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The Crypto Daily – Movers and Shakers – 05/01/2020

By:
Bob Mason
Published: Jan 5, 2020, 02:17 UTC

After a range-bound Saturday, the bulls look to wrap the 1st week up on a high. It could get choppy, however. Bitcoin will need to hit $7,500...

Golden bitcoins on the black background closeup. Cryptocurrency virtual money

Bitcoin slipped by 0.02% on Saturday. Following a 5.46% rally on Friday, ended the day at $7,369.8.

Bitcoin moved within a particularly tight range through the 1st half of the day, ahead of a choppier 2nd half.

Through the morning, an early low $7,325.1 saw Bitcoin steer clear of the major support levels before striking a morning high $7,395.7.

Bitcoin fell short of the major resistance levels, before striking a late afternoon intraday high $7,422.0.

Falling short of the first major resistance level at $7,574.3, Bitcoin fell to a late afternoon intraday low $7,297.3.

Steering clear of the first major support level at $7,038.7, recovery to $7,300 levels limited the downside on the day.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, reaffirmed with Bitcoin’s slide back to sub-$7,000 levels earlier in the week.

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 mixed day for the majors.

Bitcoin Cash SV led the way, rallying by 6.05%.

Binance Coin (+1.10%), Bitcoin Cash ABC (+1.25%), EOS (+0.08%), Litecoin (+1.26%), and Tron’s TRX (+0.29%) also saw green.

It was bearish for the rest of the pack, however. Tezos led the way down, falling by 1.91%. The continued slide saw Tezos fall back to number 14 by market cap. A visit to the top 10 was a brief one.

Ethereum (-0.02%), Ripple’s XRP (-0.26%), and Stellar’s Lumen (-0.35%) also joined Bitcoin in the red.

Through the current week, the crypto total market cap recovered from a Thursday low $185.26bn. A bullish start to the day on Sunday saw the market cap hit a current week high $199.54bn. At the time of writing, the total market cap stood at $199.53bn.

Bitcoin’s dominance continued to sit at 68% levels following relatively modest losses on Saturday and for the current week. Trading volumes hit $90bn levels on Saturday before easing back to sub-$70bn levels. At the time of writing, volumes were at $65bn levels.

This Morning

At the time of writing, Bitcoin was up by 1.61% to $7,488.4. A bullish start to the day saw Bitcoin rally from an early morning low $7,369.9 to a high $7,499.0.

Bitcoin broke through the first major resistance level at $7,428.77 and the second major resistance level at $7,487.73.

Elsewhere, it was a sea of green across the crypto-board.

EOS led the way early on, rallying by 2.11%.

Binance Coin (+1.69%), Bitcoin Cash ABC (+1.23%), Bitcoin Cash SV (+1.81%), Ethereum (+1.24%), and Tron’s TRX (+1.76%) also saw solid gains.

Stellar’s Lumen trailed the pack early on, rising by just 0.85%.

BTC/USD 05/01/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $7,500 levels to support a run at the third major resistance level at $7,612.43.

Support from the broader market would be needed for Bitcoin to break out from $7,500 levels.

Barring an extended crypto rally on the day, resistance at $7,500 would likely limit any upside.

Failure to move through to $7,500 levels could see Bitcoin hit reverse.

A fall through the second major support level at $7,487.73 would bring the first major resistance level and sub-$7,400 levels into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of the first major support level at $7,304.07.

In the event of a sell-off, expect a visit to sub-$7,300 levels before any recovery.

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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