The Crypto Daily – The Movers and Shakers -12/09/19

Cryptomania

Bitcoin rose by 0.53% on Wednesday. Partially reversing a 1.9% slide from Tuesday, Bitcoin ended the day at $10,175.

A particularly bullish start to the day saw Bitcoin rally to an early morning intraday high $10,300 before hitting reverse.

Falling short of the first major resistance level at $10,360.33, Bitcoin fell to a mid-morning intraday low $9,814.

The reversal saw Bitcoin fall through the first major support level at $9,920.33 to the lowest level since 2nd September.

Finding support through the late morning, Bitcoin recovered to $10,100 levels before a second visit to sub-$10,000 levels in the late afternoon.

Steering clear of the first major support level on the 2nd dip, Bitcoin moved back into positive territory late in the day.

For the bulls, the extended bullish trend remained intact. While Bitcoin broke back through the 38.2% FIB, Bitcoin had also continued to hold well above the 62% FIB of $7,245.

The Rest of the Pack

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

Monero’s XMR bucked the trend on the day, gaining 2.59%.

It was red for the rest of the pack, with Bitcoin Cash SV and Binance Coin leading the way down. Bitcoin Cash SV slid by 6.8%, with Binance Coin falling by 4.78%.

Bitcoin Cash ABC (-2.1%), Stellar’s Lumen (-1.44%), Litecoin (-1.29%), and Ripple’s XRP (-1.21%) also saw relatively heavy losses.

Ethereum and EOS were the best of the rest, with losses of 0.75% and 0.49% respectively.

Since the start of the week, the total crypto market cap fell from $267bn levels on Monday to a current week low $257.9bn on Wednesday. At the time of writing, the total crypto market cap stood at $258.9bn.

In spite of the pullback, a more modest 3% loss for the current week saw Bitcoin’s dominance rise back through to 70% levels.

This Morning

At the time of writing, Bitcoin was down by 0.89% to $10,084. A mixed start to the day saw Bitcoin rise to an early morning high $10,223 before slipping to a low $10,064.

Bitcoin left the major support and resistance levels untested in the early hours.

Elsewhere, Bitcoin Cash ABC gave up early gains to join the rest of the majors in the red.

Binance Coin and Monero’s XMR saw the heaviest losses this morning. The pair were down by 4.91% and  2.99% respectively at the time of writing.

Bitcoin Cash SV (-1.41%), EOS (-1.42%), Litecoin (-1.69%), and Ripple’s XRP (-1.4%) also struggled.

BTC/USD 12/09/19 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $10,100 levels to support a run at the first major resistance level at $10,378.67.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $10,223.

Barring a broad-based crypto rally, Wednesday’s high $10,300 and first major resistance level would likely cap any upside.

Failure to hold onto $10,000 levels could see Bitcoin fall deeper into the red. A fall through to $9,950 would bring the first major support level at $9,892.67 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$9,800 levels. Of greater importance will be for Bitcoin to steer clear of the 38.2% FIB of $9,734 on the day.

Binance Coin Mid-Week Analysis – Support Levels in Play – 11/09/19

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Binance Coin Price Support

It’s been a bearish start to the week for Binance Coin, which had seen 3 consecutive days in the red going into Wednesday.

While losses on Sunday were limited to just 0.22%, a 1.25% fall on Monday and 1.67% fall on Tuesday did the damage.

Through the first part of the week, Binance Coin rose to an early Sunday current week high $22.8 before hitting reverse.

Falling well short of the first major resistance level at $23.74, Binance Coin slid to a Tuesday current week low $21.31.

A brief visit to a Monday high $22.78 was short-lived as the crypto bears pressured the broader market.

In spite of the pullback, Binance Coin steered clear of the first major support level at $21.09.

While down for the current week, Binance Coin was up by 3.37% for the current month. Last week’s 6.7% gain delivered the much-needed upside, with Binance Coin having tumbled by 24.24% in August.

The near-term bullish trend formed at 7th December’s swing lo $4.17 remained firmly intact, however.

Binance Coin is up by 244% year-to-date, with Binance Coin steering clear of the 62% FIB of $19. This is in spite of a pullback from June’s current year high $43.16.

For the bulls, steering clear of sub-$20 levels will be key to maintaining the upward momentum for the current year…

At the time of writing, Binance Coin was down by 0.32% to $21.69. Binance Coin rose to an early morning high $22.09 before sliding to a low 21.61.

