The Crypto Daily – Movers and Shakers -22/05/20
Bitcoin slid by 4.68% on Thursday. Following on from a 2.74% fall on Wednesday, Bitcoin ended the day at $9,057.1.
A bullish start to the day saw Bitcoin rise to an early morning intraday high $9,564.1 before hitting reverse.
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Falling short of the first major resistance level at $9,796.13, Bitcoin slid to a late intraday low $8,815.3.
Bitcoin slid through the first major support level at $9,254.43 and second major support level at $9,006.87 before finding support.
Late in the day, Bitcoin broke back through the second major support level to $9,150 levels before easing back.
In spite of the late pullback saw Bitcoin steered clear of the second major support level.
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 the 62% FIB of $10,034 to form a near-term bullish trend.
The Rest of the Pack
Across the rest of the majors, it was a bearish day on Thursday.
Cardano’s ADA slid by 8.18% to lead the way down.
Bitcoin Cash ABC (-5.01%), EOS (-5.18%), Ethereum (-5.40%), Stellar’s Lumen (-5.98%), Tezos (-6.30%), and Tron’s TRX (-5.35%) also saw particularly heavy losses.
Binance Coin (-4.80%), Litecoin (-3.46%), Monero’s XMR (-4.70%), and Ripple’s XRP (-3.51%) weren’t far behind.
Bitcoin Cash SV saw a relatively modest 1.93% decline to
In the current week, the crypto total market cap rose to a Monday low $268.43bn before falling to a Thursday low $239.96bn. At the time of writing, the total market cap stood at $245.55bn.
Bitcoin’s dominance rose to a Monday high 68.31% before falling to a Wednesday low 67.25%. At the time of writing, Bitcoin’s dominance stood at 67.45%.
This Morning
At the time of writing, Bitcoin was down by 0.59% to $9,004.0. A bearish start to the day saw Bitcoin fall from an early morning high $9,060.2 to a low $8,975.0
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bearish start to the day.
Bitcoin Cash SV and Cardano’s ADA led the way down, with losses of 1.26% and 1.04% respectively.
For the Bitcoin Day Ahead
Bitcoin would need to move back through to $9,150 levels to bring the first major resistance level at $9,475.7 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,060.2.
Barring an extended crypto rebound, the first major resistance level would likely limit any upside.
In the event of a broad-based crypto rally, resistance at $9,500 would likely leave Bitcoin short of the second major resistance level at $9,894.3.
Failure to move back through to $9,150 levels could see Bitcoin spend a 3rd consecutive day in the red.
A fall back through Thursday’s low $8,815.3 would bring the first major support level at $8,726.9 into play.
Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,396.7.