Bitcoin Continues to Buck the Trend in August. Can it Hold on?

Bitcoin

Bitcoin fell by 1.48% on Monday. Partially reversing a 2.25% gain from Sunday, Bitcoin ended the day at $11,404.

Bearish through the morning, Bitcoin slid from an early intraday high $11,585 to a mid-day intraday low $11,260.

The sell-off saw Bitcoin fall through the 23.6% FIB of $11,275 and first major support level at $11,257.93.

Finding support through the early afternoon, Bitcoin moved back through the 23.6% FIB to $11,400 levels before easing back.

Bucking the trend from the broader market, it’s been bullish month leaving the extended bullish trend intact. Bitcoin’s hold onto $11,000 levels reaffirmed the bullish trend formed at mid-December’s swing lo $3,215.2

Elsewhere

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

Tron’s TRX bucked the trend on the day, gaining 0.28%, whilst the rest of the majors joined Bitcoin in the red.

Litecoin’s troubles continued with a 4.59% slide to lead the way down on the day. Stellar’s Lumen (-2.45%) and Ethereum (-2.29%) weren’t far behind with relatively heavy losses.

For EOS (-1.74%), Bitcoin Cash SV (-1.7%) and Bitcoin Cash ABV (-1.63%), the trio also struggled on the day.

Ripple’s XRP and Binance Coin saw modest losses of 0.87% and 0.23% respectively.

Following on from another bearish start to the week, August looks set to deliver for a 2nd consecutive month to the bears.

Litecoin leads the way, sliding by 13.28%, with Stellar’s Lumen not far behind, falling by 9.53%. The August pullback saw Stellar’s Lumen fall out of the crypto top 10, having briefly replaced Tron’s TRX.

Monero’s XRM joined the top-10 in the last few days, supported by a 12.92% current month rally.

Bitcoin’s dominance stood at 68.8% at the time of writing, with a bearish start to the week weighing on the crypto majors.

The total crypto market cap eased back from a Monday high $298.5bn to $295.55bn at the time of writing.

While the news wires remain relatively silent on the regulatory front, geopolitical risk looks to have provided Bitcoin with support.

This Morning

At the time of writing, Bitcoin was flat at $11,404. A choppy start to the day saw Bitcoin rise from an early morning low $11,378 to a high $11,468 before easing back.

In spite of the choppy start, Bitcoin left the major support and resistance levels untested.

Elsewhere, Stellar’s Lumen and Binance Coin bucked the trend, with gains of 0.15% and 0.11% respectively.

It was red for the rest of the crypto majors, however. EOS led the way down in the early hours, falling by 1.81%, with Litecoin and Bitcoin Cash ABC not far behind. The pair were down by 1.32% and 1% respectively.

BTC/USD 13/08/19 Daily Chart

For the Bitcoin day ahead

Bitcoin would need to move through to $11,420 levels to support a run at the first major resistance level at $11,572.67.

Support from the broader market would be needed, however, for Bitcoin to break out from $11,400 levels.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $11,585 would likely cap any upside.

In the event of a crypto rally, Bitcoin would likely visit $11,600 levels before any pullback.

Failure to move through to $11,420 levels could see Bitcoin slide back into the red. A fall through the morning low $11,378 would bring the 23.6% FIB of $11,275 into play.

Barring a crypto meltdown, the first major support level at $11,257.93 should limit any downside on the day.

Altcoins Weekly Analysis – BNB, EOS and ETH – 11/08/19

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Binance Coin

Binance Coin gained 6.6% in the week ending 10th August. Following on from a 0.25% rise in the previous week, Binance Coin ended the week at $29.57.

Relatively range-bound through the early part of the week, Binance Coin eased to a Tuesday intraweek low $26.29.

The pullback saw Binance Coin test the first major support level at $26.28 before making a move.

Bullish through the 2nd half of the week, Binance Coin rallied to a Thursday intraweek high $32.2 before easing back.

Binance Coin broke back through the 38.2% FIB of $28 and the first major resistance level at $29.10.

The gain for the week came in spite of 4-days in the red. A 7.4% rally on Wednesday delivered for the bulls. While finding support, 2 consecutive days in the red at the end of the week left Binance Coin at sub-$30 levels.

For the week ahead

Holding onto $29 levels through the early part of the week would support another move back through to $32 levels. Binance Coin would need the support of the broader market, however, to break out from the first major resistance level at $32.42.