Whilst continuing to steer clear of the major support and resistance levels, Binance Coin faces a 4th consecutive day in the red.

BNB/USD 11/09/19 Weekly Chart

For the remainder of the week

Binance Coin would need to move back through to $22.4 levels to bring the first major resistance level at $23.74 into play.

Support from the broader market would be needed, however, for Binance Coin to break out from $22 levels.

Barring a broad-based crypto rally, last week’s high $23.66 and first major resistance level at $23.74 would likely cap any upside.

In the event of a particularly bullish 2nd half of the week, Binance Coin could visit $24 levels.

Failure to move through to $22.4 levels could see Binance Coin cough up gains from earlier in the week.

A fall back through the current week low $21.31 would bring the first major support level at $21.09 into play.

Barring a broad-based crypto meltdown, however, Binance Coin should steer clear of sub-$20 support levels.

Looking at the Technical Indicators

Major Support Level: $21.09

Major Resistance Level: $23.74

23.6% FIB Retracement Level: $34

38.2% FIB Retracement Level: $28

62% FIB Retracement Level: $19

Bitcoin Finds Early Support as the Bulls Target $10,600

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

Bitcoin slipped by 0.91% on Monday. Following on from a 0.71% loss on Sunday, Bitcoin ended the day at $10,317.

A bearish start to the day saw Bitcoin slide to a late morning intraday low $10,118. Bitcoin fell through the first major support level at $10,238.27 to sub-$10,200 levels for the first time since 2nd September.

Finding support in the late morning, Bitcoin bounced back to a late morning intraday high $10,557.

In spite of the rebound, Bitcoin came up short of the first major resistance level at $10,595.37.

A pullback through the afternoon saw Bitcoin slide to an afternoon low $10,171. Despite a bearish afternoon, Bitcoin found late support to limit the loss on the day.

For the bulls, the extended bullish trend remained intact. While Bitcoin broke back through the 38.2% FIB, Bitcoin had also continued to hold 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.

EOS bucked the trend on the day with a gain of 2.39%.

It was red for the rest of the pack, however.

Bitcoin Cash SV and Monero’s XMR led the way down, with losses of 2.63% and 2.59% respectively.

Stellar’s Lumen (-1.49%), Ripple’s XRP (-1.43%), and Binance Coin (-1.25%) also struggled on the day.

Bitcoin Cash ABC (-0.08%), Ethereum (-0.51%), and Litecoin (-0.74%) saw modest losses on the day.

At the start of the week, the total crypto market cap slid to a day low $260.85bn before rising to a day high $267.95bn on Monday. At the time of writing, the total crypto market cap stood at $266.36bn

This Morning

At the time of writing, Bitcoin was up by 0.5% to $10,368.4. A relatively bullish start to the day saw Bitcoin rise from an early morning low $10,313 to a high $10,385.

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

Elsewhere, Litecoin (+1.33%), Monero’s XMR (+1.28%), Bitcoin Cash ABC (+1.13%), and Ethereum (+1.04%) were on the move.

Bitcoin Cash SV and Stellar’s Lumen bucked the trend early with losses of -1.83% and -1.71% respectively.

BTC/USD 10/09/19 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the morning high $10,385 to $10,400 levels to bring the first major resistance level at $10,543.33 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from $10,400 levels.

Barring a broad-based crypto rally, Bitcoin would likely fall short of $10,600 levels for a 4th consecutive day. The first major resistance level at $10,543.33 and Monday’s high $10,557 would limit any upside.

Failure to move through to $10,400 levels could see Bitcoin see red for a 3rd consecutive day.

A fall through the morning low $10,313.5 to sub-$10,300 levels would bring the first major support level at $10,104.33 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$10,100 levels on the day.

For the bulls, Bitcoin would need to break down resistance at $10,600 to bring $11,000 levels back into play.

Altcoins Weekly Analysis – BNB, EOS and ETH – 08/09/19

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin rose by 6.7% in the week ending 7th September. Partially reversing a 20.5% tumble from the previous week, Binance Coin ended the week at $22.46.

It was the first weekly gain in 4-weeks, partially recovering a 24.24% loss from the month of August.

A bullish start to the week gave Binance Coin 2-consecutive days in the green. The rally saw Binance Coin rise to a Monday high $22.99 before hitting reverse.

Following a 6.34% rally on Monday, 2-consecutive days in the red left Binance Coin back down at $21.1 levels before finding support.

