Advertisement
Advertisement

The Crypto Daily – Movers and Shakers -12/04/20

By:
Bob Mason
Published: Apr 12, 2020, 03:29 UTC

It' a bearish start to the day for the pack, with a failure to recover from Friday's sell-off giving the bears the upper hand.

Bitcoin symbol in blockchain technology and cryptocurrency concept. Abstract background 3d illustration.

Bitcoin rose by 0.15% on Saturday. Following a 5.73% slide on Friday, Bitcoin ended the day at $6,884.5.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $6,957.8 before hitting reverse.

Coming up well short of the first major resistance level at $7,202.1, Bitcoin tumbled to a late afternoon intraday low $6,780.0.

Steering clear of the first major support level at $6,652.6 Bitcoin bounced back to $6,890.9 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 a mixed day on Saturday.

Stellar’s Lumen and Tezos found strong support, with the pair rallying by 4.21% and 3.46% respectively.

Binance Coin (+0.66%), Cardano’s ADA (+0.66%), EOS (+0.65%), Ethereum (+0.28%), Litecoin (+0.57%), and Ripple’s XRP (+0.27%) also ended the day in the green.

While Bitcoin Cash SV ended the day flat, Bitcoin Cash ABC fell by 0.8% to lead the way down.

Monero’s XMR and Tron’s TRX also ended the day in the red, with losses of 0.48% and 0.04% respectively.

Through the current week, the crypto total market cap rose from a Monday low $190.55bn to a Tuesday high $211.57bn. A choppy week, however, saw the total market cap fall back to sub-$200bn levels. At the time of writing, the total market cap stood at $195.06bn.

Bitcoin’s dominance eased 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 $107.7bn.

This Morning

At the time of writing, Bitcoin was down by 0.94% to $6,820.0. A bearish start to the day saw Bitcoin rise to an early morning high $6,908.8 before falling to a low $6,807.4.

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

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

Bitcoin Cash ABC (-1.53%), EOS (-1.20%), and Tezos (-2.89%) led the way down early on.

BTC/USD 12/04/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $6,880 levels to bring the first major resistance level at $6,968.2 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $6,900 levels.

Barring a broad-based crypto rebound, the first major resistance level and Saturday’s high $6,957.8 would likely cap any upside.

Failure to move back through to $6,880 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low $6,807.4 would bring the first major support level at $6,790.4 into play.

Barring an extended crypto sell-off, however, Bitcoin should continue to steer of sub-$6,700 support levels.

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.

Did you find this article useful?

Advertisement