Yahoo Finance The Crypto Week – Bitcoin Leads the Way in a Mixed Week for the Majors
While the Bitcoin bulls continued to maintain control, its been another mixed week for the rest of the pack.
Bitcoin rose by 2.56% on Saturday. Reversing a 1.42% fall from Friday, Bitcoin ended the day at $11,281.
On the day, a bullish start to the morning saw Bitcoin rally from an intraday low $10,961 to a morning high $11,594 before easing back.
The early rally saw Bitcoin break through the 23.6% FIB of $11,275 and first major resistance level at $11,378.
Following a relatively range-bound late morning, Bitcoin rallied to a late afternoon intraday high $11,720.
Falling short of the second major resistance level at $11,753, slid back through the 23.6% FIB to a 2nd half of a day low $11,066.
For the bulls, steering clear of sub-$11,000 levels was key late in the day, supporting a move back through the 23.6% FIB to $11,280 levels.
For the current week, Bitcoin was up by 4.45%, which was also supported by 2.29% and 10.09% gains from Tuesday and Wednesday respectively.
The Rest of the Pack,
Across the rest of the top 10 cryptos, it was a mixed start to the weekend.
Joining Bitcoin in the green for the day were Ripple’s XRP, which led the way with a 3.08% rally.
Bitcoin Cash ABC and EOS also ended the day in the green, with gains of 1.59% and 0.19% respectively.
Bitcoin Cash SV (-1.2%), Litecoin (-0.18%), Binance Coin (-0.15%) and Ethereum (-0.09%) saw red on the day, while Tron ended the day flat.
For the current week, Bitcoin led the way with its 4.45%, Monday through Saturday.
Bitcoin Cash ABC (+2.7%), Bitcoin Cash SV (+2.33%), and Binance Coin (+2.04%) also saw solid gains.
Tron’s TRX and EOS were also in the green with 1.26% and 0.05% gains respectively.
Bucking the trend on the week were Litecoin and Ethereum, which were down by 3.1% and by 0.87% respectively.
Another choppy week saw the total crypto market cap recover from a Tuesday current week low $288.64bn to a current week high $337.76bn. At the time of writing, the total crypto market cap stood at $320.33bn.
24-hour trading volumes were on the slide, however. Falling back from $99bn levels on Wednesday, 24-hour trading volumes stood at $62.72bn at the time of writing.
This Morning
At the time of writing, Bitcoin was down by 0.55% to $11,219. A mixed start to the day saw Bitcoin fall from a morning high $11,276 to a low $11,111 before finding support.
Whilst steering clear of the major support and resistance levels, Bitcoin fell through the 23.6% FIB of $11,275.
Elsewhere, Litecoin recovered from early losses to move into the green, up by 0.06% at the time of writing. Joining Litecoin in the green were EOS (+0.54%), Ethereum (+0.18%) and Binance Coin (+0.02%).
Bitcoin Cash ABC joined Bitcoin in the red with a -1.64%, while Bitcoin Cash SV was flat.
For the Day Ahead
Bitcoin would need to break back through the 23.6% FIB of $11,275 to $11,320 levels to bring the first major resistance level at $11,680.33 into play.
Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $11,720 would likely limit any upside.
Failure to move back through the 23.6% FIB to $11,320 levels could see Bitcoin slide deeper into the red.
A fall through the morning low $11,111 would bring the first major support level at $10,921.33 into play.
Barring a broad-based crypto sell-off, Bitcoin should steer clear of sub-$10,900 levels on the day.
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This article was originally posted on FX Empire
