The Crypto Daily – Movers and Shakers – 13/01/20

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Published: Jan 13, 2020, 00:56 UTC

It's a bearish start to the day as investors hit pause after last week's rally. A Bitcoin breakthrough to $8,200 levels would support a rebound.

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

Bitcoin rose by 2.01% on Sunday. Reversing a 2.04% fall from Saturday, Bitcoin ended the day at $8,714.7.

A bearish start to the day saw Bitcoin fall to an early intraday low $7,951.7 before finding support.

Steering clear of the first major support level at $7,909.53, Bitcoin bounced back to a late intraday high $8,174.7.

In spite of the rebound, Bitcoin came up short of the first major resistance level at $8,200.13 and 23.6% FIB of $8,200.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the gain for the week. Bitcoin rallied by 11.01% through the week.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a bullish day for the majors.

Bitcoin Cash SV (+10.65%) and EOS (+7.57%) led the way.

Binance Coin (+3.02%), Bitcoin Cash ABC (+3.72%), Ethereum (+2.87%), Litecoin (+4.15%), and Tron’s TRX (+2.87%) also saw solid gains.

Monero’s XMR (+1.98%), Ripple’s XRP (+1.80%), and Stellar’s Lumen (+1.45%) saw more modest gains.

It was also bullish across the crypto top 10 for the week.

Bitcoin Cash SV led the way, surging by 49.92%.

Bitcoin Cash ABC (+21.12%), EOS (+19.80%), Litecoin (+18.81%), Monero’s XMR (+10.23%), and Ripple’s XRP (+10.55%) also saw solid gains.

Binance Coin (+9.34%), Ethereum (+8.34%), Stellar’s Lumen (+7.48%), and Tron’s TRX (+9.92%) trailed the frontrunners.

Through the week, the crypto total market cap jumped from $197bn levels to an early Wednesday week high $220.27bn before easing back. At the time of writing, the total market cap stood at $218.04bn.

Bitcoin’s dominance held onto 68% levels in spite of more modest gains for the week. Trading volumes revisited $100bn levels on Saturday before easing back. At the time of writing, volumes were at $79bn levels.

This Morning

At the time of writing, Bitcoin was down by 0.13% to $8,164.1. Another mixed start to the day saw Bitcoin rise to an early morning high $8.199.7 before falling to a low $8,135.8.

Bitcoin left the major support and resistance levels untested early on, with the 23.6% FIB of $8,200 limiting the upside early on.

Elsewhere, it was a sea of red across the crypto board.

Bitcoin Cash ABC (-1.66%), Bitcoin Cash SV (-1.39%), EOS (-1.59%), and Litecoin (-1.07%), led the way down early on.

BTC/USD 13/01/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to break through the 23.6% FIB of $8,200 to support a run at the first major resistance level at $8,249.03.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,199.7.

Barring a broad-based extended crypto rally on the day, the first major resistance level and 23.6% FIB would likely cap any upside once more.

Failure to break through 23.6% FIB could see Bitcoin fall deeper into the red.

A fall back through the morning low $8,135.8 to sub-$8,100 levels would bring the first major support level at $8,026.03 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $7,877.37.

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.