Hold well above the first major support level at $18.89 and 62% FIB of $19, Binance Coin bounced back to a Thursday intraweek high $23.66.

Falling short of the first major resistance level at $25.25, Binance Coin saw red for a 3rd day in the week on Friday before a Saturday recovery to $22 levels.

For the week ahead

Holding above $22.38 levels in the early part of the week would support a run at the first major resistance level at $23.74.

Binance Coin would need support from the broader market, however, to break out from $22 levels.

In the event of a breakout, Binance Coin could test the second major resistance level at $25.03 before any pullback.

We would expect Binance Coin to continue to fall well short of the 38.2% FIB of $28, however.

Failure to hold above $22.38 levels could see Binance Coin resume the summer slide. A fall through to sub-$22 levels would bring first major support level at $21.09 into play.

Barring a crypto meltdown, however, Binance Coin should continue to steer clear of the 62% FIB of $19 on the week.

At the time of writing, Binance Coin was up by 0.77% to $22.64

BNB/USD 08/09/19 Weekly Chart

EOS

EOS rallied by 7.38 in the week ending 7th September. Reversing most of an 8.91% slide from the previous week, EOS ended the week at $3.5791.

A bearish start to the week saw EOS slide to a Sunday intraweek low $3.1068 before finding support.

Steering well clear of the first major support level at $3.0286, EOS struck a Tuesday intraday high $3.4707 before sliding to a Friday intraday low $3.1100.

EOS continued to hold well above the major support levels before a broad-based crypto rally on Saturday.

An 11.2% rally drove EOS to an intraweek high $3.6804 before easing back to sub-$3.6 levels. In spite of the Saturday break out that delivered a weekly gain, EOS came up short of the first major resistance level at $3.6853.

For the week ahead

A move back through to $3.6 levels would support a run at the first major resistance level at $3.8041.

EOS would need the support of the broader market, however, to break out from last week’s high $3.6804

In the event of a broad-based crypto rally, EOS could test the second major resistance level at $4.0290 before any pullback.

Failure to move through to $3.6000 levels could see EOS reverse last week’s gains. A fall back through to sub-$3.40 levels would bring the first major support level at $3.2305 into play.

Barring a crypto meltdown, EOS should steer well clear of sub-$3 support levels over the week.

At the time of writing, EOS was up by 0.36% to $3.5921.

EOS/USD 08/09/19 Weekly Chart

Ethereum

Ethereum rose by 3.6% in the week ending 7th September. Partially reversing 9.94% slide from the previous week, Ethereum ended the week at $178.08.

A choppy start to the week saw Ethereum recover from a Sunday low $168.03 to strike a Tuesday intraweek high $183.15 before hitting reverse.

Falling well short of the first major resistance level at $189.62, Ethereum saw red for 3 consecutive days, leading to a Friday intraweek low $164.99.

Steering well clear of the first major support level at $158.91, Ethereum found support from the broader market on Saturday.

A 5.22% rally pulled Ethereum into positive territory for the week.

For the week ahead

A move back through to $180 levels would support a run at the first major resistance level at $185.82.

Ethereum would need the support of the broader market, however, to break out from last week’s high $183.15.

Barring a broad-based crypto rally, Ethereum would likely come up short of the second major resistance level at $193.57.

In the event of a broad-based crypto rally, Ethereum could eye $200 levels later in the week.

Failure to move back through to $180 levels could see Ethereum hit reverse. A fall through to sub-$175 levels would bring the first major support level at $163.66 into play.

Barring a crypto meltdown, however, Ethereum should continue to steer clear of sub-$160 levels and the second major support level at $157.25.

At the time of writing, Ethereum was up by 0.42% to $178.83.

ETH/USD 08/09/19 Weekly Chart

Bitcoin and the Pack See Red as Momentum Fades

Bitcoin and Litecoin over dollar banknotes.

Bitcoin slipped by 0.48% on Wednesday. Partially reversing a 2.93% gain from Tuesday, Bitcoin ended the day at $10,590.

Bearish through the morning, Bitcoin slipped from an early morning high $10,669 to an early afternoon intraday low $10,410.

In spite of the reversal, Bitcoin left the major support levels untested on the day.

Finding support through the late afternoon, Bitcoin rallied to a late intraday high $10,849 before sliding back to sub-$10,600 levels.

