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

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

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

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

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

Bitcoin’s on the Move Early. A Hold onto $10,000 Will be Key for the Majors

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin fell by 0.91% on Wednesday. Following on from a 4.57% slide from Tuesday, Bitcoin ended the day at $9,769.

A choppy morning saw Bitcoin slide to an early morning low $9,579 before finding support. The pullback saw Bitcoin fall through the 38.2% FIB of $9,734 and first major support level at $9,675.

Finding support from the broader market, Bitcoin bounced back to an early afternoon intraday high $9,922.26.

While Bitcoin managed to move back through the 38.2% FIB of $9,734, Bitcoin came up short of the first major resistance level at $10,186.

An afternoon reversal saw Bitcoin slide back through the 38.2% FIB and first major support level to an intraday low $9,534.1.

Finding support late on, Bitcoin recovered to $9,700 levels to limit the downside on the day.

It was also on the second time in since late June that Bitcoin fell short of $10,000 levels.

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

Elsewhere

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

Binance Coin and Tron’s TRX joined Bitcoin in the red on the day, with losses of 1.87% and 0.83% respectively.

It was a day in the green for the rest of the pack. EOS led the way on the day, rallying by 10.35%.

Litecoin (+4.92%), Ripple’s XRP (+2.41%), Bitcoin Cash ABC (+2.39%) and Ethereum (+2.18%) also saw solid gains.

Bitcoin Cash SV trailed the pack, rising by just 0.48%.

Bitcoin’s dominance fell back from 65% levels to 64.26% following Bitcoin’s loss on the day. In spite of the mixed day for the majors, the total market cap recovered from sub-$270bn levels to a high $279.80bn before easing back. At the time of writing, the total market cap stood at $277.75bn

This Morning

At the time of writing, Bitcoin was up by 3.12% to $10,074.0. A particularly bullish start to the day saw Bitcoin rally from a morning low $9,733.3 to a high $10,188 before easing back.

The early morning rally saw Bitcoin break through the 38.2% FIB of $9,734, first major resistance level at $9,949.7 and second major resistance level at $10,130.4.

It was a mixed start to the day for the rest of the crypto majors. Bitcoin Cash SV (-1.97%), Tron’s TRX (-1.26%), EOS (-1.17%) and Litecoin (-0.13%) saw red in the early hours.

Ethereum (+2.49%), Bitcoin Cash ABC (+1.91%), and Binance Coin (+1.86%) saw a solid start to the day, whilst Ripple’s XRP trailed with a 0.48% gain at the time of writing.

BTC/USD 25/07/19 Daily Chart

For the day ahead

Bitcoin would need to hold above the first major resistance level at $9,949.7 to support upward momentum through the day.

Barring an extended crypto rally through the day, however, Bitcoin will likely come up short of the third major resistance level at $10,518.9.

Failure to hold above the first major resistance level at $9,949.7 could see Bitcoin test support at the 38.2% FIB of $9,734 before any recovery.

Barring a crypto meltdown, Bitcoin should steer clear of the first major support level at $9,561.2 on the day.

Ethereum Analysis – Support Levels in Play – 24/07/19

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Ethereum Price Support

It’s been a bearish first half to the week for Ethereum. Following last week’s 14.9% slide, Ethereum was down by 7.4% Sunday through Tuesday.

It was 3-consecutive days in the red, with a 1.42% fall on Sunday being the most modest of losses on the week so far.

A start of the week current week high $229.85, stuck on Sunday saw Ethereum fall well short of the first major resistance level at $269.24. Of greater significance was Ethereum’s falling short of the 23.6% FIB of $257 through the 1st half of the week.

The 3-days in the red saw Ethereum fall to a Tuesday current week low $208.43 before finding support to end the day at $211.93.

Ethereum managed to steer clear of the first major support level at $189.33 in spite of the pullback.

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 down by 2.65% to $206.31. Another bearish start to the day saw Ethereum fall from an early morning high $212.2 to a new current week low $200.5.

