The Crypto Daily – Movers and Shakers -27/05/20
Bitcoin fell by 0.62% on Tuesday. Partially reversing a 2.20% gain from Monday, Bitcoin ended the day at $8,845.5.
A mixed start to the day saw Bitcoin rise to a late morning intraday high $9,013.3 before hitting reverse.
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Falling short of the first major resistance level at $9,037.13, Bitcoin slid to a late afternoon intraday low $8,704.9.
Steering clear of the first major support level at $8,693.43, Bitcoin recovered to $8,800 levels to limit the loss on 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 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 another mixed day for the majors on Tuesday.
Monero’s XMR rose by 0.24% to buck the trend.
It was a bearish day for the rest of the pack, however.
Bitcoin Cash SV slid by 2.57% to lead the way down.
Binance Coin (-1.04%), Ethereum (-1.58%), Litecoin (-1.61%), Ripple’s XRP (-1.20%), Stellar’s Lumen (-1.76%), and Tezos (-1.54%) also struggled.
Bitcoin Cash ABC (-0.18%), Cardano’s ADA (-0.69%), EOS (-0.76%), and Tron’s TRX (-0.74%) saw relatively modest losses on the day.
Early in the week, the crypto total market cap fell to an early Monday low $238.04bn before rising to a Tuesday high $247.84bn. At the time of writing, the total market cap stood at $243.55bn.
Bitcoin’s dominance fell to a Monday low 66.38% before rising to a Tuesday high 66.86%. At the time of writing, Bitcoin’s dominance stood at 66.57%.
This Morning
At the time of writing, Bitcoin was down by 0.24% to $8,824.0. A mixed start to the day saw Bitcoin rise to an early morning high $8,896.5 before falling to a low $8,822.7.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA and Monero’s XMR led the way down, with losses of 0.87% and 0.53% respectively.
Ethereum (+0.28%), Litecoin (+0.17%), and Ripple’s XRP (+0.49%) bucked the trend early on.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $8,860 levels to bring the first major resistance level at $9,004.23 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,896.5.
Barring an extended crypto rally, the first major resistance level would likely limit any upside.
In the event of an extended crypto rally, the second major resistance level at $9,162.97 would likely come into play.
Failure to move back through to $8,860 levels could see Bitcoin fall deeper into the red.
A fall back through the morning $8,822.2 would bring the first major support level at $8,695.83 into play.
Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,546.17.