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