Ethereum managed to avoid sub-$200 levels and the week’s first major support level at $189.33 early on. The early moves were pointing towards a 4th consecutive day in the red, however.

Another weekly loss would make it 4-weeks-in-a-row for Ethereum that has tumbled back from a late June high $364.49.

ETH/USD 24/07/19 Weekly Chart

For the remainder of the week

Ethereum would need to steer clear of sub-$200 levels and move through to $230 levels to support a rebound.

A move through to $230 levels would bring the first major resistance level at $269.24 into play. Ethereum would need the support of the broader market, however, to break through the 23.6% FIB of $257.

In the event of a broad-based crypto rally, Ethereum could move through last week’s high $270 before any pullback.

Barring a crypto rally going into the weekend, however, the 23.6% FIB of $257 would likely cap any upside in the event of a bounce back.

We would expect Ethereum to fall short of the second major resistance level at $309.58 in the week.

Failure to move through to $230 levels could see Ethereum slide back to sub-$200 levels before any recovery.

In the event of an extended broad-based crypto reversal, Ethereum would likely test the first major support level at $189.33.

Barring a crypto meltdown, however, Ethereum should steer well clear of sub-$180 support levels.

Looking at the Technical Indicators

Major Support Level: $189.33

Major Resistance Level: $269.24

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

 

Bitcoin’s on the Back Foot as the Bears Target sub-$10,000

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin fell by 2.29% on Monday. Following on from a 1.59% decline on Sunday, Bitcoin ended the day at $10,328.

A particularly choppy morning saw Bitcoin fall from $10,670 levels to a morning low $10,400 before finding support.

Steering clear of the major support levels, Bitcoin struck a late morning intraday high $10,690 before hitting reverse.

A bearish second half of a day saw Bitcoin slide to an early evening intraday low $10,299. The reversal saw Bitcoin fall through the first major support level at $10,308.93.

Finding support from the broader market, Bitcoin recovered to $10,300 levels to limit the downside on the day.

In spite of the sell-off that kicked in on 10th July, the extended bullish trend remained intact. Bitcoin will need to steer clear of the 38.2% FIB of $9,734, however, to avoid a resumption of the extended bearish trend.

Elsewhere

Across the top 10 cryptos, Binance Coin bucked the trend on Monday, with a gain of 1.12%. For the rest of the pack, it was a day in the red.

Tron’s TRX led the way down, sliding by 8.94%. Bitcoin Cash SV (-4.85%), EOS (-4.7%), Litecoin (-4.66%) and Ethereum (-3.8%) also saw heavy losses on the day.

Bitcoin’s dominance continued to hover at 65% levels in spite of Bitcoin’s loss on the day. The broad-based crypto sell-off left the total market cap down at $280.27bn at the time of writing.

Trading volumes stood at $53.29bn at the time of writing, easing back from $77bn levels hit during the Monday session.

This Morning

At the time of writing, Bitcoin was down by 1.55% to $10,168. A bearish start to the day saw Bitcoin fall from a morning high $10,330.9 to a low $10,151.0.

Falling short of the major resistance levels, Bitcoin fell through the first major support level at $10,188.0.

Elsewhere, Bitcoin Cash SV bucked the trend early on in the day, rising by 2.82%. It was red for the rest of the pack. Following solid gains from Monday, Tron’s TRX led the way down, falling by 4.36% at the time of writing.

Litecoin (-2.37%), EOS (-1.65%) and Binance Coin (-1.52%) were also under pressure through the morning.

Bitcoin Cash ABC (-0.95%), Ripple’s XRP (-1.05%), and Ethereum (-1.26%) saw more modest losses early on.

BTC/USD 23/07/19 Daily Chart

For the day ahead

Bitcoin would need to move back through the first major support level at $10,188 to $10,440 levels to support an afternoon rally.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $10,328.

Barring a broad-based crypto rebound later in the day, Bitcoin would likely come up short of the first major resistance level at $10,579.

Failure to move through to $10,440 levels would see Bitcoin struggle on the day. A fall through the morning low $10,151 would bring the second major support level at $10,048 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$10,000 support levels on the day.