Barring a broad-based crypto rally, last week’s high $32.2 and first major resistance level would likely cap any upside.

In the event of a breakout, the 23.6% FIB of $34 could come into play before any pullback.

Failure to hold onto $29 levels could see Binance Coin hit reverse. A fall through the 38.2% FIB of $28 would bring the first major support level at $26.51 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$25 support levels on the week.

At the time of writing, Binance Coin was down by 0.21% to $29.51.

BNB/USD 11/08/19 Weekly Chart

EOS

EOS fell by 5.2% in the week ending 10th August. Reversing a 0.33% gain from the previous week, EOS ended the week at $4.0664.

After a bearish start to the week, EOS bounced back with a 5.19% rally on Monday to strike an intraweek high $4.5778.

EOS broke through the first major resistance level at $4.5342 before hitting reverse. A 6.01% loss on Tuesday and a 6.41% slide on Friday did the damage. The reversal saw EOS fall to a Friday intraweek low $3.8003.

EOS fell through the first major support level at $3.9533 before finding support to move back through to $4.00 levels. A 3.86% rally on Saturday cut the deficit for the week.

For the week ahead

A move through to $4.15 levels would support a run at the first major resistance level at $4.4960. EOS would need the support of the broader market, however, to break out from $4.20 levels.

Barring a broad-based crypto rally, the first major resistance level and last week’s high $4.5778 could continue to pin EOS back.

In the event of a crypto rebound, the second major resistance level at $4.496 would likely come into play.

Failure to move through to $4.15 levels could see EOS take another hit. A fall back through to sub-$4.00 levels would bring the first major support level at $3.7185 into play.

Barring a crypto meltdown, EOS should steer well clear of the second major support level at $3.3707.

At the time of writing, EOS was up by 0.58% to $4.0898.

EOS/USD 11/08/19 Weekly Chart

Ethereum

Ethereum fell by 7.22% in the week ending 10th August. Reversing a 7.26% rally from the previous week, Ethereum ended the week at $206.10.

A bullish start to the week saw Ethereum rally to a Tuesday morning intraweek high $239.45 before hitting reverse.

Ethereum broke through the first major resistance level at $232.3 before being hit with 5-consecutive days in the red.

The sell-off saw Ethereum fall to a Saturday intraweek low $200.38 before finding support. Ethereum fell through the first major support level at $204.49 before moving back through to $206 levels.

Steering clear of sub-$200 levels was key at the end of the week.

For the week ahead

A move through to $215.3 levels would signal another run at $230 levels in the week. Ethereum would need the support of the broader market, however, to break out from the first major resistance level at $230.24.

Barring a broad-based crypto rally, Ethereum would likely continue to fall short of $240 levels.

Failure to move through to $215.3 levels could see Ethereum slide through to sub-$200 levels.

Barring a crypto meltdown, however, the first major support level at $191.17 should limit any downside in the week.

In the event of a meltdown, Ethereum could visit $180 levels before any recovery. We would expect Ethereum to leave the second major support level at $176.24 untested, however.

At the time of writing, Ethereum was up by 0.12% to $206.34.

ETH/USD 11/08/19 Weekly Chart

Bitcoin Dominates on a Mixed Day for the Majors on Wednesday

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Bitcoin rallied by 4.6% on Wednesday. Reversing a 3.01% slide from Tuesday, Bitcoin ended the day at $11,999.

A particularly bullish morning saw Bitcoin rally from a start of a day intraday low $11,385 to an early afternoon intraday high $12,153.

Steering clear of the first major support level at $11,039, Bitcoin broke through the first major resistance level at $12,115.

A broad-based late afternoon crypto sell-off saw Bitcoin slide back to 11,500 levels before finding support.

Continuing to steer clear of the major support levels, Bitcoin bounced back to $12,000 levels late on.

At the end of the day, however, Bitcoin’s failed to hold onto $12,000 levels at the day’s end. The last time Bitcoin wrapped up the day at $12,000 was on 10th July.

A bullish start to the month left the extended bullish trend intact. Bitcoin’s hold above the 23.6% FIB of $11,275 reaffirmed the bullish trend formed at mid-December’s swing lo $3,215.2

Elsewhere

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

Bucking the trend on the day were Litecoin, Bitcoin Cash SV, and Stellar’s Lumen. Litecoin led the way down, falling by 2.54%. Bitcoin Cash SV and Stellar’s Lumen saw more modest losses of 0.69%, and by 0.18% respectively.

