The Crypto Daily – Movers and Shakers -12/04/20
Bitcoin rose by 0.15% on Saturday. Following a 5.73% slide on Friday, Bitcoin ended the day at $6,884.5.
A bullish start to the day saw Bitcoin rise to an early morning intraday high $6,957.8 before hitting reverse.
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Coming up well short of the first major resistance level at $7,202.1, Bitcoin tumbled to a late afternoon intraday low $6,780.0.
Steering clear of the first major support level at $6,652.6 Bitcoin bounced back to $6,890.9 before easing back.
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 mixed day on Saturday.
Stellar’s Lumen and Tezos found strong support, with the pair rallying by 4.21% and 3.46% respectively.
Binance Coin (+0.66%), Cardano’s ADA (+0.66%), EOS (+0.65%), Ethereum (+0.28%), Litecoin (+0.57%), and Ripple’s XRP (+0.27%) also ended the day in the green.
While Bitcoin Cash SV ended the day flat, Bitcoin Cash ABC fell by 0.8% to lead the way down.
Monero’s XMR and Tron’s TRX also ended the day in the red, with losses of 0.48% and 0.04% respectively.
Through the current week, the crypto total market cap rose from a Monday low $190.55bn to a Tuesday high $211.57bn. A choppy week, however, saw the total market cap fall back to sub-$200bn levels. At the time of writing, the total market cap stood at $195.06bn.
Bitcoin’s dominance eased back from 65% levels seen on Monday. At the time of writing, Bitcoin’s dominance stood at 64.1%.
24-hour trading volumes recovered from sub-$100bn levels to hit $171bn levels on Tuesday before easing back. At the time of writing, 24-hr volumes stood at $107.7bn.
This Morning
At the time of writing, Bitcoin was down by 0.94% to $6,820.0. A bearish start to the day saw Bitcoin rise to an early morning high $6,908.8 before falling to a low $6,807.4.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bearish start to the day.
Bitcoin Cash ABC (-1.53%), EOS (-1.20%), and Tezos (-2.89%) led the way down early on.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $6,880 levels to bring the first major resistance level at $6,968.2 into play.
Support from the broader market would be needed, however, for Bitcoin to break back through to $6,900 levels.
Barring a broad-based crypto rebound, the first major resistance level and Saturday’s high $6,957.8 would likely cap any upside.
Failure to move back through to $6,880 levels could see Bitcoin fall deeper into the red.
A fall back through the morning low $6,807.4 would bring the first major support level at $6,790.4 into play.
Barring an extended crypto sell-off, however, Bitcoin should continue to steer of sub-$6,700 support levels.