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

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

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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.

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.

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