Leading the way on the day was Binance Coin, which surged by 7.42%. Bitcoin Cash ABC and EOS also managed to find support, rising by 1.40% and by 0.99% respectively.

For the rest of the pack, the gains were minor. Ripple’s XRP rose by 0.13%, while Ethereum ended the day flat.

The upward bias across the majors saw the total crypto market cap rise from sub-$300bn levels to $309.8bn, at the time of writing.

Bitcoin’s gains on Wednesday also led to a rise in Bitcoin’s dominance to 68.9%.

While the news wires were on the quieter side on the day, Litecoin’s struggles came off the back of this week’s halving event. Bitcoin’s next up on the halving front, with the halving date forecasted to be on 17th May 2020.

If Litecoin’s 2019 rally is anything to go by, Bitcoin’s likely to find plenty of support, assuming there is no negative regulatory news.

Year-to-date, Litecoin had rallied by 390% to a late June’s current year high $146 and was up by 212% to last Sunday. Should Bitcoin see similar interest, it’s a projected return to $19,000 levels…

The one caveat, however, is that Litecoin and the broader market have been in recovery mode through the current year. Year-to-date, Bitcoin was up by 182% to last Sunday. That projects a less impressive pre-halving return to $15,000 levels, all other considerations aside.

This Morning

At the time of writing, Bitcoin was down by 0.59% to $11,928. A mixed start to the day saw Bitcoin rise to an early morning high $12,050 before falling to a low $11,898.

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

Elsewhere, Bitcoin Cash SV bucked the trend early on with a 0.54% rise. It was red for the rest of the majors, however, with Binance Coin giving up some of Wednesday’s gains, falling by 1.05%.

BTC/USD 08/08/19 Daily Chart

 

For the Bitcoin day ahead

Holding above $11,845 levels would support a move back through to the morning high $12,050. Bitcoin would need the support of the broader market, however, to take a run at the first major resistance level at $12,306.33.

Barring a broad-based crypto rally, Wednesday’s high $12,153 would likely limit any upside on the day.

Failure steer clear of $11,845 levels could see Bitcoin slide deeper into the red. A fall through to $11,700 levels would bring the first major support level at $11,538.33 into play.

Barring a crypto meltdown, Bitcoin should steer clear of the 23.6% FIB of $11,275.

Ethereum Analysis – Resistance Levels in Play – 07/08/19

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Ethereum Price Resistance

It’s been a mixed first half of the week for Ethereum. Following last week’s 7.26% rally, Ethereum was up by just 0.29% Sunday through Tuesday.

Another bullish start to the week saw Ethereum strike a Tuesday high $239.45 before hitting reverse.

Following 2-consecutive days in the green that included a 4.55% rally on Monday, Ethereum slid by 3.05% on Tuesday to limit the upside for the current week.

The rally through to Tuesday’s late morning high saw Ethereum break through the first major resistance level at $232.3.

Ethereum steered clear of the week’s major support levels. A Sunday current week low $217.37 held well above the first major support level at $204.94.

Of greater significance in the current week, Ethereum continued to fall short of the 23.6% FIB of $257, following the July sell-off.

The extended bearish trend, formed at May 2018’s swing hi $828.97 remained firmly intact. Ethereum had continued to fall short of the 38.2% FIB Retracement Level of $367, before the slide back through the 23.6% FIB of $257.

For the bulls, a breakout from the 38.2% FIB of $367 would be needed to form a near-term bullish trend.

At the time of writing, Ethereum was up by 0.08% to $226.0. A mixed start to the day on Wednesday saw Ethereum fall to an early low $224.04.

Steering well clear of the week’s first major support level at $204.49, Ethereum struck a morning high $226.39.

In spite of the recovery, Ethereum failed to break back through the first major resistance level at $232.3

ETH/USD 07/08/19 Weekly Chart

For the remainder of the week

Ethereum would need to hold onto $220 levels to support another run at the first major resistance level at $232.3.

Support from the broader market would be needed, however, for Ethereum to break out from the current week high $239.45.

In the event of a broad-based crypto rally, the second major resistance level at $242.46 would come into play.

