The Crypto Daily – Movers and Shakers -10/05/20

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Published: May 10, 2020, 02:25 UTC

It's a particularly bearish start to the day, with the majors tumbling through the major support levels. It's going to be a tough day ahead for the bulls.

Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin slid by 2.66% on Saturday. Following a 1.88% fall on Friday, Bitcoin ended the day at $9,537.8.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $9,900.0 before hitting reverse.

Falling short of the first major resistance level at $9,976.6, Bitcoin slid to a late morning intraday low $9,606.7.

Bitcoin fell through the first major support level at $9,656.6, before briefly revising $9,870 levels.

A bearish end to the day left Bitcoin at sub-$9,600.

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 day for the pack on Saturday.

Bitcoin Cash ABC and Tezos led the way, with gains of 1.96% and 2.22% respectively. Bitcoin Cash SV and EOS also avoided the red, with gains of 0.15% and 0.03% respectively.

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

Binance Coin and Litecoin led the way down, with losses of 2.10% and 1.66% respectively.

Cardano’s ADA (-1.04%), Litecoin (-1.66%), Monero’s XMR (-0.50%), Ripple’s XRP (-0.97%), Stellar’s Lumen (-0.66%), and Tron’s TRX (-0.43%) also saw red.

Through the current week, the crypto total market cap rose from a Monday low $240.56bn to a Friday high $271.32bn. At the time of writing, the total market cap stood at $239.40bn, with a bearish start to the day seeing the market cap slide to a current week low $238.37bn.

Bitcoin’s dominance rose from 65% levels to hit 68% levels on Friday before easing back. At the time of writing, Bitcoin’s dominance stood at 66.9%.

24-hour trading volumes fell to a Tuesday current week low $145.07bn before jumping to a Friday high $205.18bn. At the time of writing, 24-hr volumes stood at $179.11bn.

This Morning

At the time of writing, Bitcoin was down by 9.22% to $8,658.4. Bitcoin tumbled from an early morning high $9,559.0 to a low $8,101.0.

Steering clear of the major resistance levels, Bitcoin slid through the major support levels early on. Recovery from the 1st-hour sell-off saw the third major support level at $8,761.93 pin Bitcoin back.

Elsewhere, it was also a particularly bearish start to the day for the rest of the majors.

Binance Coin (-10.31%), Bitcoin Cash ABC (-11.65%), Bitcoin Cash SV (-10.57%), EOS (-10.44%), and Tron’s TRX (-10.64%) led the way down.

BTC/USD 10/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to break back through the major support levels and through to $9,640 levels to bring the first major resistance level at $9,803.87 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the first major support level at $9,367.87.

Barring a broad-based crypto rebound, resistance at $9,000 would likely pin Bitcoin back on the day.

In the event of rebound, resistance at $9,500 would likely leave Bitcoin short of the first major resistance level at $9,803.87.

Failure to break back through the major support levels will see Bitcoin fall further back into the deep red.

A fall through back through the morning low $8,101.0 would bring sub-$8,000 levels into play.

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.