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December 12, 2019

The Crypto Daily – Movers and Shakers -12/12/19

Bitcoin fell by 0.33% on Wednesday. Following on from a 1.69% decline on Tuesday, Bitcoin ended the day at $7,230.7.

A relatively bullish start to the day saw Bitcoin rise to an early morning intraday high $7,312.0.

Falling short of the first major resistance level at $7,392.8, Bitcoin slid to a mid-afternoon intraday low $7,169.0.

Steering clear of the first major support level at $7,158.2, Bitcoin recovered to $7,200 levels to limit the downside on the day.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin on the back foot in the current week.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a bearish day for the majors.

Ethereum and Stellar’s Lumen fell by 1.55% and by 1.49% to lead the way down on Wednesday.

Bitcoin Cash SV (-0.91%), EOS (-1.12%), Litecoin (-1.07%), and Ripple’s XRP (-0.88%) also saw relatively heavy losses.

Binance Coin saw a more modest 0.2% loss on the day.

Support late in the day reversed heavier losses from earlier in the day, painting a rosier picture for the pack.

Through the first half of the week, the crypto total market cap rose to a Monday high $206.02bn sliding back to sub-$200bn levels. At the time of writing, the total market cap stood at $195.16bn.

Bitcoin’s dominance held at sub-67% levels on the day, with Bitcoin struggling alongside the broader market on Wednesday. The continued sell-off failed to draw in sidelined investors, with trading volumes easing back from $60bn levels earlier in the day.

This Morning

At the time of writing, Bitcoin was down by 1.10% to $7,151.1. A particularly choppy start to the day saw Bitcoin rise to an early morning high $7.369.0 before sliding to a low $7,150.0.

Bitcoin broke through the first major resistance level at $7,305.47 before sliding through the first major support level at $7,162.47.

Elsewhere, it was a sea of red across the crypto board.

Binance Coin and Ethereum led the way down in the first hour, with losses of 1.61% and 1.34% respectively.

Bitcoin Cash ABC (-0.61%), Bitcoin Cash SV (-0.62%), EOS (-0.53%), Litecoin (-0.78%), and Ripple’s XRP (-0.77%) also struggled.

Stellar’s Lumen saw a modest loss early on, down by just 0.03%.

For the Bitcoin Day Ahead

A move back through to $7,240 levels would support another run at the first major resistance level at $7,305.47.

Bitcoin would need the support of the broader market, however, to break out from the first major support level at $7,162.47.

Barring a broad-based crypto rebound, resistance at $7,300 would likely limit any upside on the day.

Failure to move back through to $7,240 levels would likely see Bitcoin spend a 4^th consecutive day in the red.

A pullback through to sub-$7,150 levels would bring the second major support level at $7,094.23 into play.

Barring an extended sell-off through the day, Bitcoin should steer clear of sub-$7,000 levels, however.

December 11, 2019

Binance Coin Mid-Week Analysis – Support Levels in Play – 11/12/19

Binance Coin Price Support

It’s been yet another bearish start to the week for Binance Coin.

3 consecutive days in the red saw Binance Coin fall to a Tuesday current week low $14.52.

The sell-off saw Binance Coin slide through the first major support level at $14.79 before finding support.

While bearish through the start of the week, Binance Coin did strike a Monday current week high $15.96 before sliding back into the red on the day.

In spite of the early rally on Monday, however, Binance Coin fell well short of the first major resistance level at $16.46.

For the current week, Sunday through Tuesday, Binance Coin was down by 5.5% to $14.79.

While seeing red through the start of the week, a 3.56% slide on Tuesday did the damage.

The near-term bearish trend remained intact, supported by the current week loss and new swing lo. Binance Coin had continued to struggle at the 23.6% FIB of $21 ahead of the latest crypto sell-off.

For the bulls, Binance Coin would need to break through the 62% FIB of $30 to form a near-term bullish trend.

At the time of writing, Binance Coin was up by 0.57% to $14.87. A relatively bullish start to the day on Wednesday saw Binance Coin rise from an early morning low $14.75 to a high $14.92.

The early morning move saw Binance Coin break back through the first major support level at $14.79 early on.

