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The Crypto Daily – The Movers and Shakers – 06/09/19

Bob Mason

Bitcoin slipped by just 0.08% on Thursday. Following on from a 0.48% loss on Wednesday, Bitcoin ended the day at $10,582.9.

It was range-bound through much of the day on Thursday. Bitcoin slipped to a late morning intraday low $10,481.6 before striking a late morning intraday high $10,663.

Steering clear of the major support and resistance levels, Bitcoin fell back to sub-$10,500 levels before finding late support.

A late recovery to $10,500 levels left Bitcoin with the minor loss on the day. In spite of a 2nd consecutive day in the red, Bitcoin was still up by 8.2% for the current week.

For Bitcoin, the extended bullish trend remained intact. Bitcoin continued to hold above the 38.2% FIB of $9,734 having continued to steer 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 Thursday.

Binance Coin and Monero’s XMR led the way, rallying by 4.33% and 3.08% respectively.

It was red for the rest of the pack, however.

Litecoin and Stellar’s Lumen led the way down, with losses of 2.77% and 2.38% respectively.

While EOS (-1.32%) and Ripple’s XRP (-0.95%) lagged, the rest of the majors saw minor losses on the day.

Ethereum fell by just 0.47%, while Bitcoin Cash ABC and Bitcoin Cash SV ended the day down 0.62% and 0.43% respectively.

For the current week, Stellar’s Lumen and Litecoin led the way down, with losses of 3.08% and 1.27% respectively. Ripple’s XRP was also in the red, falling by 0.21%.

Joining Bitcoin with solid gains were Monero’s XMR and Binance Coin, which were up by 5.89% and 5.3% respectively. Bitcoin Cash ABC (3.93%), Bitcoin Cash SV (+1.98%), and Ethereum (+1.57) were also in the green. EOS was up by just 0.02%.

The relatively bearish day led to a fall in the total crypto market cap from a day high $268.94bn to a low $265.79bn. At the time of writing, the total crypto market cap stood at $266.95bn.

Bitcoin’s dominance continued to hold onto 70% levels, with Bitcoin leading the majors with its 8.2% gain for the current week.

This Morning

At the time of writing, Bitcoin was up by 0.31% to $10,616. A mixed start to the day saw Bitcoin fall to an early morning low $10,560 before rising to a high $10,621.

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

Elsewhere, Bitcoin Cash SV (-1.34%), Binance Coin (-0.93%) and Ripple’s XRP (-0.38%) saw red early on.

Leading the way in the early hours was Monero’s XMR, which was up by 0.66%.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the morning high $10,621 to bring the first major resistance level at $10,691 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $10,663.

Barring a broad-based crypto rally, Thursday’s high and first major resistance level would likely pin Bitcoin back on the day.

Failure to move back through the morning high could see Bitcoin hit reverse.

A fall back through the morning low $10,560 would bring the first major support level at $10,446.67 into play.

Barring a crypto meltdown, Bitcoin should steer clear of the second major support level at $10,310.43.

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This article was originally posted on FX Empire

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