Bitcoin Tech Analysis – Recap and Mid-Day Review – 18/08/19

Bitcoin declined by 1.36% on Saturday. Reversing a 0.44% gain from Friday with interest, Bitcoin ended the day at $10,228.

A bearish start to the day saw Bitcoin fall to an early morning low $10,237 before finding support. Steering clear of the first major support level at $9,908, Bitcoin recovered to a late morning intraday high $10,494.7.

Despite the morning rebound, Bitcoin came up short of the first major resistance level at $10,699.

A broad-based crypto sell-off ultimately weighed, however, with Bitcoin sliding to a late afternoon intraday low $10,004.

Bitcoin managed to steer clear of sub-$10,000 levels and the first major support level at $9,908 in the afternoon sell-off.

Support late in the day led to a move back through to $10,200 levels to limit the downside on the day.

For the Bitcoin bulls, the near-term bullish trend, formed at mid-December’s swing lo $3,215.2 remained intact. Bitcoin continued to find support at the 38.2% FIB of $9,734.

The downside on the day was the 6^th in 9-days, however, leaving Bitcoin down by 11.64% for the current week. For the current month, Bitcoin was up by 1.39%. This week’s losses offset a particularly bullish start to the month that saw Bitcoin strike $12,000 levels.

On a rollercoaster of a day, Bitcoin’s market cap slid from a high $186.81bn levels to a day low $180.56bn. At the time of writing, Bitcoin’s market cap stood at $182.39bn, well below $205bn levels at the start of the week.

Bitcoin’s first hold onto $10,000 levels since Tuesday supported Bitcoin’s dominance, which continued to hold at 68% levels.

This Morning

At the time of writing, Bitcoin up by 0.01% to $10,229. A bullish start to the day saw Bitcoin strike an early morning intraday high $10,280 before hitting reverse.

Falling short of the first major resistance level at $10,480.47, Bitcoin fell back to a morning low $10,086 before finding support.

Steering clear of the first major support level at $9,989.77, Bitcoin move back through to $10,200 levels to reverse the early losses.

For the Day Ahead

A move back through to $10,250 to $10,300 levels would bring the first major resistance level at $10,480.47 into play.

Bitcoin would need the continued support of the broader market, however, to break through to $10,300 levels.

In the event of a broad-based crypto rally, Bitcoin would likely visit $10,560 levels reached on Friday before any pullback.

Barring a crypto breakout, Bitcoin would likely come up short of the first major resistance level at $10,480.47 and Saturday’s high $10,494.7.

Failure to move back through to $10,250 levels would likely leave Bitcoin in the red on the day.

A slide back through the morning low $10,086 would see Bitcoin test the first major support level at $9,989.77.

Barring a crypto meltdown, Bitcoin should avoid sub-$9,800 levels and the 38.2% FIB of $9,734.

Looking at the Technical Indicators

Major Support Level: $9,989.77

Major Resistance Level: $10,480.47

23.6% FIB Retracement Level: $11,275

38.2% FIB Retracement Level: $9,734

62% FIB Retracement Level: $7,245

The article was written by Anthony Darvall, Chief Market Analyst at easyMarkets (www.easymarkets.com)