The bulls continued to make ground in the current month, with Bitcoin looking set to add to last week’s gains.

Bitcoin slid by 4.87% on Saturday, however. Following on from a 1.32% fall on Friday, Bitcoin ended the day at $11,311.4.

A bullish start to the day saw Bitcoin strike an early morning intraday high $12,011 before hitting reverse.

Falling short of the first major resistance level at $12,091, Bitcoin slumped to a late morning intraday low $11,208.

Bitcoin fell through the first major support level at $11,697 and second major support level at $11,503. Of greater significance was a fall through the 23.6% FIB of $11,275.

Finding support through the early afternoon, Bitcoin managed to recover to $11,400 levels before easing back.

While struggling late in the day, Bitcoin managed to hold above the 23.6% FIB of $11,275 at the day end.

The Rest of the Pack

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

Ethereum and Binance Coin joined Bitcoin in the red on the day, with losses of 2% and 0.61% respectively.

It was green for the rest of the pack, with EOS and Tron’s TRX leading the day. The pair gained 3.86% and 2.01% respectively.

Stellar’s Lumen (+1.95%) also saw solid gains on the day. Bitcoin Cash ABC (+0.83%), Bitcoin Cash SV (+0.72%) and Ripple’s XRP (+0.73%) trailed.

For the current week, it was a bearish week for the crypto majors.

Bucking the trend for the current week was Binance Coin, which was up by 7.54% Monday through Saturday.

It was red for the rest of the pack, however, going into Sunday.

Stellar’s Lumen (-11.27%), Tron’s TRX (-9.38%), Litecoin (-8.4%), and Ethereum (-7.52%) led the way down. It wasn’t much better for the remaining few, however.

Bitcoin Cash ABC (-5.67%), Ripple’s XRP (-6.21%), EOS (-3.99%), Bitcoin Cash SV (-6.82%) all saw heavy losses.

Bitcoin’s dominance stood at 68.8% at the time of writing, supported by the upward momentum from the week. Bitcoin’s dominance had hit 69.92% before Saturday’s late morning sell-off, however.

The total crypto market cap hit reverse in the week, falling back from a Tuesday high $318.97bn to $295.31bn at the time of writing.

This Morning,

At the time of writing, Bitcoin was up by 0.91% to $11,414. A bullish start to the day saw Bitcoin rise from a morning low $11,282 to a high $11,440.

Bitcoin steered clear of the major support and resistance levels early on. Of greater significance was a hold above the 23.6% FIB of $11,275, however.

Elsewhere, it was a sea of green across the crypto board. EOS led the way early on, rising by 2.77%. Bitcoin Cash SV (+2.33%), Ethereum (+2.03%), Tron’s TRX (+1.97%), Bitcoin Cash ABC (+1.29%) and Litecoin (+1.53%) were also on the move.

Trailing the pack early on were Binance Coin (+0.23%), Ripple’s XRP (+0.43%) and Stellar’s Lumen (+0.72%).

For the Bitcoin Day Ahead

Bitcoin would need to move through to $11,510 levels to support a run at the first major resistance level at $11,812.27.

Support from the broader market would be needed, however, for Bitcoin to move back through to $12,000 levels.

Barring a broad-based crypto rally, resistance at $12,000 and Saturday’s high $12,011 would cap any upside.

In the event of a crypto breakout, Bitcoin could revisit $12,100 levels before any pullback.

Failure to move through to $11,510 levels could see Bitcoin hit reverse. A fall through the 23.6% FIB of $11,275 would bring the first major support level at $11,009.27 into play.

Barring a crypto meltdown, however, Bitcoin should continue to steer clear of sub-$11,000 levels.

Get Into Cryptocurrency Trading Today

This article was originally posted on FX Empire


(Excerpt) Read more Here | 2019-08-11 00:52:00
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