The first major resistance level at $10,841 capped the upside before Bitcoin fell back into the red.

Bitcoin’s run of 5 consecutive days in the green came to an end with late Wednesday’s pullback.

For the bulls, the extended bullish trend remained intact. While Bitcoin broke back through the 38.2% FIB, Bitcoin has also continued to hold well above the 62% FIB of $7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a sea of red across the crypto board.

Litecoin and Binance Coin led the way on the day, falling by 2.95% and 2.82% respectively.

Ethereum (-2.38%), Stellar’s Lumen (-2.08%), and Bitcoin Cash ABC (-1.93%), also saw relatively heavy losses.

Ripple’s XRP (-1.62%), EOS (-1.4%), Monero’s XMR (-1.21%), and Bitcoin Cash SV (-0.85%) saw more modest losses on the day.

Mid-way through the first week of September, it’s been a mixed bag for the majors. Bitcoin and Monero’s XMR stand out, with gains of 10.11% and 9.82% respectively.

At the other end of the spectrum, Stellar’s Lumen and EOS struggled, with losses of 1.26% and 0.56% respectively…

Since the start of the week, the total crypto market cap has risen from a Monday low $251.32bn to a day high $272.75bn on Tuesday before easing back to Wednesday low $265.5bn. At the time of writing, the total crypto market cap stood at $267.25bn.

Bitcoin’s solid start to the month continued to support the rise in dominance to 70%. At the time of writing. Bitcoin’s dominance last stood at 70.7%.

This Morning

At the time of writing, Bitcoin was down by 0.43% to $10,544. A bearish start to the day saw Bitcoin fall from an early morning high $10,608 to a low $10,517 before finding support.

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

Elsewhere, Monero’s XMR bucked the trend in the early hours, rising by 0.23%. It was red for the rest of the pack. Bitcoin Cash SV and Litecoin led the way down, with losses of 0.65% and 0.49% respectively.

BTC/USD 05/09/19 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $10,620 levels to support a run at the first major resistance level at $10,822.67.

Barring a broad-based crypto rebound, Bitcoin would likely leave the major resistance levels untested on the day.

Bitcoin would need the support of the broader market, however, to break out from the morning high $10,608.

A break out would bring the first major resistance level at $10,822.67 and Wednesday’s high $10,849 into play.

Failure to move back through to $10,620 levels could see Bitcoin fall deeper into the red.

A fall through the morning low $10,517 to $10,400 levels would bring the first major support level at $10,383.67 into play.

Barring an extended sell-off through the day, we would expect Bitcoin to steer clear of sub-$10,300 levels, however.

EOS Mid-Week Analysis – Support Levels in Play – 04/09/19

EOS Coin

EOS Price Support

It’s been a choppy start to the month and first half of the week for EOS. Following last week’s 8.91% slide, EOS was up by 0.88% Sunday through Tuesday.

A bearish start to the week saw EOS slide to a Sunday current week low $3.1068 before finding support.

In spite of the reversal, EOS steered clear of the first major support level at $3.0286.

Finding support from the broader market, EOS rallied to a Tuesday current week high $3.4706.

EOS came up short of the first major resistance level at $3.6853 before pulling back to $3.3 levels late on Tuesday.

A 2.12% slide on Sunday partially offset 2 consecutive days in the green to limit the upside on the week.

The extended bearish trend, formed back at April 2018’s swing hi $23.03, remained firmly intact. EOS continued to fall well short of the 23.6% FIB of $6.62 following a pullback from $8.65 levels in late June.

At the time of writing, EOS was down by 0.14% to $3.3574. A mixed start to the day saw EOS fall to an early morning low $3.3305 before striking a morning high $3.3643.

EOS continued to steer clear of the major support and resistance levels mid-week.

EOS/USD 04/09/19 Weekly Chart

For the remainder of the week

EOS would need to move back through to $3.3730 levels to support another run at the first major resistance level at $3.6853.

Support from the broader market would be needed, however, for EOS to break back through to the Tuesday current week high $3.4706.

In the event of a broad-based crypto rally through the 2nd half of the week, EOS would likely visit $3.7 levels and last week’s high $3.7167 before any pullback. We would expect EOS to come up short of $4.00 levels and the second major resistance level at $4.0293.

Barring a broad-based crypto breakout, however, the first major resistance level at $3.6853 would likely limit any upside in the week.