For the remainder of the week

Binance Coin would need to move back through to $15.60 levels to support a run at the first major resistance level at $16.46.

Support from the broader market would be needed, however, for Binance Coin to break out from $15 levels.

Barring a broad-based crypto rebound, resistance at $16 levels would likely pin Binance Coin back in the week.

Failure to move through to $15.60 levels could see Binance Coin slide deeper into the red.

A pullback through the first major support level would bring the second major support level at $13.94 into play.

Barring a crypto meltdown, however, the second major support level should limit any downside in the week.

Looking at the Technical Indicators

Major Support Level: $14.79

Major Resistance Level: $16.46

23.6% FIB Retracement Level: $20

38.2% FIB Retracement Level: $24

62% FIB Retracement Level: $30

December 10, 2019

The Crypto Daily – Movers and Shakers -10/12/19

Bitcoin slid by 2.45% on Monday. Reversing a 1.54% gain from last week, Bitcoin ended the day at $7,379.5.

A mixed start to the day saw Bitcoin fall from an early morning high $7,584.1 to a late morning low $7,491.6.

Steering clear of the first major support level at $7,458.8, Bitcoin rallied to a mid-afternoon intraday high $7,748.7.

The rally saw Bitcoin break through the first major resistance level at $7,645.2 and second major resistance level at $7,725.8.

Bitcoin’s visit to $7,700 levels was brief, however, with Bitcoin sliding to a late intraday low $7,306.2.

The sell-off saw Bitcoin fall through the first major support level at $7,458.8 and second major support level at $7,353.0.

In spite of finding support late in the day, Bitcoin failed to break back through the first major support level. A move through the second major support level did limit the downside, however.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the upside last week.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a bearish day for the majors.

EOS, Bitcoin Cash ABC and Stellar’s Lumen led the way down, with losses of 3.16% and 2.81% and 2.73% respectively.

Things were not much better elsewhere, however.

Binance Coin (-1.79%), Bitcoin Cash SV (-1.71%), Ethereum (-2.25%), Litecoin (-2.54%), and Ripple’s XRP (-2.38%) also saw heavy losses.

Through the day, the crypto total market cap rose to a day high $206.02bn before sliding to a low $199.97bn. At the time of writing, the total market cap stood at $200.46bn.

By historical standards, it wasn’t the biggest slide, but it was notable, with investors quick to cash in any upside.

Bitcoin’s dominance held at sub-67% levels on the day. The late sell-off failed to draw investors in, however, with trading volumes seeing only a marginal rise from $50bn levels to hit $57bn highs before easing back.

This Morning

At the time of writing, Bitcoin was up by 0.06% to $7,383.8. A mixed start to the day saw Bitcoin fall from to an early morning low $7,356.1 before hitting a high $7,383.8.

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

Elsewhere, Bitcoin Cash ABC (+0.17%) joined Bitcoin in the green.

It was a bearish start for the rest of the pack, however, with Binance Coin falling by 0.70% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $7,480 levels to support a run at the first major resistance level at $7,650.0.

Support from the broader market would be needed, however, for Bitcoin to break back through to $7,600 levels.

Barring a broad-based crypto rally, we would expect Resistance at $7,500 to leave Bitcoin short of $7,600 levels today.

Failure to move through to $7,480 levels could see Bitcoin spend a second consecutive day in the red.

A fall back through the morning low $7,356.1 would bring the first major support level at $7,207.57 into play.

Barring an extended sell-off through the day, however, Bitcoin should steer clear of second major support level at $7,035.63.

December 8, 2019

Altcoins Weekly Analysis – BNB, EOS and ETH – 08/12/19

cryptocurrency Silver and gold Bitcoin,litecoin,ethereum on dollar banknote on golden table,Virtual Digital money on blockchain concept.financial business.crypto currency mining.

Binance Coin

Binance Coin fell by 0.57% in the week ending 7^th December. Following on from a 3.3% slide from the previous week, Binance Coin ended the week at $15.65.

A bearish first half of the week saw Binance Coin fall on 3 of the 4 days. In spite of the downward trend, Binance Coin struck a Wednesday intraweek high $16.42.

Binance Coin fell short of the week’s first major resistance level at $16.89 before closing out Wednesday in the red.

