EOS saw relatively modest losses of 2.95% and 1.31% respectively. For Ethereum, Sunday’s gain limited the week’s losses to 6.29%.

Over the week, the total crypto market cap slide from $289bn levels to $265.77bn at the time of writing

This Morning

At the time of writing, Bitcoin was up by 0.68% to $9,583.5. A mixed start to the day saw Bitcoin recover from a morning low $9,483.1 to strike a morning high $9,738.3.

Steering clear of the major support levels, Bitcoin came up against the first major resistance level at $9,730.87 and 38.2% FIB of $9,734 before easing back.

Elsewhere, Bitcoin Cash ABC (-1.23%), Binance Coin (-1.22%), Ripple’s XRP (-0.44%) and Ethereum (-0.09%) were in the red.

Stellar’s Lumen led the way early on, rising by 1.44%.

For the Bitcoin Day Ahead

A hold onto $9,500 levels through the morning would support another run at the first major resistance level at $9,730.87.

Bitcoin would need the support of the broader market, however, to break out from the 38.2% FIB of $9,734.

In the event of a broad-based crypto rally, the second major resistance level at $9,942.73 could come into play.

Failure to hold onto $9,500 levels could see Bitcoin take a tumble. A fall through this morning low $9,483.1 would bring the first major support level at $9,204.27 into play.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$9,000 support levels on the day.

This article was originally posted on FX Empire

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