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The Crypto Daily – Movers and Shakers -04/05/20

By:
Bob Mason
Updated: May 4, 2020, 13:14 UTC

It's a bearish start to the day for the majors. A Bitcoin move through to $8,950 would signal a broad-based crypto rebound...

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin fell by 0.92% on Sunday. Partially reversing a 1.81% gain from Saturday, Bitcoin ended the week up by 15.61% to $8,899.8.

A bullish start to the day saw Bitcoin rally to an early morning intraday high $9,198.0 before hitting reverse.

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

The reversal saw Bitcoin slide to a mid-afternoon intraday low $8,738.0 before finding support.

Bitcoin fell through the first major support level at $8,824.33 before briefly rebounding to $8,900 levels late in 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 $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day for the pack on Sunday.

Bitcoin Cash ABC (-3.75%), Cardano’s ADA (-3.70%), EOS (-3.55%), Monero’s XMR (-3.33%), Stellar’s Lumen (-3.57%), and Tezos (-3.35%) saw heavy losses.

Binance Coin (-2.34%), Bitcoin Cash SV (-2.28%), Ethereum (-1.87%), Litecoin (-2.25%), Ripple’s XRP (-2.00%), and Tron’s TRX (-2.37%) saw relatively modest losses.

It was also a mixed week for the majors, in the week ending 3rd May.

Stellar’s Lumen led the way, rallying by 17.05%, with Ripple’s XRP (+11.69%) and Tron’s TRX (+11.86%) also seeing solid gains.

Bitcoin Cash SV (+5.65%), Cardano’s ADA (+6.76%), Ethereum (+6.29%), and Litecoin (+7.86%) weren’t far behind.

Binance Coin (+4.51%), EOS (+3.58%), and Monero’s XMR (+1.79%) trailed, while Tezos fell by 1.06%.

Through the 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 $244.53bn.

Bitcoin’s dominance recovered to 64% levels following a Wednesday breakout before breaking through to 65% levels. At the time of writing, Bitcoin’s dominance stood at 65.9%.

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 $158.47bn.

This Morning

At the time of writing, Bitcoin was down by 1.99% to $8,723.0. A mixed start to the day saw Bitcoin rise to an early morning high $8,961.8 before falling to a low $8,631.0.

Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $8,692.53

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

Bitcoin Cash SV (-3.91%), EOS (-3.88%), and Litecoin (-3.30%) led the way down early on.

BTC/USD 04/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $8,950 levels to bring the first major resistance level at $9,151.53 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,000 levels.

Barring a broad-based crypto rebound, resistance at $9,000 would likely leave Bitcoin short of the first major resistance level.

In the event of another breakout, the first major resistance level and Sunday’s high $9,198 would likely cap any upside.

Failure to move through to $8,950 levels could see Bitcoin fall deeper into the red.

A fall back through the first major support level would bring $8,500 levels into play before any recovery.

Barring a crypto meltdown, however, Bitcoin should clear of the second major support level at $8,485.27.

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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