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

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…
Bob Mason
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%.

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.

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