The Crypto Daily – Movers and Shakers – 05/02/20It’s another mixed start to the day. A Bitcoin move back through to $9,225 would support the pack.
Bitcoin fell by fell by 1.20% on Tuesday. Following on from a 0.47% decline on Monday, Bitcoin ended the day at $9,197.4.
A relatively bullish start to the day saw Bitcoin rise to an early morning intraday high $9,359.8 before hitting reverse.
Falling short of the first major resistance level at $9,522.77, Bitcoin fell to a mid-day intraday low $9,112.5.
The reversal saw Bitcoin fall through the 38.2% FIB of $9,260 and the first major support level at $9,201.67.
Finding support through the 2nd half of the day, Bitcoin hit a high $9,246.8 before falling back to sub-$9,200 levels.
The partial recovery saw Bitcoin briefly break back through the first major support level.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, supported by Bitcoin’s bearish start to 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 crypto majors.
Ripple’s XRP and Stellar’s Lumen rallied by 4.88% and by 3.99% to lead the way, with EOS rising by 0.46% to join the pair in the green.
It was a bearish day for the rest of the majors, however, with Bitcoin Cash SV sliding by 3.56% to lead the way down.
Binance Coin (-1.74%), Bitcoin Cash ABC (-1.55%), Cardano’s ADA (-1.95%), Litecoin (-2.51%), and Monero’s XMR (-2.38%) also saw heavy losses.
Ethereum and Tron’s TRX saw modest losses of 0.62% and 0.60% on the day.
Through the start of the week, the crypto total market cap rose to a Monday high $265.13bn before falling to a Tuesday low $254.52bn. At the time of writing, the total market cap stood at $258.68bn.
Having fallen back from 66% levels, Bitcoin’s dominance slipped further back to sub-65% levels following Tuesday’s loss. At the time of writing, Bitcoin’s dominance stood at 64.7%.
Trading volumes picked up, rising to $122bn levels on Tuesday before easing back. At the time of writing, 24-hr volumes stood at $107.30bn.
At the time of writing, Bitcoin was up by 0.21% to $9,216.6. A mixed start to the day saw Bitcoin rise to an early morning high $9,247.9 before falling to a low $9,180.2.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Ripple’s XRP continued to find support, rallying by 2.24%, while Binance Coin led the way, up by 2.96% at the time of writing.
Bitcoin Cash SV continued to struggle, however, falling by 0.97%.
EOS (-0.81%), Ethereum (-0.04%), and Monero’s XMR (-0.23%) joined Bitcoin Cash SV in the red early on.
For the Bitcoin Day Ahead
Bitcoin would need to move back through to $9,225 levels to support a run at the first major resistance level at $9,333.97.
Support from the broader market would be needed, however, for Bitcoin to break back through to $9,300 levels.
Barring another broad-based crypto rally, the first major resistance level and Tuesday’s high $9,359.8 would likely limit any upside.
In the event of another breakout, the second major resistance level at $9,470.53 and $9,500 levels would likely come into play.
Failure to move back through to $9,225 levels could see Bitcoin fall back into the red.
A fall back through the morning low $9,180.2 would bring the first major support level at $9,086.67 into play.
Barring another crypto sell-off, however, Bitcoin should steer clear of the sub-$9,000 and the second major support level at $8,975.93.