The Wednesday pullback continued into Thursday, with Binance Coin falling to an early morning intraweek low $14.75.

Steering clear of the first major resistance level at $14.22, Binance Coin bounced back to $16 levels, supported by 2 consecutive days in the green.

The bearish sentiment ultimately weighed, however. A pullback on Friday from $16 levels and a 0.31% loss on Saturday left Binance Coin in the red for the week.

For the week ahead

Binance Coin would need to move through to $15.65 levels to support a run at the first major resistance level at $16.46.

Support from the broader market would be needed for Binance Coin to break back through to $16 levels.

Barring a broad-based crypto rally, however, Binance Coin would likely fall well short of $17 levels again. Last week’s high $16.42 and the first major resistance level at $16.46 would likely cap any upside.

Failure to move through to $15.65 levels could likely see Binance Coin spend a 4^th consecutive week in the red.

A fall back through to sub- $15 levels would bring the first major support level at $14.79 into play.

Barring another crypto meltdown, Binance Coin should steer clear of the second major support level at $13.94.

At the time of writing, Binance Coin was down by 1.47% to $15.42.

EOS

EOS fell by 0.97% in the week ending 7^th December. Partially reversing a 2.53% gain from the previous week, EOS ended the week at $2.7371.

Bucking the trend from the broader market, EOS rallied rose by 1.22% on Sunday, striking an intraweek high $2.8695.

Falling short of the first major resistance level at $2.9563, EOS slid by 3.53% on Monday and by 2.68% on Wednesday.

Minor support on Tuesday did little to hold off a slide to a Wednesday intraweek low $2.5804.

In spite of the reversal, EOS steered well clear of the first major support level at $2.4634.

Finding support on Thursday and Friday, EOS recovered to $2.75 levels before a 0.39% loss on Saturday.

Despite the Saturday pullback, EOS held onto $2.7 levels to limit the downside in the week.

For the week ahead

EOS would need to move through to $2.75 levels to support a run at the first major resistance level at $2.8776.

Support from the broader market would be needed, however, for EOS to break out from last week’s high $2.8695.

Barring a broad-based crypto rally in the week, last week’s high and first major resistance level would likely cap any upside on the week.

Failure to move through to $2.75 levels could see EOS spend a second consecutive week in the red.

A fall back through to sub-$2.70 levels would bring the first major support level at $2.5885 into play.

Barring a crypto meltdown, however, EOS should steer clear of the second major support level at $2.4399.

At the time of writing, EOS was down by 0.48% to $2.7239.

Ethereum

Ethereum slid by 2.76% in the week ending 7^th December. Following on from a 0.14% fall from the previous week, Ethereum ended the week at $147.43.

A choppy start to the week saw Ethereum visit $151 levels on Sunday before hitting reverse.

Ethereum saw 4 consecutive days in the red before finding support from the broader market. The reversal saw Ethereum fall to a Wednesday intraweek low $143.17.

Steering clear of the first major support level at $136.48, Ethereum struck an intraweek high $153.0 on the day.

Falling well short of the first major resistance level at $162.41, Ethereum fell back to sub-$150s to end the day in the red.

2 consecutive days in the green saw Ethereum come up against resistance at $150 before falling by 0.93% on Saturday to wrap up a bearish week.

For the week ahead

Ethereum would need to move back through to $148 levels to support a run at the first major resistance level at $152.56

Support from the broader market would be needed, however, for Ethereum to break through to $150 levels.

Barring an extended crypto rally, Ethereum would likely fall short of $160 levels in the week. The second major resistance level at $157.70 would likely limit any upside.

Failure to move back through to $150 levels could see Ethereum spend a 5^th consecutive week in the red.

A pullback to sub-$145 levels would bring the first major support level at $142.73 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should continue to steer clear of sub-$140 levels in the week.

In the event of a meltdown, the second major support level at $138.04 would likely come into play.

At the time of writing, Ethereum was up by 0.4% to $147.49.

December 5, 2019

The Crypto Daily – Movers and Shakers -05/12/19

Bitcoin fell by 1.33% on Tuesday. Following on from a 0.19% decline on Tuesday, Bitcoin ended the day at $7,238.3.