Failure to move back through to $3.3730 levels could see EOS see a second consecutive week in the red. A fall back through the current week low $3.1068 would bring the first major support level at $3.0286 into play

Barring a crypto meltdown, however, EOS steer clear of sub-$3.00 levels and the second major support level at $2.7159.

Looking at the Technical Indicators

 

Major Support Level: $3.0286

Major Resistance Level: $3.6853

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Please let us know what you think in the comments below.

Thanks, Bob

Bitcoin Surges Back to $10,000 to Restore Crypto Confidence

Bitcoin

Bitcoin rallied by 6.23% on Monday. Following on from a 1.68% rise from Sunday, Bitcoin ended the day at $10,388.

A relatively range-bound morning saw Bitcoin ease to a mid-morning intraday low $9,754.6 before making a move.

Steering clear of the first major support level at $9,600.07, Bitcoin rallied to a late intraday high $10,474.

The rally saw Bitcoin break through the day’s major resistance levels and hold above the third major resistance level at $10,047.03.

Of greater significance was a break back through the 38.2% FIB of $9,734, as Bitcoin reversed August’s 4.83% loss.

For the bulls, the extended bullish trend remained intact. While Bitcoin broke back through the 38.2% FIB, Bitcoin has also continued to hold well above the 62% FIB of $7,245.

It was a 7th consecutive day in the green for the Bitcoin bulls. While there were no major news events to drive the 7-days in the green that culminated in Monday’s breakout, news of a jump in Bitcoin hash rates to record levels likely provided much-needed support.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a sea of green across the crypto board.

Binance Coin led the way on the day, rallying by 6.27%. Bitcoin Cash ABC (+4.95%), Bitcoin Cash SV (+4.72%), and Ethereum (+4.37%) also saw solid gains.

Ripple’s XRP (+1.74%), Litecoin (+1.65%) and Stellar’s Lumen (+1.47%) were the worst performers on the day.

The start of the week rally saw the crypto market cap bounce back from a Monday low $251.32bn to a day high $265.5bn. At the time of writing, the total crypto market cap stood at $265.03bn.

Bitcoin’s solid start to the week also led to a rise in dominance to 70.1% at the time of writing. Bitcoin’s dominance last stood at 70% levels back in March 2017…

This Morning

At the time of writing, Bitcoin was up by just 0.01% to $10,389.4. A bullish start to the day saw Bitcoin rise to an early morning high $10,470.3 before falling to a low $10,386.

Bitcoin left the major support and resistance levels untested early in the day.

Elsewhere, Stellar’s Lumen (+0.62%) Monero’s XMR (+0.42%), and Binance Coin (+0.08%) saw green.

It was red for the rest of the majors, however, with Bitcoin Cash SV leading the way down with a 0.65% loss.

BTC/USD 03/09/19 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to break move through to $10,400 levels to support another run at the first major resistance level at $10,656.47.

Support from the broader market would be needed, however, to break out from Monday’s high $10,474 and this morning’s high $10,470.3.

Barring another crypto rally, the first major resistance level at $10,656.47 would likely cap any upside.

Failure to move back through to $10,400 levels could see Bitcoin struggle through the day.

A fall through to sub-$10,200 levels would bring the first major support level at $9,937.07 into play.

Barring a crypto meltdown, Bitcoin should steer well clear of the 38.2% FIB of $9,734 on the day.

Altcoins Weekly Analysis – BNB, EOS and ETH – 01/09/19

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

Binance Coin

Binance Coin tumbled by 20.5% in the week ending 31st August. Following on from a 4.15% fall from the previous week, Binance Coin ended the week at $21.06.

A 3rd consecutive week in the red left Binance Coin down by 24.24% for the month of August.

Yet another bullish start to the week saw Binance Coin strike a Monday intraweek high $27.273 before hitting reverse.

Despite the early in the week rally, Binance Coin fell well short of the first major resistance level at $28.56.

While falling short of the major resistance levels the Monday rally saw Binance Coin break back through the 38.2% FIB of $28.

Despite Monday’s intraweek high, Binance Coin gained just 0.11% on the day, which was just one of two days in the green.

A particularly bearish Wednesday saw Binance Coin tumbled by 8.7% followed by a 6.7% slide on Thursday and a 4.9% fall on Saturday.

The Saturday reversal saw Binance Coin fall to an intraweek low $20.91. Five days in the red saw Binance Coin fall back through the 38.2% FIB, first major support level at $24.97 and second major support level at $23.58.

