Australia markets closed

The Crypto Daily – Movers and Shakers – 14/10/19

Bob Mason

Bitcoin fell by 0.19% on Sunday. Partially reversing a 0.5% fall from Saturday, Bitcoin ended the week up 5.36% at $8,304.9.

A bullish start to the day saw Bitcoin rally from a morning low $8,310.0 to a late afternoon intraday high $8,478.0.

Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $8,405.37.

Bitcoin came within range of the second major resistance level at $8,491.13 before hitting reverse.

The reversal saw Bitcoin slide to a late intraday low $8,160.4. Bitcoin fell through the first major support level at $8,252.17 and the second major support level at $8,184.73.

Finding support late in the day, Bitcoin bounced back to $8,300 levels to limit the loss on the day.

For the bulls, the extended bullish trend remained intact in spite of the hold at sub-$9,000 levels. While falling back through the 38.2% FIB, Bitcoin 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 mixed bag for the majors on Sunday.

Binance Coin continued its recovery, with a 6.34% rally to lead the way.

Ripple’s XRP (+1.75%), Litecoin (+1.24%) and EOS (+1.05%) also made good ground.

Bitcoin Cash SV joined Bitcoin in the red to buck the trend, however, falling by 0.99%.

For the week, it was a bullish week for the majors, Monday through Sunday.

Binance Coin led the majors, surging by 21.3%.

Ripple’s XRP (+8.45%), Bitcoin Cash SV (+7.20%), EOS (+6.65%), and Ethereum (+6.46%) made solid gains.

Litecoin and Bitcoin Cash ABC trailed the pack with more modest gains of 3.65% and 2.51% respectively.

For the week, the total crypto market cap rose from a Monday low $213.1bn to a Friday high $233.53bn. A choppy end to the week left the total market cap back at $223bn levels, however. At the time of writing, the total market cap stood at $224.74bn.

Bitcoin’s dominance remained at sub-67% levels with a number of the top 10 outperforming Bitcoin in the week.

This Morning

At the time of writing, Bitcoin was up by 0.1% to $8,313.6. A mixed start to the day saw Bitcoin fall to an early morning low $8,254.0 before striking a high $8,323.6.

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

Elsewhere, Ripple’s XRP (+2.67%), Stellar’s Lumen (+1.37%), EOS (+1.06%) and Bitcoin Cash ABC (+1.00%) were on the move.

Binance Coin and Bitcoin Cash SV trailed the pack with gains of 0.35% and 0.54% respectively.

For the Bitcoin Day Ahead

For the day ahead, Bitcoin would need to move through to $8,320 levels to support a run at $8,400 levels.

Support from the broader market would be needed, however for Bitcoin to break through the first major resistance level at $8,468.47.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $8,478 would likely limit any upside.

Failure to move through to $8,320 levels could see Bitcoin fall back into the red.

A fall through the early morning low $8,254.0 would bring the first major support level at $8,150.87 into play.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$8,100 levels on the day.

This article was originally posted on FX Empire