We would expect Ethereum to continue to come up short of the 23.6% FIB of $257, however.

Failure to hold onto $220 levels could see Ethereum hit reverse. A fall through the current week low $117.37 to $114.6 levels would bring the first major support level at $204.49 into play.

Barring a broad-based crypto sell-off, Ethereum would likely steer clear of sub-$200 levels on the week.

In the event of a crypto meltdown, Ethereum could slide through last week’s low $197 before any recovery. We would expect Ethereum to steer the second major support level at $186.48, however.

With Ethereum up by 3.26% for the current month to the end of Tuesday, steering clear of sub-$200 levels will be key.

Looking at the Technical Indicators

Major Support Level: $204.49

Major Resistance Level: $232.3

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Bitcoin Hits $11,900 as the Bulls Look to Set the August Pace

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin rallied by 7.76% on Monday. Following on from a 1.4% gain on Sunday, Bitcoin ended the day at $11,824.

A particularly bullish morning saw Bitcoin rally from an early intraday low $10,973 to a mid-morning high $11,840.

Steering well clear of the major support levels, Bitcoin broke through the first major resistance level at $11,184 and second major resistance level at $11,395.

Of greater significance on the day was a breakthrough and hold above the 23.6% FIB of $11,275.

A more range-bound 2nd half of the day saw Bitcoin strike an intraday high $11,939 before easing back. The third major resistance level at $11,941 capped the upside on the day.

A bullish start to the month left the extended bullish trend intact. Bitcoin’s break out from the 23.6% FIB of $11,275 on the day reaffirmed the bullish trend formed at mid-December’s swing lo $3,215.2

Elsewhere

Across the top 10 cryptos, it was a Bullish start to the week for the majors.

Litecoin, EOS, and Ethereum were Bitcoin’s closest rivals on the day. Litecoin and EOS  gained 5.33% and 5.35% respectively, while Ethereum rose by 4.43%.

Bitcoin Cash ABC (+2.54%), Bitcoin Cash SV (+1.7%), and Tron’s TRX (+2.23%) also found strong support on the day.

While there were no trend-buckers on the day, Stellar’s Lumen (+1.45%), Ripple’s XRP (+1%) and Binance Coin (+1.49%) trailed the pack.

The broad-based crypto rally saw the total crypto market cap bounce back to $300bn levels. At the time of writing, the total market cap stood at $309.41bn.

Bitcoin’s surge towards $12,000 also led to a rise in Bitcoin’s dominance to from 66% levels 67.9% at the time of writing.

On the Crypto News Wires, crypto mom, SEC Commissioner Hester Peirce continued to support the crypto space on Monday. Talking at a digital asset conference, Peirce called once more for the SEC to give the crypto space room to evolve.

While the chatter was a positive, the timing of the latest crypto rally coincided with risk aversion across the global financial markets. The U.S – China trade war left the global indexes on the back foot following last week’s sell-off. The Dow tumbled by 2.9% alone on Monday to leave the index down by 4.3% for the current month.

While the likes of Bitcoin are not considered safe havens, times of strife have driven buyer demand in recent times. Of interest in the coming days will be whether there is further evidence of support from the escalation in the U.S – China trade war.

This Morning

At the time of writing, Bitcoin was down by 0.13% to $11,809.1. A bearish start to the day saw Bitcoin fall from a morning high $11,830 to a low $11,671.

Bitcoin steered clear of the major support and resistance levels early on.

BTC/USD 06/08/19 Daily Chart

For the Bitcoin day ahead

A move back through the morning high $11,830 would bring $12,000 levels into play. Bitcoin would need the support of the broader market, however, to take a run at the first major resistance level at $12,184.33.

Barring another broad-based crypto rally, Bitcoin would likely come up short of the second major resistance level at $12,544.67

Failure to move back through the morning high could see Bitcoin slide back through to the morning low $11,671.

In the event of a more material pullback, a slide through to $11,570 would bring 23.6% FIB of $11,275 into play.

Barring a crypto meltdown, the first major support level at $11,218.33 should limit any downside on the day.

Altcoins Weekly Analysis – BNB, EOS and ETH – 04/08/19

Cryptomania

Binance Coin

Binance Coin rose by just 0.25% in the week ending 3rd August. Following an 11.04% slide in the previous week, Binance Coin ended the week at $27.76.

