The Crypto Daily – Movers and Shakers -04/03/20

Bitcoin fell by 1.65% on Tuesday. Partially reversing a 4.46% rally from Monday, Bitcoin ended the day at $8,791.1.

A choppy start to the day saw Bitcoin fall from an early morning intraday high $8,940.0 to a mid-morning low $8,771.6.

Steering clear of the major support and resistance levels, Bitcoin recovered to $8,900 levels before hitting reverse.

The reversal saw Bitcoin slide to a late afternoon intraday low $8,686.2 before finding support.

Steering clear of the first major support level at $8,645.07, Bitcoin recovered to $8,800 levels before easing back.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin struggling to break out from $10,000 levels.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a bearish day for the crypto majors.

Monero’s XMR and Ethereum led the way down, with losses of 4.36% and 3.61% respectively.

Bitcoin Cash SV (-2.67%), EOS (-2.38%), and Ripple’s XRP (-2.14%) also saw relatively heavy losses on the day.

Binance Coin (-1.35%), Bitcoin Cash ABC (-1.59%), Cardano’s ADA (-1.46%), Litecoin (-0.76%), Stellar’s Lumen (-1.23%), Tezos (-1.50%) and Tron’s TRX (-1.79%) saw modest losses.

Through the start of the week, the crypto total market cap rose to a Monday high $255.57bn before falling to a Tuesday low $249.21. At the time of writing, the total market cap stood at $252.61bn.

Bitcoin’s dominance fell back from 64% levels to sub-63.6% levels as Bitcoin struggled early in the week. At the time of writing, Bitcoin’s dominance stood at 63.7%.

Trading volumes hit an early Tuesday high $187.15bn before easing back. At the time of writing, 24-hr volumes stood at $173.15bn, which was still well above sub-$130bn levels seen in the early hours of Monday.

This Morning

At the time of writing, Bitcoin was up by 0.64% to $8,847.4. A bullish start to the day saw Bitcoin rise from an early morning low $8,762.0 to a high $8,870.7.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day for the major cryptos.

Bitcoin Cash ABC bucked the trend early on, falling by 0.64%.

It was a bullish start to the day for the rest of the majors, however, with Tezos rallying by 5.41% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the morning high $8,870.0 to bring the first major resistance level at $8,925.33 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $8,900 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $8,940 would likely limit any upside.

In the event of a breakout, the second major resistance level at $9,059.57 would likely come into play.

Failure to move back through the morning high $8,870.0 could see Bitcoin fall into the red

A fall back through to sub-$8,810 levels would bring the first major support level at $8,671.53 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,551.97