A bearish start to the day saw Bitcoin fall to a late morning intraday low $7,129.0.

Bitcoin fell through the first major support level at $7,263.8 and the second major support level at $7,191.6.

Finding support through the late morning, Bitcoin rallied to an intraday high $7,890 before hitting reverse.

Bitcoin broke through the major resistance levels before sliding back through the first and second major support levels.

The reversal saw Bitcoin fall to a 2^nd half of a day low $7,131 before finding support to move back through to $7,200 levels.

In spite of the partial recovery, Bitcoin failed to move back through the first major support level at $7,263.8.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the upside in the week.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was also a bearish day for the majors on Wednesday.

EOS and Ripple’s XRP led the way, with the pair sliding by 2.64% and by 2.52% respectively.

Bitcoin Cash ABC (-1.40%) and Ethereum (-1.24%) also saw relatively heavy losses.

Binance Coin (-0.85%), Bitcoin Cash SV (-0.79%), Litecoin (-0.36%) and Stellar’s Lumen (-0.84%) saw relatively modest losses on the day.

Through the 1^st half of the week, the crypto total market cap slid from $203bn levels on Monday to a Wednesday low $195.19bn before hitting a Wednesday high $203.25bn. At the time of writing, the total market cap stood at $196.37bn.

Bitcoin’s dominance held on to 66% levels, supported more modest losses in the week. 24-hour trading volumes hit $70bn levels before easing back.

This Morning

At the time of writing, Bitcoin was up by 1.14% to $7,321.1. A mixed start to the day saw Bitcoin fall to an early morning low $7,218.0 before striking a high $7,405.0.

In spite of the early moves, however, Bitcoin left the major support and resistance levels untested.

Elsewhere, it was a mixed start to the day. Ethereum (-0.89%), Litecoin (1.88%) and Ripple’s XRP (-0.90%) saw red early on.

Binance Coin (+1.09%), Bitcoin Cash ABC (+.32%), Bitcoin Cash SV (+0.17%), EOS (+0.79%), and Stellar’s Lumen (+0.15%) joined Bitcoin in the green.

For the Bitcoin Day Ahead

Bitcoin would need to break back through the morning high $7,405 to support a run at the first major resistance level at $7,709.2.

Support from the broader market would be needed, however, for Bitcoin to break back through to $7,400 levels.

Barring an extended rally through the day, resistance at $7,400 would likely cap any upside.

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

A fall through the morning low $7,191.0 would bring the first major support level at $6,948.2 into play.

Barring a broad-based crypto sell-off, however, Bitcoin should steer clear of sub-$7,100 levels…

December 4, 2019

Binance Coin Mid-Week Analysis – Support Levels in Play – 04/12/19

Binance Coin Price Support

It’s been another bearish start to the week for Binance Coin.

2 consecutive days in the red saw Binance Coin fall from a Sunday current week high $15.75 to a Monday low $14.92.

Falling short of the first major resistance level at $16.89, Binance Coin also steered clear of the first major support level at $14.22.

In what has been a relatively choppy week, Binance Coin had recovered to a Monday high $15.67 before seeing the 2^nd day in the red.

On Tuesday, much-needed support kicked in, with Binance Coin recovering from sub-$15 levels to end a 3-day losing streak.

A 0.53% gain on Tuesday was not enough to reverse losses from earlier in the week, however.

For the current week, Sunday through Tuesday, Binance Coin was down by 2.99% to $15.27.

The near-term bearish trend remained intact, supported by the current week loss. Binance Coin had continued to struggle at the 23.6% FIB of $21 ahead of the latest crypto sell-off.

For the bulls, Binance Coin would need to break through the 62% FIB of $30 to form a near-term bullish trend.

At the time of writing, Binance Coin was down by 1.33% to $15.07. A bearish start to the day on Wednesday saw Binance Coin slide from an early morning high $15.40 to a new current week low $14.83.

Binance Coin continued to hold above the week’s first major support level at $14.22, however.

For the remainder of the week

Binance Coin would need to move back through to $15.40 levels to support a run at the first major resistance level at $16.89.

Support from the broader market would be needed, however, for Binance Coin to break out from the current week high $15.75.