A bearish first half of the week saw Binance Coin fall to a Tuesday intraweek low $26.13 before finding support.

Steering well clear of the first major support level at $25.24, Binance Coin bounced back to a Thursday intraweek high $28.95.

Whilst falling well short of the first major resistance level at $31.67, Binance Coin broke back through the 38.2% FIB of $28.

Following 3 consecutive days in the green, a bearish end to the week left Binance Coin with 2 consecutive days in the red.

The pullback led to a fall back through the 38.2% FIB of $28 to $26 levels on Saturday before moving back to $27 levels to close out the week in the green.

For the week ahead

A move back through to $27.61 levels would support a run at the first major resistance level at $29.10 later in the week.

Binance Coin would need the support of the broader market, however, to break out from the 38.2% FIB of $28.

Barring a broad-based crypto rebound, the 38.2% FIB and first major resistance level would likely limit any upside on the week.

Failure to move through to $27.61 levels could see Binance Coin slide back into the red for the week. A fall through to $26 levels would bring the first major support level at $26.27 into play.

Barring an extended crypto sell-off in the week, Binance Coin should steer clear of the second major support level at $24.79.

At the time of writing, Binance Coin was down by 1.61% to $27.31.

BNB/USD 04/08/19 Weekly Chart

EOS

EOS rose by 0.33% in the week ending 3rd August. Partially reversing a 0.91% fall from the previous week, EOS ended the week at $4.2866.

A bearish start to the week saw EOS slide to a Sunday intraweek low $3.8675 before finding support.

Steering clear of the first major support level at $3.5308, EOS recovered to a Wednesday intraweek high $4.4484.

In spite of the recovery, EOS came up short of the first major resistance level at $4.8623 before easing back to $4.04 levels on Friday.

A 2.5% rally on Saturday was needed to reverse losses on the week that stemmed from 4 days in the red out of the 7.

For the week ahead

Holding above $4.2000 would support a run at the first major resistance level at $4.5342.

EOS would need the support of the broader market, however, to break out from last week’s high $4.4484.

Barring a broad-based crypto rally, EOS would likely continue to fall short of $5.00 levels. That would make it 4 consecutive weeks at sub-$5.00 levels.

In the event of a crypto rebound, a breakthrough the second major resistance level at $4.7817 would bring $5.00 levels into play.

Failure to hold above $4.2000 would bring sub-$4.00 levels back into play.

Barring a crypto meltdown, the first major support level at $3.9533 and last week’s low $3.8675 should limit any downside on the week.

In the event of a crypto meltdown, the second major support level at $3.6199 could come into play.

At the time of writing, EOS was down by 1.72% to $4.2129.

EOS/USD 04/08/19 Weekly Chart

Ethereum

Ethereum rallied by 7.26% in the week ending 3rd August. Reversing most of a 9.5% gain from the previous week, Ethereum ended the week at $207.11.

A choppy start to the week saw Ethereum fall to a Sunday intraweek low $197. Recovering from the sell-off, Ethereum bounced back with a 2.12% gain on the day.

In spite of the early pullback, Ethereum steered clear of the first major support level at $195.12.

Following 2 consecutive days in the red, Ethereum found support through the 2nd half of the week. Ethereum hit a Saturday intraweek high $224.81 before easing back.

Ethereum came up against the week’s first major resistance level at $224.47 to limit the upside on the day.

For the week ahead

Holding above $214.7 levels in the early part of the week would support a run at the first major resistance level at $232.30.

Ethereum would need the support of the broader market, however, to take a run at the second major resistance level at $242.46.

Barring a broad-based crypto rally, Ethereum would likely continue to fall short of the 23.6% FIB of $257. That would leave Ethereum at sub-$300 levels for a 4th consecutive week.

Failure to hold above $214.7 levels could see Ethereum hit reverse.

A fall back through to sub-$210 would bring the first major support level at $204.49 into play.

Barring a crypto meltdown, Ethereum should steer well clear of the first major support level at $186.84.

At the time of writing, Ethereum was down by 1.63% to $218.52.

ETH/USD 04/08/19 Weekly Chart

Bitcoin Ends a Bearish Month on a High as the Majors Hit Reverse Today

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Bitcoin rallied by 5.2% on Wednesday. Following on from a 0.9% gain on Tuesday, Bitcoin ended the day at $10,088.

