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The Crypto Daily – Movers and Shakers -06/04/20

By:
Bob Mason
Published: Apr 6, 2020, 00:39 UTC

It's a bullish start to the day for the majors. A Bitcoin move through to $7.000 would signal a breakout...

Bitcoin coin on white keyboard

Bitcoin fell by 1.46% on Sunday. Partially reversing a 2.05% gain from Saturday, Bitcoin ended the week up 15.06% to $6,780.2.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $6,917.9 before hitting reverse.

Falling short of the first major resistance level at $7,042.73, Bitcoin slid to a late afternoon intraday low $6,690.2.

Finding support at the first major support level at $6,688.73, Bitcoin recovered to $6,800 levels before easing back.

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 mixed end to the week.

Stellar’s Lumen and Tron bucked the trend, rallying by 3.81% and 4.73% respectively.

It was a bearish day for the rest of the pack, however.

Bitcoin Cash ABC (-3.22%), Bitcoin Cash SV (-2.93%), Cardano’s ADA (-2.04%), and Tezos (-2.23%) led the way down.

Binance Coin (-1.01%), EOS (-0.34%), Ethereum (-1.18%), Litecoin (-1.08%), and Ripple’s XRP (-1.23%) saw relatively modest losses.

For the week ending 5th April, it was a bullish week for the majors, however.

Binance Coin and Monero’s XMR led the way, rallying by 21.26% and by 20.89% respectively.

Bitcoin Cash SV (+18.49%), Cardano’s ADA (+13.81%), Ethereum (+14.76%), Stellar’s Lumen (+15.37%), Tezos (+13.63%), and Tron’s TRX (+17.90%) also made solid gains.

Bitcoin Cash ABC (+11.98%), EOS (+11.02%), Litecoin (+8.84%), and Ripple’s XRP (+10.15%) trailed the front runners.

Through the current week, the crypto total market cap rose from a Monday low $168.04bn to a late Thursday high $197.15bn. At the time of writing, the total market cap stood at $191.05bn.

Bitcoin’s dominance eased back to sub-65% levels early in the week before bouncing back to visit 66% levels on Thursday. Bitcoin’s dominance fell back to 65% levels late in the week, however. At the time of writing, Bitcoin’s dominance stood at 65.2%.

24-hour trading volumes recovered from sub-$100bn levels last Sunday to hit $158bn levels on Thursday before sliding back. At the time of writing, 24-hr volumes stood at $98.83bn.

This Morning

At the time of writing, Bitcoin was up by 1.10% to $6,854.8. A bullish start to the day saw Bitcoin rise from an early morning low $6,775.1 to a high $6,888.0.

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

Elsewhere, it was a bullish start to the day, with Bitcoin Cash ABC and Bitcoin Cash SV rallying by 1.74% and by 1.58% to lead the way.

BTC/USD 06/04/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the morning high $6,888.0 to bring the first major resistance level at $6,902.00 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $6,900 levels

Barring another crypto rally, the first major resistance level at $6,902 and Sunday’s high $6,917.9 would likely pin Bitcoin back on the day.

Failure to move back through the morning high could see Bitcoin hit reverse.

A fall back through to sub-$6,800 levels would bring the first major support level at $6,674.30 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer of the second major support level at $6,568.40.

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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