Barring a broad-based crypto rebound, resistance at $15.40 levels would likely pin Binance Coin back in the red.

Failure to move through to $15.40 levels could see Binance Coin slide deeper into the red.

A pullback through the new current week low $14.83 would bring the first major support level at $14.22 into play.

Sub-$14 levels could come back into play should Binance Coin slide through the first major support level.

Barring a crypto meltdown, however, Binance Coin should steer well clear of the second major support level at $12.72.

Looking at the Technical Indicators

Major Support Level: $14.22

Major Resistance Level: $16.89

23.6% FIB Retracement Level: $20

38.2% FIB Retracement Level: $24

62% FIB Retracement Level: $30

December 3, 2019

The Crypto Daily – Movers and Shakers -03/12/19

Bitcoin fell by 1.34% on Monday. Following on from a 1.96% decline from Sunday, Bitcoin ended the day at $7,350.3.

Another bearish start to the day saw Bitcoin fall from an early morning intraday high $7,467.3 to a mid-morning intraday low $7,206.4.

Falling short of the first major resistance level at $7,603.93, Bitcoin fell through the first major support level at $7,292.43.

Finding support through the late morning, Bitcoin recovered to $7,400 levels going into the afternoon.

Through the 2^nd half of the day, Bitcoin eased back to $7,300 levels and into a relatively range-bound end to the day.

While resistance at $7,400 pinned Bitcoin back, Bitcoin did manage to break back through and hold above the first major support level.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the gains from last week.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a bearish day for the majors on Monday.

Litecoin led the way down, sliding by 4.06%.

Bitcoin Cash SV and EOS weren’t far behind, with losses of 2.77% and 3.38% respectively.

Binance Coin (-1.94%), Ethereum (-1.31%), and Ripple’s XRP (-2.59%) also saw deep red.

Bitcoin Cash ABC managed to avoid a loss on the day, with a late recovery leaving Bitcoin Cash ABC flat.

Through the start of the week, the crypto total market cap slid from a Monday high $203.16bn to a low $197.05bn. Finding support in the 2^nd half of the day, the total market cap recovered to $199bn levels. At the time of writing, the total market cap stood at $199.25bn.

Bitcoin’s dominance held on to 66% levels with heavier losses seen across the broader market. 24-hour trading volumes fell back to sub-$60bn levels on the day after having hit $63bn levels early in the day.

This Morning

At the time of writing, Bitcoin was up by 0.26% to $7,369.2. A relatively range-bound start to the morning saw Bitcoin rise from an early morning low $7,350.2 to a high $7,371.1.

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

Elsewhere, it was green across the crypto board for the majors, though the early gains were modest at best.

Litecoin and Ripple’s XRP led the way, with gains of 0.5% and 0.41% respectively, with EOS up by 0.36%.

For the Bitcoin Day Ahead

Bitcoin would need to steer clear of sub-$7,350 levels to support a run at the first major resistance level at $7,476.27.

Support from the broader market would be needed, however, for Bitcoin to break back through to $7,400 levels.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $7,467.3 would likely limit any upside.

In the event of a breakout, the second major resistance level at $7,602.23 could come into play.

Failure to steer clear of sub-$7,350 levels could see Bitcoin fall for a 4^th consecutive day.

A fall through the morning low $7,350.2 would bring the first major support level at $7,215.37 into play.

Barring a broad-based crypto sell-off, however, Bitcoin should steer clear of the second major support level at $7,134.77.

December 1, 2019

Altcoins Weekly Analysis – BNB, EOS and ETH – 01/12/19

Coins of crypto currency are presented on a dark background. Virtual money concept.

Binance Coin

Binance Coin fell by 3.3% in the week ending 30^th November. Following on from a 19.3% tumble from the previous week, Binance Coin ended the week at $15.73.

A bearish start to the week saw Binance Coin slide to a Monday intraweek low $13.88 before finding support.

Off the back of a 7.7% slide last Sunday, Binance Coin fell through the first major support level at $13.94.

Finding support through the middle of the week, Binance Coin rose to a Friday intraweek high $16.55.

In spite of 4 days in the green out of 5, Binance Coin fell well short of the first major resistance level at $19.52.