For the week ahead

A move through to $23.10 levels would support a run at the first major resistance level at $25.25.

Binance Coin would need support from the broader market, however, to break out from $23 levels.

Barring a broad-based crypto rally, Binance Coin would likely come up well short of the 38.2% FIB of $28 in the week.

In the event of a breakout, Binance Coin could visit $26 levels before any pullback.

Failure to move back through $23.1 levels could see Binance Coin spend another week in the red. A fall through last week’s low $20.91 would bring the 62% FIB of $19 and first major support level at $18.89 into play.

Barring a crypto meltdown, however, Binance Coin should continue to steer clear of sub-$18 support levels on the week.

At the time of writing, Binance Coin was up by 2.19% to $21.52

BNB/USD 01/09/19 Weekly Chart

EOS

EOS slid by 8.91% in the week ending 31st August. Reversing a 2.74% gain from the previous week, EOS ended the week at $3.412.

A relatively choppy start to the week saw EOS rally from a Sunday low $3.4662 to an early Monday intraweek high $3.7167.

Falling short of the first major resistance level at $3.8591, EOS stumbled to a Thursday intraweek low $3.06.

The sell-off saw EOS fall through the first major support level at $3.4152 and second major support level at $3.1644.

Finding support through the latter part of the week, EOS bounced back through the major support levels to a Saturday high $3.4286.

A late pullback, however, saw EOS fall back through the first major support level to close out the month at $3.3 levels.

Four days in the red left EOS down by 24.5% for the month of August.

For the week ahead

A move back through to $3.3730 levels would support a run at the first major resistance level at $3.6583. EOS would need the support of the broader market, however, to take a run at last week’s high $3.7167.

In the event of a broad-based crypto rally, last week’s high $3.7167 would likely cap any upside in the week.

Failure to move through to $3.3730 levels could see EOS spend another week in the red. A fall back through to sub-$3.20 levels would bring the first major support level at $3.0286 into play.

Barring a crypto meltdown, EOS should steer well clear of the second major support level at $2.7159.

At the time of writing, EOS was up by 0.11% to $3.3449.

EOS/USD 01/09/19 Weekly Chart

Ethereum

Ethereum slid by 9.94% in the week ending 31st August. Reversing a 2.86% gain from the previous week, Ethereum ended the week at $171.93.

A choppy start to the week saw Ethereum recover from a Sunday low $182.04 to strike an early Monday intraweek high $194.28 before hitting reverse.

In spite of the early rally, Ethereum came up well short of the first major resistance level at $203.2.

The reversal saw Ethereum slide to a Thursday intraweek low $163.57. Ethereum fell through the first major support level at $179.29 and second major support level at $167.69.

Finding support late in the week, Ethereum broke back through the second major support level to close out the month at $171 levels.

Five days in the red left Ethereum down by 21.4% for the month of August.

For the week ahead

A move through to $176.6 levels would support a run at the first major resistance level at $189.62. Ethereum would need the support of the broader market, however, to break through to $180 levels.

Barring a broad-based crypto rally, Ethereum would likely come up short of $190 levels.

In the event of a broad-based crypto rally, last week’s high $194.28 would likely cap any upside.

Failure to move through to $176.6 levels could see Ethereum slide back to last week’s low $163.57 before any recovery.

Barring a crypto meltdown, however, Ethereum should steer clear of sub-$160 support levels and the first major support level at $158.91.

At the time of writing, Ethereum was up by 0.65% to $173.04.

ETH/USD 01/09/19 Weekly Chart

Bitcoin and the Majors Sink in a Crypto Meltdown

Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

Bitcoin slid by 4.53% on Wednesday. Following on from a 1.86% fall on Tuesday, Bitcoin ended the day at $9,727.4.

A relatively bullish morning saw Bitcoin rise from a morning low $10,063 to an early afternoon intraday high $10,370.

Holding above the major support levels, Bitcoin came within range of the first major resistance level at $10,379 before succumbing to a crypto meltdown.

The meltdown saw Bitcoin slide to a late afternoon intraday low $9,570. Bitcoin fell through the first major support level at $10,005 and second major support level at $9,826.

Of greater significance was a fall through the 38.2% FIB of $9,734.

While finding support late in the day to recover to $9,700 levels, Bitcoin failed to move back through the 38.2% FIB.

