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The Crypto Daily – Movers and Shakers -03/05/20

By:
Bob Mason
Published: May 3, 2020, 02:04 UTC

It's a bullish start to the day, with Bitcoin testing resistance levels early. The Bulls will be eyeing a breakout to bring $10,000 into view.

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin rose by 1.81% on Saturday. Following on from a 2.23% gain on Friday, Bitcoin ended the day at $8,982.3

A mixed start to the day saw Bitcoin fall to an early morning intraday low $8,756.2 before making a move.

Steering clear of the first major support level at $8,609.53, Bitcoin rallied to a late afternoon intraday high $9,004.0.

Falling short of the first major resistance level at $9,053.03, Bitcoin briefly slid to sub-$8,900 levels and into the red.

Finding late support, however, Bitcoin broke back through to $8,900 levels to wrap up the day in the green.

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 bullish day for the pack on Saturday.

Litecoin, Stellar’s Lumen, and Tron’ TRX led the way, with gains of 4.56%, 3.92%, and 3.05% respectively.

Bitcoin Cash ABC (+2.27%), EOS (+2.52%), Ethereum (+1.02%), Monero’s XMR (+1.93%), Ripple’s XRP (+2.80%), and Tezos (+1.16%) also found strong support.

Binance Coin and Bitcoin Cash SV trailed the back with more modest gains of 0.46% and 0.84% respectively.

Following a 7.17% breakout on Friday, Cardano’s ADA slipped by 0.08%, however, to buck the trend on the day.

Through the current 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 $255.17bn.

Bitcoin’s dominance recovered to 64% levels following Wednesday’s breakout before breaking through to 65% levels. At the time of writing, Bitcoin’s dominance stood at 65.6%.

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 $145.81bn.

This Morning

At the time of writing, Bitcoin was up by 1.87% to $9,150.0. A bullish start to the day saw Bitcoin rally from an early morning low $8,944.6 to a high $9,198.0.

Steering clear of the major resistance levels, Bitcoin broke through the first major resistance level at $9,072.13 and second major resistance level at $9,161.97.

Elsewhere, it was a bullish start to the day for the majors.

Bitcoin Cash ABC (+1.19%), Bitcoin Cash SV (+1.45%), Cardano’s ADA (+1.02%), EOS (+1.50%), Ethereum (+1.53%), and Tezos (+1.08%) led the way early on.

BTC/USD 03/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to break back through the second major resistance level at $9,161.07 to bring $9,400 levels back into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,198.0.

Barring an extended crypto rally, the second major resistance level and resistance at $9,200 would likely pin Bitcoin back on the day.

In the event of another breakout, the third major resistance level at $9,409.77 would come into play.

Failure to break back through the second major resistance level could see Bitcoin struggle later in the day.

A fall back through to sub-$8,920 levels would bring the first major support level at $8,824.33 into play.

Barring a crypto meltdown, however, Bitcoin should clear of sub-$9,000 levels on the day.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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