The Crypto Daily – Movers and Shakers -11/04/20

Bitcoin slid by 5.73% on Friday. Following on from a 1.00% fall on Thursday, Bitcoin ended the day at $6,875.5.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $7,305.8 before hitting reverse.

Coming up short of the first major resistance level at $7,403.93, Bitcoin tumbled to a late afternoon intraday low $6,756.3.

Bitcoin fell through the first major support level at $7,150.23 and the second major support level at $7,006.77.

Finding support at the third major support level at $6,753.07, Bitcoin briefly revisited $6,900 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 also a bearish day on Thursday.

Bitcoin Cash SV led the way down, with a 13.59% loss.

Binance Coin (-8.57%), Bitcoin Cash ABC (-8.90%), Cardano’s ADA (-7.86%), EOS (-8.69%), Litecoin (-8.49%), Monero’s XMR (-7.78%), Stellar’s Lumen (-7.85%), Tezos (-9.56%), and Tron’s TRX (-7.30%) also saw heavy losses.

Ethereum and Ripple’s XRP saw relatively modest losses of 6.84% and 5.73% on the day.

Through the current week, the crypto total market cap rose from a Monday low $190.55bn to a Tuesday high $211.57bn. A choppy mid-week saw the total market cap fall back to $193bn levels in the Friday sell-off. At the time of writing, the total market cap stood at $197.03bn.

Bitcoin’s dominance continued to ease back from 65% levels 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 $149.77bn.

This Morning

At the time of writing, Bitcoin was up by 0.49% to $6,909.0. A bullish start to the day saw Bitcoin rise from an early morning low $6,850.1 to a high $6,933.0.

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

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

Bitcoin Cash SV (+1.87%), Tezos (+2.25%), and Tron’s TRX (+1.67%) led the way early on.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $6,980 levels to bring the first major resistance level at $7,202.10 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $7,100 levels.

Barring a broad-based crypto rally, resistance at $7,100 would likely leave Bitcoin short of the first major resistance level.

Failure to move back through to $6,980 levels could see Bitcoin fall back into the red.

A fall back through the morning low $6,850.1 would bring the first major support level at $6,652.6 into play.

Barring an extended crypto sell-off, however, Bitcoin should continue to steer of sub-$6,500 support levels.