For the bulls, the extended bullish trend remained intact. While Bitcoin fell through the 38.2% FIB, Bitcoin has continued to hold well above the 62% FIB of $7,245.

A 2nd consecutive day in the red reversed gains for the current month, however, leaving Bitcoin down by 3.57% for August.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a sea of red for the majors.

Binance Coin (-8.76%), EOS (-8.35), Litecoin (-8.13%), and Monero’s XMR (-8.06%) all saw heavy losses.

Things were not much better for the rest, with Bitcoin Cash ABC and Ripple’s XRP seeing modest losses relative to the pack. The pair ended the day down by 4.30% and by 4.76% respectively.

Wednesday afternoon’s sharp sell-off led the market cap down from $265bn levels to $251bn. At the time of writing, the total market cap stood at $249.19bn as the markets faced another selling spree in the early hours.

This Morning

At the time of writing, Bitcoin was down by 1.34% to $9,596.8. A bearish start to the day saw Bitcoin slide from a morning high $9,729.7 to a low $9,570.

In spite of the early sell-off, Bitcoin managed to steer clear of the major support levels.

Elsewhere, it was red across the crypto board. Leading the way down were Binance Coin (-4.85%), Bitcoin Cash ABC (-2.97%), Stellar’s Lumen (-2.36%), and Ethereum (-2.18%).

EOS (-1.31%), Monero’s XMR (-1.51%), Litecoin (-1.53%), and Ripple’s XRP (-1.65%) were the best of the worst.

BTC/USD 29/08/19 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to break through the 38.2% FIB of $9,734 to $9,900 levels to support a return to $10,000 levels.

Support from the broader market would be needed, however, for Bitcoin to break out from the 38.2% FIB

Barring broad-based crypto rebound, Bitcoin would likely come up well short of $10,000 levels on the day.

In the event of a crypto rebound, the first major resistance level at $10,208.75 would likely limit any upside.

Failure to break through the 38.2% FIB to hit $9,900 levels could see Bitcoin slide deeper into the red.

A fall through $9,550 would bring the first major support level at $9,408.27 into play before any recovery.

Barring a crypto meltdown, Bitcoin should continue to steer clear of sub-$9,400 levels and the second major support level at $9,089.13.

EOS Mid-Week Analysis – Support Levels in Play – 28/08/19

EOS Coin

EOS Price Support

It’s been a relatively choppy first half of the week for EOS. Following last week’s 2.74% gain, EOS was down by 3.06% Sunday through Tuesday.

A bearish start to the week saw EOS slide to a Sunday current week low $3.4662 before finding support.

Steering clear of the week’s first major support level at $3.4152, EOS rallied to an early Monday current week high $3.7167.

The Monday rally saw EOS only partially recover a 3.22% slide from Sunday, however. A pullback from the early current week high left EOS with just a 1.05% gain on the day.

In spite of the Monday breakout, EOS came up short of the first major resistance level at $3.8591 to ease back to sub-$3.6 levels.

A 2nd day in the red on Tuesday added to the downside for the current week.

The extended bearish trend, formed back at April 2018’s swing hi $23.03, remained firmly intact. EOS continued to fall short of the 23.6% FIB of $6.62 following a pullback from $8.65 levels in late June.

At the time of writing, EOS was down by 0.58% to $3.5352. A bearish start to the day saw EOS fall from an early morning high $3.5556 to a low $3.5000.

EOS continued to leave the week’s major support and resistance levels untested.

EOS/USD 28/08/19 Weekly Chart

For the remainder of the week

EOS would need to move back through to $3.6100 levels to support a run the current week high $3.7167

Support from the broader market would be needed, however, for EOS to break back through to the current week high $3.7 levels.

In the event of a rebound from the current week losses, EOS would likely test the first major resistance level at $3.8591 before any pullback.

Barring a broad-based crypto breakout, however, EOS would likely come up short of last week’s high $3.8013.

Failure to move back through to $3.6100 levels could see EOS add to the current week losses. A fall back through the current week low $3.4662 would bring the first major support level at $3.4152 into play

Barring a crypto meltdown, however, EOS should steer clear of last week’s low $3.3163 and the second major support level at $3.1644.

With EOS down by 20.2% for the current month to the end of Tuesday, a move back through to $4.00 levels near-term is key.

Looking at the Technical Indicators

Major Support Level: $3.4152

Major Resistance Level: $3.8591

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Please let us know what you think in the comments below.

Thanks, Bob