The Crypto Daily – Movers and Shakers -04/05/20
Bitcoin fell by 0.92% on Sunday. Partially reversing a 1.81% gain from Saturday, Bitcoin ended the week up by 15.61% to $8,899.8.
A bullish start to the day saw Bitcoin rally to an early morning intraday high $9,198.0 before hitting reverse.
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Bitcoin broke through the first major resistance level at $9,072.13 and the second major resistance level at $9,161.97.
The reversal saw Bitcoin slide to a mid-afternoon intraday low $8,738.0 before finding support.
Bitcoin fell through the first major support level at $8,824.33 before briefly rebounding to $8,900 levels late in the day.
The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.
For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.
The Rest of the Pack
Across the rest of the majors, it was a bearish day for the pack on Sunday.
Bitcoin Cash ABC (-3.75%), Cardano’s ADA (-3.70%), EOS (-3.55%), Monero’s XMR (-3.33%), Stellar’s Lumen (-3.57%), and Tezos (-3.35%) saw heavy losses.
Binance Coin (-2.34%), Bitcoin Cash SV (-2.28%), Ethereum (-1.87%), Litecoin (-2.25%), Ripple’s XRP (-2.00%), and Tron’s TRX (-2.37%) saw relatively modest losses.
It was also a mixed week for the majors, in the week ending 3rd May.
Stellar’s Lumen led the way, rallying by 17.05%, with Ripple’s XRP (+11.69%) and Tron’s TRX (+11.86%) also seeing solid gains.
Bitcoin Cash SV (+5.65%), Cardano’s ADA (+6.76%), Ethereum (+6.29%), and Litecoin (+7.86%) weren’t far behind.
Binance Coin (+4.51%), EOS (+3.58%), and Monero’s XMR (+1.79%) trailed, while Tezos fell by 1.06%.
Through the week, the crypto total market cap rose from a Monday low $220.56bn to a Thursday high $263.29bn. At the time of writing, the total market cap stood at $244.53bn.
Bitcoin’s dominance recovered to 64% levels following a Wednesday breakout before breaking through to 65% levels. At the time of writing, Bitcoin’s dominance stood at 65.9%.
24-hour trading volumes rose from sub-$130bn levels to a Thursday high $253.89bn before sliding back. At the time of writing, 24-hr volumes stood at $158.47bn.
This Morning
At the time of writing, Bitcoin was down by 1.99% to $8,723.0. A mixed start to the day saw Bitcoin rise to an early morning high $8,961.8 before falling to a low $8,631.0.
Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $8,692.53
Elsewhere, it was a bearish start to the day for the majors.
Bitcoin Cash SV (-3.91%), EOS (-3.88%), and Litecoin (-3.30%) led the way down early on.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $8,950 levels to bring the first major resistance level at $9,151.53 into play.
Support from the broader market would be needed, however, for Bitcoin to break back through to $9,000 levels.
Barring a broad-based crypto rebound, resistance at $9,000 would likely leave Bitcoin short of the first major resistance level.
In the event of another breakout, the first major resistance level and Sunday’s high $9,198 would likely cap any upside.
Failure to move through to $8,950 levels could see Bitcoin fall deeper into the red.
A fall back through the first major support level would bring $8,500 levels into play before any recovery.
Barring a crypto meltdown, however, Bitcoin should clear of the second major support level at $8,485.27.