Singapore Markets closed

The Crypto Daily – Movers and Shakers -04/11/19

Bob Mason

Bitcoin fell by 1.18% on Sunday. Reversing a 0.47% gain from Saturday, Bitcoin ended the week down by 3.67% to $9,222.4.

A bullish start to the day saw Bitcoin rally to an early morning intraday low $9,400.6 before hitting reverse.

Falling short of the first major resistance level at $9,423.90, Bitcoin slid to a late intraday low $9,100.00.

Bitcoin fell through the first major support level at $9,245.90 and the second major support level at $9,159.70.

Finding support late in the day, Bitcoin recovered to $9,200 levels to limit the loss on the day.

For the bulls, the extended bullish trend remained intact in spite of failing to break out from 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 mixed day for the majors on Sunday.

Bitcoin Cash ABC bucked the trend on the day, with a 0.83% gain, that came from a late rebound.

Bearish for the rest of the pack, Stellar’s Lumen led the way down, sliding by 4.77%.

EOS (-1.78%), Tron’s TRX (-1.73%), and Ripple’s XRP (-1.71%) also saw relatively heavy losses.

Binance Coin (-0.15%), Bitcoin Cash SV (-0.56%), Ethereum (-0.83%), and Litecoin (-0.07%) saw modest losses on the day.

For the current week, it was also mixed. Bitcoin Cash ABC led the way, rising by 11.57%.

Binance Coin (+4.40%), Stellar’s Lumen (+4.66%), and Tron’s TRX (+2.70%) also ended the week in the green.

It was red for the rest of the pack, however. Bitcoin Cash SV led the way, falling by 6.88%.

Ripple’s XRP (-2.84%), Litecoin (-2.62%), EOS (-1.90%), and Ethereum (-1.41%) saw more modest losses.

Through the week, the total crypto market cap rose to a Monday high $257.32 before sliding to a Thursday low $241.44bn. At the time of writing, the total market cap stood at $247.08bn.

Bitcoin’s dominance held steady 67% levels on the day, while trading volumes fell back from $120bn levels to $70bn levels.

This Morning

At the time of writing, Bitcoin was down by 0.1% to $9,213.5. A relatively bearish start to the day saw Bitcoin fall from an early morning high $9,231.8 to a low $9,209.0.

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

Elsewhere, Bitcoin Cash ABC hit reverse, sliding by 1.63%, with Bitcoin Cash SV down by 0.98%.

EOS (-0.29%), Ethereum (-0.26%), Binance Coin (-0.22%), and Litecoin (-0.12%) also joined Bitcoin in the red.

Bucking the trend early was Stellar’s Lumen, which was up by 0.57% and Ripple’s XRP, which was flat.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $9,240 levels to support a run at the first major resistance level at $9,382.0.

Support from the broader market would be needed, however, for Bitcoin to break through to $9,300 levels.

Barring a broad-based crypto rebound, resistance at $9,400 levels would likely limit any upside on the day.

In the event of a broad-based crypto rally, the second major resistance level at $9,541.6 could come into play.

Failure to move through to $9,240 levels could see Bitcoin fall deeper into the red.

A fall through to sub-$9,200 levels would bring the first major support level at $9,081.4 into play.

Barring an extended sell-off throughout the day, Bitcoin should steer clear of the second major support level at $8,940.4.

This article was originally posted on FX Empire

More From FXEMPIRE: