The Crypto Daily – Movers and Shakers -08/04/20

Bitcoin fell by 1.87% on Tuesday. Partially reversing an 8.25% rally from Monday, Bitcoin ended the day at $7,203.0.

A choppy start to the day saw Bitcoin rise to an early morning intraday high $7,454.3 before easing back.

Falling short of the first major resistance level at $7,544.7, Bitcoin slipped to a morning low $7,237.4 before finding support.

Steering clear of the first major support level at $6,955.4, Bitcoin recovered to $7,400 levels before hitting reverse.

The reversal saw Bitcoin slide to a late intraday low $7,088 before finding support.

Steering clear of the first major support level, Bitcoin recovered to $7,200 levels to limit the loss on the day.

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 also a mixed day on Tuesday.

Tezos bucked the trend on the day, rising by 2.21%, while the rest of the pack saw red.

Monero’s XMR (-5.85%), EOS (-4.66%), and Ethereum (-4.07%) led the way down.

Binance Coin (-3.16%), Bitcoin Cash ABC (-3.03%), Bitcoin Cash SV (-3.75%), Ripple’s XRP (-2.57%), Stellar’s Lumen (-2.73%), and Tron’s TRX (-3.60%) also saw heavy losses.

Cardano’s ADA (-1.82%) and Litecoin (-0.71%) saw relatively modest losses on the day.

Through the start of the week, the crypto total market cap rose from a Monday low $190.55bn to a Tuesday high $211.57bn. At the time of writing, the total market cap stood at $208.58bn.

Bitcoin’s dominance continued to ease back from 65% levels last seen on Monday. At the time of writing, Bitcoin’s dominance stood at 64.1%.

24-hour trading volumes recovered from sub-$100bn levels to hit $171bn levels on Tuesday before easing back. At the time of writing, 24-hr volumes stood at $153.73bn.

This Morning

At the time of writing, Bitcoin was up by 2.07% to $7,351.9. A bullish start to the day saw Bitcoin rise from an early morning low $7,151.6 to a high $7,393.1.

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

Elsewhere, it was also a bullish start to the day for the crypto majors.

Bitcoin Cash ABC and Bitcoin Cash SV led the way with gains of 8.92% and 15.73% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the morning high $7,393.1 to bring the first major resistance level at $7,408.87 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $7,400 levels

Barring another crypto rally, the first major resistance level and Tuesday’s high $7,454.3 would likely pin Bitcoin back.

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

A fall back through to sub-$7,250 levels would bring the first major support level at $7,042.57 into play.

Barring a crypto meltdown, however, Bitcoin should steer of sub-$7,000 levels.