A particularly bullish first half of the day saw Bitcoin rally from an early intraday low $9,575.5 to an intraday high $10,120.

Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $9,764.53 and second major resistance level at $9,940.07.

Of greater significance on the day was a breakthrough the 38.2% FIB of $9,734.

Relatively range-bound through the latter part of the day, Bitcoin eased back to $9,900 levels before closing out the day at $10,088.

It was Bitcoin’s first close out at $10,000 levels since 22nd July.

In spite of the end of the month rally, Bitcoin ended July with a 6.59% loss.

Despite the bearish month, the extended bullish trend remained intact. Bitcoin will need to continue to avoid a material pullback from the 38.2% FIB of $9,734 to maintain the extended bullish trend.

Elsewhere

Across the top 10 cryptos, it was a Bullish end to the month for the majors.

Litecoin led the way on the day, rallying by 9.48%. EOS and Ethereum also saw solid gains on the day, rising by 5.33% and 4.24% respectively.

Binance Coin (+2.78%), Bitcoin Cash ABC (+2.04%) and Tron’s TRX (+1.36%) also found support at the month-end.

Bucking the trend on the day were Stellar’s Lumen and Bitcoin Cash SV. While Bitcoin Cash SV ended the day flat, Stellar’s Lumen fell by 0.14%.

There was no trend-bucking in the month of July, however, with all of the top 10 cryptos hitting reverse.

Tron’s TRX (-29.56%), Ethereum (-23.34%), Bitcoin Cash SV (-23.39%) and EOS (-23.34%) saw the heaviest losses in July.

Things were not much better for Stellar’s Lumen (-19.34%), Litecoin (-18.96%), Ripple’s XRP (-18.85%), and Bitcoin Cash ABC (-17.1%).

Binance Coin fared better than the pack with a 12.86% loss for the month.

Over the month, news of Facebook’s Libra coin plans added pressure to the majors. Notable in the month was Litecoin’s sell-off, which came in spite of this month’s halving event.

This Morning

At the time of writing, Bitcoin was down by 1.01% to $9,985.9. A mixed start to the day saw Bitcoin rise to an early morning high $10,167.

Falling short of the first major resistance level at $10,280.17, Bitcoin fell back to a mid-morning low $9,875.0.

Bitcoin managed to hold above the first major support level at $9,735.67 and 38.2% FIB of $9.734 in the early pullback.

Elsewhere, Binance Coin bucked the trend through the morning, up by 1.55% at the time of writing. It was red for the rest of the crypto majors, with EOS leading the way down with a 3.61% loss.

Bitcoin Cash SV (-2.96), Bitcoin Cash ABC (-2.98) and Ethereum (-2.54%) weren’t far behind.

BTC/USD 01/08/19 Daily Chart

For the day ahead

Bitcoin would need to move back through to $10,000 levels to support a rebound later in the day. A move back through the morning high $10,167 would bring the first major resistance level at $10,280.17 into play.

Bitcoin would need the support of the broader market, however, to break back through to $10,100 levels.

Barring a broad-based crypto rebound, Bitcoin would likely come up short of Wednesday’s high $10,120.

Failure to move back through to $10,000 levels could see Bitcoin take a bigger hit on the day. A pullback through the morning low $9,875.0 would bring the 38.2% FIB of $9,734 and the first major support level at $9,735.67 into play.

In the event of an extended sell-off through the day, Bitcoin would likely test the second major support level at $9,383.33 before any recovery.

Ethereum Analysis – Support Levels in Play – 31/07/19

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Ethereum Price Support

It’s been a sluggish first half of the week for Ethereum. Following last week’s 9.5% slide, Ethereum was up by just 1.31% Sunday through to Tuesday.

A bullish start to the week saw Ethereum gain 2.12% on Sunday before seeing 2 consecutive days in the red to limit the upside on the week.

Ethereum steered clear of the week’s first major support level at $195.12 on Sunday with a current week low $197.0. Rallying through Sunday and early Monday, Ethereum struck a current week high $215.31 before easing back.

Ethereum came up well short of the week’s first major resistance level at $224.47.

In spite of the upward momentum in the week, Ethereum also continued to fall short of the 23.6% FIB of $257.

The extended bearish trend, formed at May 2018’s swing hi $828.97 remained firmly intact, however. Ethereum continued to fall short of the 38.2% FIB Retracement Level of $367, before the slide back through the 23.6% FIB of $257.

