The Crypto Daily – Movers and Shakers -11/05/20Bitcoin and the majors steady after Sunday’s rout. Steering clear of sub-$8,000 levels should give the broader market some support.
Bitcoin tumbled by 8.55% on Sunday. Following on from a 2.66% fall on Saturday, Bitcoin ended the week down 2.01% at $8,722.2
A particularly bearish start to the day saw Bitcoin tumble from an intraday high $9,559.0 to a first-hour intraday low $8,101.0.
Bitcoin slid through the day’s major support levels before partially reversing losses from the first hour.
A move back through to $8,900 levels saw Bitcoin break back through the third major support level at $8,761.93.
The partial recovery was short-lived, however. Through the 2nd half of the day, Bitcoin fell back to $8,500 levels before briefly revisiting $8,800 levels.
A final hour pullback saw Bitcoin slip back through the third major support level.
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 end to the week for the pack.
Bitcoin Cash ABC and Bitcoin Cash SV led the way with losses of 12.08% and 12.65% respectively.
EOS (-11.00%), Ethereum (-10.63%), Litecoin (-10.22%), Stellar’s Lumen (-10.00%), and Tron’s TRX (-10.77%) also saw particularly heavy losses.
Binance Coin (-8.30%), Cardano’s ADA (-7.17%), Monero’s XMR (-7.02%), Ripple’s XRP (-8.68%), and Tezos (-8.95%) saw more modest losses.
For the week ending 10th May, Sunday’s reversal left the majors in the red.
EOS led the way down, with a 13.83% tumble.
Binance Coin (-10.44%), Bitcoin Cash SV (-11.81%), Ethereum (-10.71%), Litecoin (-12.48%), Ripple’s XRP (-10.06%), Stellar’s Lumen (-12.28%), and Tron’s TRX (-10.50%) weren’t far behind.
Bitcoin Cash ABC (-7.01%), Cardano’s ADA (-3.05%), Monero’s XMR (-5.75%), and Tezos (-6.90%) saw more modest losses in the week.
Through the week, the crypto total market cap rose from a Monday low $240.56bn to a Friday week high $271.32bn before Sunday’s meltdown. On Sunday, the total market cap slumped to a week low $230.79bn before support kicked in. At the time of writing, the total market cap stood at $241.12bn.
Bitcoin’s dominance rose from 65% levels to hit 68% levels on Friday before sliding back. At the time of writing, Bitcoin’s dominance stood at 67.0%.
24-hour trading volumes fell to a Tuesday current week low $145.07bn before jumping to a Sunday high $209.17bn. At the time of writing, 24-hr volumes stood at $192.66bn.
At the time of writing, Bitcoin was up by 0.38% to $8,755.1. A bullish start to the day saw Bitcoin rise from an early morning low $8,721.2 to a high $8,800.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bullish start to the day. Bitcoin Cash ABC and Monero’s XMR were up by 1.86% and by 1.91% respectively to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to break back through to $8,800 levels to bring the first major resistance level at $9,487.13 into play.
Support from the broader market would be needed, however, for Bitcoin to break back through to $9,000 levels.
Barring a broad-based crypto rally, resistance at $9,000 would likely pin Bitcoin back on the day.
In the event of rebound, the first major resistance level would likely limit any upside on the day.
Failure to break back through to $8,800 levels could see Bitcoin fall back into the deep red.
A fall through back through the morning low $8,721.2 would bring the first major support level at $8,029.13 into play.
In the event of another extended sell-off, the 38.2% FIB of $7,730 could come into play…
Bitcoin’s halving event, expected within the next 24-hours, contributed to the recent volatility. Profit taking ahead of the event led to Sunday’s reversal. It remains to be seen if Bitcoin can avoid a retracement to the March swing lo $4,000. Late support on Sunday and early this morning suggests so, but avoiding sub-$8,000 levels will be key.