Bitcoin and the Pack See Red. September Couldn’t Come Soon Enough

Bitcoin rallied by 2.41% on Monday. Reversing a 1.9% fall from last week, Bitcoin ended the day at $10,377.

A particularly bullish start to the day saw Bitcoin rally from an intraday low $10,133 to an intraday high $10,675.

Bitcoin broke through the first major resistance level at $10,386.07 and second major resistance level at $10,640.13 before hitting reverse.

The reversal saw Bitcoin pullback to $10,200 levels before finding support. Relatively range-bound through the afternoon, Bitcoin recovered to $10,400 levels before falling to sub-$10,200 levels.

Support from the broader market kicked in late on, leading to a move back through to $10,300 levels.

For the bulls, the extended bullish trend remained intact. Bitcoin continued to hold above the 38.2% FIB of $9,734. More importantly, Bitcoin last visited sub-$9,000 levels back in mid-June, holding well above the 62% FIB of $7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed bag for the majors.

Litecoin and Bitcoin Cash ABC led the way with gains of 1.73% and 1.68% respectively.

Bucking the trend on the day were Monero’s XMR and Stellar’s Lumen, which fell by 1.14% and 0.98% respectively.

For the rest of the pack, the gains were minor, leaving the majors deep in the red for the current month. Bitcoin continued to buck the trend for the current month. Bitcoin was up by 2.86% at the end of Monday.

The total crypto market cap fell back from $271bn levels to $266bn levels before steadying. At the time of writing, the total market cap stood at $267.73bn.

This Morning

At the time of writing, Bitcoin was down by 0.58% to $10,317. A bearish start to the day saw Bitcoin fall from an early morning high $10,395 to a low $10,309.

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

Elsewhere, Tron’s TRX bucked the trend early, sitting flat at the time of writing. It was red for the rest of the majors.

Leading the way down were Binance Coin and Bitcoin Cash ABC, which were down by 2.94% and 1.99% respectively.

BTC/USD 27/08/19 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $10,400 levels to support a run at the first major support level at $10,657.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $10,395.

Barring broad-based crypto rebound, Bitcoin would likely come up short of $10,600 levels on the day.

In the event of a rebound, the first major resistance level and Monday’s high $10,675 would likely limit any upside.

Failure to move through to $10,400 levels could see Bitcoin slide deeper into the red.

A fall through $10,250 would bring the first major support level at $10,115 into play before any recovery.

Barring a crypto meltdown, Bitcoin should continue to steer clear of sub-$10,000 levels and the second major support level at $9,853.

Leave a Reply

Your email address will not be published. Required fields are marked *