For the bulls, a breakout from the 38.2% FIB of $367 would be needed to form a near-term bullish trend.

At the time of writing, Ethereum was up by 1.45% to $212.88. A bullish start to the day saw Ethereum rally to an early morning high $213.79 before sliding to a low $209.53.

Steering clear of the major support and resistance levels, Ethereum found support to move back through to $212 levels.

ETH/USD 31/07/19 Daily Chart

For the remainder of the week

Ethereum would need to hold onto $212 levels to support another run at the first major resistance level at $224.47.

Support from the broader market would be needed, however, for Ethereum to break out from the current week high $215.31.

In the event of a broad-based crypto rally, the 23.6% FIB of $257 would come into play.

Barring a broad-based crypto rally, the first major resistance level at $224.47 and last week’s high $229.85 would likely limit any upside on the week.

Failure to hold onto $212 levels could see Ethereum take another slide. A fall through the current week low $197 would bring the first major support level at $195.12 into play.

Barring a broad-based crypto sell-off, Ethereum would likely steer clear of sub-$190 levels on the week.

In the event of a crypto meltdown, Ethereum would likely test the second major support level at $183.14 before any recovery.

With Ethereum down by 27.7% for the current month to the end of Tuesday, steering clear of sub-$190 levels is key.

Looking at the Technical Indicators

Major Support Level: $195.12

Major Resistance Level: $224.47

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Bitcoin Sees Red Early. Avoiding sub-$9,000 Will be Key for the Majors

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin fell by 0.13% on Monday. Partially reversing a 0.56% gain from Sunday, Bitcoin ended the day at $9,507.

A particularly bullish start to the day saw Bitcoin strike an early morning intraday high $9,663.6 before hitting reverse.

The early rally saw Bitcoin fall short of the first major resistance level at $9,730.87 and 38.2% FIB of $9,734.

Sliding back through the morning, Bitcoin fell to a late morning intraday low $9,376.7. Steering well clear of the first major support level at $9,204.27, Bitcoin recovered to an afternoon high $9,656.6.

Pressure from the broader market ultimately weighed, with Bitcoin pulling back into the red late in the day.

In spite of falling short of $10,000 levels, the extended bullish trend remained intact. Bitcoin will need to avoid a material pullback from the 38.2% FIB of $9,734 to maintain the extended bullish trend.

Elsewhere

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

Leading the way down on the day were Stellar’s Lumen and Binance Coin, which slid by 3.03% and by 2.92% respectively.

Bitcoin Cash SV (-2.55%), Bitcoin Cash ABC (-1.88%) and EOS (-1.65%) weren’t far behind on the day.

While Ripple’s XRP joined Bitcoin with a modest loss of just 0.51%, Litecoin bucked the trend on the day, rising by 0.14%.

The moves through the start of the week saw Bitcoin’s dominance hover at 62.5% levels on the day.

A bearish start to the week weighed on the total crypto market cap, however, which fell from $266bn levels to $261bn levels on Monday.

There were no major news events to provide direction on the day. The broader market looked towards Bitcoin for cues, which continued to struggle at $9,500 levels.

Key on the day, for Bitcoin, was a hold above the major support levels, though falling short of the 38.2% FIB could test investor resilience in the coming days.

This Morning

At the time of writing, Bitcoin was down by 0.51% to $9,458.7. A mixed start to the day saw Bitcoin rise to an early morning high $9,532.3 before falling to a low $9,380.

In spite of the choppy start to the day, Bitcoin left the major support and resistance levels untested early on.

Across the rest of the pack, Bitcoin Cash SV bucked the trend early on, rising by 0.5%. It was red for the rest of the majors. Leading the reversal were Binance Coin and Ethereum, which were down by 1.54% and 1.42% respectively.

BTC/USD 30/07/19 Daily Chart

For the day ahead

Bitcoin would need to move back through to $9,550 levels to support a run at the first major resistance level at $9,704.63.

Support from the broader market would be needed, however, for Bitcoin to break out from $9,500 levels.

Barring a broad-based crypto rally, the first major resistance level and the 38.2% FIB of $9,734 would likely limit any upside on the day.

Failure to move through to $9,550 levels could see Bitcoin fall deeper into the red. A fall through the morning low $9,380 would bring the first major support level at $9,343.03 into play.

