It’s a bearish start to the day, with Tron’s TRX bucking the trend early. Bitcoin will need to move back through to $8,550 levels to signal a market boost.

Bitcoin rose by 0.16% on Sunday. Following on from a 0.33% rise on Saturday, Bitcoin ended the day at $8,537.3.

A bearish start to the day saw Bitcoin slide to a late morning intraday low $8,404.4 before finding support.

Bitcoin fell through the first major support level at $8,450.07 before bouncing back to a late morning high $8,615.0.

The late morning rally saw Bitcoin break through the first major resistance level at $8,586.97 before easing back.

Bitcoin slipped back to sub-$8,600 levels before a late rally to an intraday high $8,699.5.

Bitcoin broke through the first major resistance level at $8,586.97 and the second major resistance level at $8,650.43.

A late slide back to sub-$8,600 levels, however, limited the upside on the day, leaving Bitcoin down by 5.87% for the week.

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

Litecoin led the way, rallying by 1.72%, with Bitcoin Cash ABC (+1.01%), and Ethereum (+0.91%) also seeing solid gains.

Binance Coin (+0.05%), EOS (+0.61%), Ripple’s XRP (+0.33%), and Stellar’s Lumen (+0.60%) trailed the front runners.

Bitcoin Cash SV and Tron’s TRX bucked the trend on the day, falling by 0.36% and by 0.41% respectively.

For the week, it was red across the board for the crypto majors, in spite of the upside on Sunday.

Stellar’s Lumen (-8.81%), Bitcoin Cash ABC (-8.63%), and Bitcoin Cash SV (-8.54%) leading the way down.

EOS (-5.29%), Litecoin (-7.01%), and Ripple’s XRP (-5.61%) were also deep in the red for the week.

Binance Coin (-1.18%), Ethereum (-2.65%), and Tron’s TRX (-3.47%) saw relatively modest losses.

Through the week, the total crypto market cap fell from a Monday week high $246.9bn to a Saturday week low $232.03bn. A recovery to $241bn levels on Wednesday had been short-lived as the majors hit reverse. Support at the end of the week saw the market cap rise back up to $238bn levels. At the time of writing, the total market cap stood at $234.44bn.

Bitcoin’s dominance briefly moved back to 66% levels on Thursday, before easing back to 65% levels. Trading volumes fell back to $60bn levels, after having risen to $74bn levels on Saturday.

This Morning

At the time of writing, Bitcoin was down by 0.41% to $8,502.7. A bearish start to the day saw Bitcoin fall from an early morning high $8,537.0 to a low $8,502.4.

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

Elsewhere, Tron’s TRX bucked the trend early on, rising by 0.35%.

It was red for the rest of the pack, however, with Binance Coin (-1.41%) and Bitcoin Cash ABC (-1.56%) leading the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $8,550 levels to support a run at the first major resistance level at $8,689.73.

Support from the broader market would be needed, however, for Bitcoin to break back through to $8,600 levels.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $8,699.5 would likely limit any upside.

Failure to move through to $8,550 levels could see Bitcoin slide deeper into the red.

A fall through to sub-$8,500 levels would bring Sunday’s low $8,404.4 into play before any recovery.

Barring a crypto meltdown, Bitcoin should steer clear of the first major support level at $8,394.63.

Author: Bob Mason

Source: Fx Empire: The Crypto Daily – Movers and Shakers -18/11/19

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