Going into Saturday, Binance Coin had been flat for the week. A 3.3% slide on the day left Binance Coin deep in the red at sub-$16 levels.

For the week ahead

Binance Coin would need to move through to $15.40 levels to support a run at the first major resistance level at $16.89.

Support from the broader market would be needed for Binance Coin to break out from $15 levels.

Barring a broad-based crypto rally, however, Binance Coin would likely fall well short of $17 levels. Last week’s high $16.55 and the first major resistance level at $16.89 would likely cap any upside.

Failure to move through to $15.40 levels could likely see Binance Coin spend a 3^rd consecutive week in the red.

A fall back through to sub- $15 levels would bring the first major support level at $14.22 into play.

Barring another crypto meltdown, Binance Coin should steer clear of sub-$14 support levels.

At the time of writing, Binance Coin was down by 4.47% to $15.03.

EOS

EOS rose by 2.53% in the week ending 30^th November. Partially reversing a 20.3% tumble from the previous week, EOS ended the week at $2.7642.

Tracking the broader market, EOS slid to a Monday intraweek low $2.3548 before finding support.

In spite of a 9.7% slide last Sunday, EOS steered clear of the first major support level at $2.2898.

Finding strong support through the rest of the week, EOS rallied to a Friday intraweek high $2.8477 before easing back.

While EOS bounced back with 4 days in the green out of 5, which included a 6.7% rally on Friday, EOS fell short of the first major resistance level at $3.2772.

A 1.65% fall on Saturday cut the upside for the week as the broader crypto market went into meltdown mode.

For the week ahead

EOS would need to steer clear of sub-$2.65 levels to support a run at the first major resistance level at $2.9563.

Support from the broader market would be needed, however, for EOS to break out from last week’s high $2.8477.

Barring a broad-based crypto rally in the week, resistance at $3.00 would likely cap any upside on the week.

Failure to steer clear of sub-$2.65 levels could see EOS reverse last week’s gain.

A fall back through to $2.50 levels would bring the first major support level at $2.4634 into play.

Barring a crypto meltdown, however, EOS should steer clear of the second major support level at $2.1627.

At the time of writing, EOS was down by 2.36% to $2.6991.

Ethereum

Ethereum fell by 0.14% in the week ending 30^th November. Following on from a 16.59% slide from the previous week, Ethereum ended the week at $151.78.

A particularly bearish start to the week saw Ethereum slide to a Monday intraweek low $131.8, with a 7.9% loss on Sunday doing the damage.

Ethereum fell through the first major support level at $136.48 before finding support.

Through the middle of the week, Ethereum saw green in 4 out of 5 days, leading to a Friday intraweek high $157.73.

In spite of the recovery, Ethereum fell well short of the first major resistance level at $179.57, leading to a Saturday pullback.

A 1.9% fall on Saturday left Ethereum in the red for the week.

For the week ahead

Ethereum would need to move back through to $147 levels to support a run at the first major resistance level at $162.41.

Support from the broader market would be needed, however, for Ethereum to break out from last week’s high $157.73.

Barring an extended crypto rally, Ethereum would likely fall short of $160 levels in the week.

Failure to move back through to $147 levels could see Ethereum spend a 4^th consecutive week in the red.

A pullback to sub-$140 levels would bring the first major support level at $136.47 into play before any recovery.

Barring a crypto meltdown, however, Ethereum should continue to steer clear of sub-$130 levels in the week.

At the time of writing, Ethereum was down by 3.18% to $146.95.

November 28, 2019

The Crypto Daily – Movers and Shakers -28/11/19

Bitcoin and Litecoin over dollar banknotes.

Bitcoin rallied by 4.88% on Wednesday. Following on from a 0.50% gain from Tuesday, Bitcoin ended the day at $7,549.3.

A bearish start to the day saw Bitcoin slid to a late morning intraday low $6,878.2 before finding support.

Bitcoin fell through the first major support level at $7,034.90 before bouncing to a late intraday high $7,689.00.

Bitcoin broke through the first major resistance level at $7,374.00 and the second major resistance level at $7,549.70.

Easing back late in the day, Bitcoin fell back through the second major resistance level to $7,510 levels.

