Singapore Markets closed

In the Topsy Turvy World of Crypto, the Bitcoin Bulls Take the Week

Bob Mason

It’s been a bullish start to the month of August for Bitcoin and the majors, as the bulls reverse last week’s losses.

Bitcoin rose by 2.88% on Saturday. Following on from a 1.15% gain on Friday, Bitcoin ended the day at $10,822.

A particularly bullish morning saw Bitcoin rally from an early intraday low $10,506 to late morning high $10,845.

Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $10,675.67 and second major resistance level at $10,831.33.

A pullback to $10,700 levels was short-lived, with Bitcoin bouncing back to a late intraday high $10,917.

In spite of the bounce back, Bitcoin continued to fall short of $11,000 levels, leading to a pullback to $10,800 levels late in the day.

For the current week, 5 consecutive days in the green have given Bitcoin a 13.7% gain Monday through Saturday.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed bag on Saturday.

Bucking the trend on the day were Binance Coin and Litecoin, which fell by 1.32% and by 0.72% respectively.

It was green for the rest of the pack, however, with Bitcoin Cash ABC leading the way, rising by 3.57% on the day.

EOS and Ethereum also saw solid gains on the day, with the pair up by 2.5% and 1.96% respectively.

It was relatively lackluster for the rest of the majors, however.

For the current week, Steller’s Lumen and Tron’s TRX struggled, with the pair down by 3.27% and 2.16% respectively.

For the rest of the pack, it’s been a relatively bullish week. Trailing Bitcoin, Bitcoin Cash ABC was the best of the rest, rallying by 9.03%.

Ethereum and Litecoin also found strong support, with the pair up by 5.03% and 4.54% respectively.

Also in the green, but facing the prospects of a weekly loss were Bitcoin Cash SV and Ripple’s XRP, which were up by 1.52% and 1.43% respectively.

In crypto terms, it was a relative non-event for the rest of the pack, however. EOS and Binance Coin were up by just 0.25% and 0.04% respectively.

This Morning

At the time of writing, Bitcoin was down by 0.71% to $10,745. A mixed start to the day saw Bitcoin strike an early morning high $10,916 before falling to a low $10,713.

In spite of the choppy morning, Bitcoin left the major support and resistance levels untested early on.

Elsewhere, there were no early trend buckers. Litecoin and Bitcoin Cash ABC saw the heaviest losses early on, with the pair down by 2.85% and 2.56% respectively.

Bitcoin Cash SV wasn’t far behind with a 2.01% loss at the time of writing. Across the majors, Ripple’s XRP (-0.64%) and Steller’s Lumen (-0.75%) saw the most modest losses early on.

For the Day Ahead

Bitcoin would need to move back through to $10,750 levels to support another run at the first major resistance level at $10,990.67.

Barring a broad-based crypto rebound, however, Bitcoin would likely continue to come up short of $11,000 levels.

In the event of a breakthrough to $11,000 levels, the second major resistance level at $11,159.33 would likely pin back any breakout.

Failure to move back through to $10,750 levels could see Bitcoin slide deeper into the red. A fall through the morning low $10,713.1 to sub-$10,700 levels would bring the first major support level at $10,579.67 into play.

Barring an extended sell-off through the day, Bitcoin would likely steer clear of the second major support level at $10,337.33.

Get Into Cryptocurrency Trading Today

This article was originally posted on FX Empire