Barring a crypto meltdown, Bitcoin should steer clear of the second major support level at $9,179.07.

Altcoins Weekly Analysis – BNB, EOS and ETH – 28/07/19

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Binance Coin

Binance Coin tumbled by 11.04% in the week ending 27th July. Following on from a 1.27% fall from the previous week, Binance Coin ended the week at $27.73.

A choppy start to the week saw Binance Coin fall by 2.1% on Sunday before bouncing back to a Monday intraweek high $33.13.

Falling well short of the first major resistance level at $35.07, Binance Coin slid to a Saturday intraweek low $26.70.

Whilst steering clear of the first major support level at $25.43, Binance Coin fell through the 38.2% FIB of $28.0.

4-days in the red through the week did the damage, with a 1.17% gain on Monday the largest upswing in the week.

For the week ahead

A move through to $29.20 levels would support a run at the first major resistance level at $31.67 later in the week.

Binance Coin would need the support of the broader market, however, to break out from the 38.2% FIB of $28.

Barring a broad-based crypto rebound, the 38.2% FIB and first major resistance level would likely limit any upside on the week.

Failure to move through to $29.2 levels could see Binance Coin lose more ground in the week. A fall through last week’s low $26.7 would bring the first major support level at $25.24 into play.

Barring an extended crypto sell-off in the week, Binance Coin should steer clear of the second major support level at $22.76.

At the time of writing, Binance Coin was down by 0.71% to $27.54.

BNB/USD 28/07/19 Weekly Chart

EOS

EOS fell by 0.91% in the week ending 27th July. Following on from an 8.98% slide from the previous week, EOS ended the week at $4.2649.

A mixed start to the week saw EOS reverse minor gains from Sunday to fall to a Monday intraweek low $3.9342.

Steering well clear of the first major support level at $3.4871, EOS bounced back to a Saturday intraweek high $4.7753.

In spite of 4-days in the green for the week, a particularly bearish Saturday left EOS in the red for the week. After striking an intraweek high in the early hours of Saturday, EOS tumbled by 7.8% on the day.

For the week ahead

Holding above $4.13 levels would support a run at the first major resistance level at $4.8623.

EOS would need the support of the broader market, however, to break out from last week’s high $4.7257.

Barring a broad-based crypto rally, EOS would likely fall short of $5.00 levels for a 3rd consecutive week.

In the event of a crypto rebound, the second major resistance level at $5.4598 would likely limit the upside on the week.

Failure to hold onto $4.13 levels would bring sub $4.00 levels back into play.

Barring a crypto meltdown, the first major support level at $3.5308 and last week’s low $3.3942 should limit any downside on the week.

In the event of a crypto meltdown, EOS could test the second major support level at $2.7968 before any recovery.

At the time of writing, EOS was up by 0.44% to $4.2837.

EOS/USD 28/07/19 Weekly Chart

Ethereum

Ethereum slid by 9.50% in the week ending 27th July. Following on from a 14.91% tumble from the previous week, Ethereum ended the week at $207.11.

Another bearish week saw Ethereum fall from a Sunday intraweek high $229.85 to a Wednesday intraweek low $200.5.

Falling well short of the first major resistance level at $269.24, Ethereum tested support at $200 before recovering to $220 levels.

A particularly bearish end to the week saw Ethereum slide back to $202 levels on Saturday before wrapping up the week at $207 levels.

Ethereum steered well clear of the first major support level at $189.33 in spite of the reversal.

Of greater significance was a hold onto $200 levels…

For the week ahead

A move through to $213 levels in the early part of the week would support a run at the first major resistance level at $224.47.

Ethereum would need the support of the broader market, however, to take a run at the 23.6% FIB of $257.

Barring a broad-based crypto rebound, Ethereum would likely fall well short of $300 levels for a 3rd consecutive week.

The second major resistance level at $241.84 and 23.6% FIB of $257 would likely limit any upside on the week.

Failure to move through to $213 levels could see Ethereum take another weekly loss.

A fall back through to last week’s low $200.5 would bring the first major support level at $195.12 into play.

Barring a crypto meltdown, Ethereum should steer clear of sub-$190 support levels on the week.

At the time of writing, Ethereum was up by 1.36% to $209.93.

ETH/USD 28/07/19 Weekly Chart