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

Bob Mason

Bitcoin rallied by 2.74% on Sunday. Following on from a 0.52% gain from Saturday, Bitcoin ended the day at $9,069.7.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $8,764 before striking a mid-morning high $8,960.2.

Steering clear of the first major support level at $8,743.2, Bitcoin broke through the first major resistance level at $8,904.4.

A late morning pullback to $8,800 levels was short-lived, with Bitcoin finding support through the afternoon.

Bitcoin rallied to a late afternoon intraday high $9,250 before easing back. Bitcoin broke through the day’s major resistance levels before falling back to sub-$9,200 levels.

The pullback saw Bitcoin fall back through the third major resistance level at $9,142.0.

For the week, 2 consecutive days in the green left Bitcoin with a 1.66% loss, Monday through Sunday.

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 a mixed day for the majors on Sunday.

Stellar’s Lumen led the way, rallying by 8.0%, with Bitcoin Cash SV up by 4.32%.

Bitcoin Cash ABC (+3.97%), EOS (+2.97%), Litecoin (+2.55%), Ethereum (+2.22%), Binance Coin (+2.20%), and Tron’s TRX (+1.91%) also saw solid gains.

Ripple’s XRP bucked the trend at the end of the week, falling by 0.20%.

For the week, it was also a mixed bag for the majors.

Stellar’s Lumen led the way, rallying by 14.53%, with EOS (+9.57%) and Litecoin (+9.08%) close behind.

Bitcoin Cash SV (+4.30%), Ethereum (+3.93%), and Binance Coin (+1.04%) also ended the week with gains.

Ripple’s XRP (-3.96%), Tron’s TRX (-0.79%), and Bitcoin Cash ABC (-0.12%) joined Bitcoin in the red.

Through the week, the total crypto market cap rose to a Wednesday high $254.37 before sliding to a Friday low $237.62bn. At the time of writing, the total market cap stood at $240.81bn.

Bitcoin’s dominance held onto 66% levels on the day, in spite of the weekly loss. Trading volumes moved back through to $70bn levels after a pullback to $61bn levels.

This Morning

At the time of writing, Bitcoin was down by just 0.03% to $9,066.8. A mixed start to the day saw Bitcoin rise from an early morning low $9,061.4 to a high $9,108.5.

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

Elsewhere, EOS (-0.31%) and Litecoin (-0.13%) were also in the red in the early part of the day.

It was a more bullish start for the rest of the majors, however, with Bitcoin Cash ABC up by 0.73% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,100 levels to support a run at the first major resistance level at $9,291.8.

Support from the broader market would be needed, however, for Bitcoin to break out from Sunday’s high $9,250.

Barring a broad-based crypto rally, Sunday’s high and first major resistance level would likely cap any upside.

In the event of a broad-based crypto rally, Bitcoin could come up against the second major resistance level at $9,513.9 before any pullback.

Failure to move back through to $9,100 levels would likely see Bitcoin struggle on the day.

A fall through to $9,020 levels would bring the first major support level at $8,805.8 into play.

Barring an extended sell-off through the day, however, Bitcoin should steer clear of Sunday’s low $8,764.0.

This article was originally posted on FX Empire

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