Bitcoin slid by 1.81% on Saturday. Following on from a 1.01% fall on Friday, Bitcoin ended the day at $10,013.
Bearish through the morning, Bitcoin fell from an early morning intraday high $10,199 to a mid-morning intraday low $9,942.9.
Bitcoin fell through the first major support level at $10,087.33 and second major support level at $9,977.67.
Finding support through the day, Bitcoin recovered to an afternoon high $10,092 before easing back through the first major support level.
Through the late afternoon, Bitcoin relied on support at the second major support level to limit the downside and wrap up the day at $10,000 levels.
A 6th day in the red for the week left Bitcoin down by 2.99%, Monday through to Saturday.
For the bulls, the extended bullish trend remained intact in spite of just 1 day in the green out of 9. While having tested support at the 38.2% FIB in the week, Bitcoin continued to steer well clear of 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.
Stellar’s Lumen and Litecoin led the way down on the day, sliding by 3.31% and by 2.52% respectively
Ethereum (-1.48%), Binance Coin (-1.36%), Bitcoin Cash SV (-1.25%), and Bitcoin Cash ABC (-1.24%) also saw deep red.
EOS led the way on the day, falling by just 0.20%.
In spite of the Saturday losses, it’s been a mixed week for the pack.
EOS joined Bitcoin in the red, with a current week loss of 1.86%.
It’s been bullish for the rest of the pack, with Stellar’s Lumen leading the way, rallying by 19.7% to return to the top 10, by market cap.
Ethereum (+13.46%) and Ripple’s XRP (+11.32%) also saw double-digit gains through to the end of Saturday.
For the rest of the pack, the gains were more modest. Litecoin rose by 4.33%, with BNB up by 3.15%. Bitcoin Cash ABC (+2.53%) and Bitcoin Cash SV (+1.26%) retailed the front runners in the week.
In the current week, the total crypto market cap slid from a Wednesday current week high $273.58bn to a Thursday current week low $261.55bn. A Thursday recovery to $273bn levels was short-lived, however. Through the rest of the week, it was downhill, with the crypto market cap falling back to sub-$270bn levels. At the time of writing, the total crypto market cap stood at $266.05bn.
Bitcoin’s dominance held at 67.6% as the rest of the pack joined Bitcoin the red on Saturday.
At the time of writing, Bitcoin was down by 0.19% to $9,994.1. A bearish start to the day saw Bitcoin fall from an early morning high $10,029.1 to a low $9,980.
Bitcoin left the major support and resistance levels untested early on.
From the rest of the pack, Bitcoin Cash SV bucked the trend early on, rising by 0.41%.
It was red for the rest, however. Bitcoin Cash ABC (-1.52%) and Stellar’s Lumen (-1.43%) led the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $10,050 levels to bring the first major resistance level at $10,160.37 into play.
Through the early part of the day, Bitcoin would need support from other broader market, however, to reverse the early morning loss.
Following 2nd consecutive day in the red, an early move could deliver a much-needed Bitcoin rally.
In the event of a Bitcoin breakout, we would expect the second major resistance level at $10,307.73 to limit any upside.
Failure to move through to $10,050 levels could see Bitcoin spend a 6th day in the red for the week.
A fall through Saturday’s low $9,942.9 would bring the first major support level at $9,904.27 into play.
In the event of an extended sell-off through the day, Bitcoin could test the second major support level at $9,795.53 before any recovery.