At the day end, however, it was the second major resistance level that pinned Bitcoin back.

In spite of a 3^rd consecutive day in the green, the near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a bullish day for the majors on Wednesday.

Bitcoin Cash ABC led the way, rallying by 5.63%, with Binance Coin (+4.68%) and Ethereum (+3.50%) also seeing solid gains.

Bitcoin Cash SV (+1.61%), EOS (+2.42%), Litecoin (+1.72%), Ripple’s XRP (+1.49%), and Stellar’s Lumen (+2.07%) saw more modest gains on the day.

From outside of the top 10, Tron’s TRX continued to make a move towards the top 10, with a 4.66% gain.

In the early part of the week, the crypto total market cap slid to a Monday low $180.76bn before rebounding to a Wednesday current week high $206.42bn. At the time of writing, the total market cap stood at $205.22bn.

Bitcoin’s dominance rose from 66.2% to 66.5%, following Wednesday’s break out. 24-hour trading volumes were back at $80bn levels after hitting $133bn levels earlier in the week.

This Morning

At the time of writing, Bitcoin was down by 0.04% to $7,546.2. Another mixed start to the day saw Bitcoin rise to an early morning high $7,611.0 before falling to a low $7,518.1.

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

Elsewhere, it was a mixed start to the day for the majors. Ripple’s XRP led the way, rising by 1.64%, to buck the trend early on.

It was red for the rest of the pack, with Bitcoin Cash ABC (-1.31%) and Binance Coin (-1.40%) leading the way down.

In the early hours, Litecoin and EOS saw modest losses of 0.04% and 0.14% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $7,600 levels to support a run at the first major resistance level at $7,866.13.

Support from the broader market would be needed, however, to break through to $7,700 levels.

Barring a broad-based crypto rally, Wednesday’s high $7,689 and resistance at $7,700 would likely limit any upside.

Failure to move back through to $7,600 levels could see Bitcoin slide deeper into the red.

A fall back through the morning low $7,370 levels would bring the first major support level at $7,055.33 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$7,000 support levels on the day.

November 27, 2019

Binance Coin Mid-Week Analysis – Support Levels in Play – 27/11/19

Binance Coin Price Support

A bearish start to the week saw Binance coin slide from a Sunday current week high $16.53 to a Monday current week low and new swing lo $13.88 before finding support.

Falling well short of the first major resistance level at $19.52, Binance Coin fell through the first major support level at $13.94.

Of greater significance was the further distance from the 23.6% FIB of $21.

After the bearish Sunday that left Binance Coin down by 7.65% for the day, Binance Coin found support through Monday and Tuesday.

Two consecutive days in the green cut the current week deficit to 5.47%. Binance Coin also moved back through the first major support level to $15 levels.

The near-term bearish trend remained intact, however, supported by the current week loss and new swing lo. Binance Coin had continued to struggle at the 23.6% FIB of $21 ahead of the latest crypto sell-off.

For the bulls, Binance Coin would need to break through the 62% FIB of $30 to form a near-term bullish trend.

At the time of writing, Binance Coin was down by 1.27% to $15.18.

A mixed start to the day saw Binance Coin rise to an early morning high $15.59 before falling to a low $15.08

Binance Coin steered clear of the major support and resistance levels early on in the day on Wednesday.

For the remainder of the week

Binance Coin would need to break back through the current week high $16.53 to $17 levels to support a run at the first major resistance level at $19.52.

Support from the broader market would be needed for Binance Coin to break out the current week high.

Barring an extended rally into the weekend, however, Binance Coin would likely come up short of $17 levels.

Through the middle of the week, Binance Coin will need to steer clear of sub-$15 levels to support any recovery.

Failure to move back through the current week high could see Binance Coin fall deeper into the red.

A pullback through to $14 levels would bring the first major support level at $13.94 into play before any recovery.

Barring a crypto meltdown, however, Binance Coin should steer well clear of sub-$13 levels in the week.

Looking at the Technical Indicators

Major Support Level: $13.49

Major Resistance Level: $19.52

23.6% FIB Retracement Level: $21

38.2% FIB Retracement Level: $24

62% FIB Retracement Level: $30