The Crypto Daily – Movers and Shakers -13/04/20After a bullish week for the majors, a sell-off hits in the early hours. Failure to move back through support levels could lead to heavier losses…
Bitcoin rose by 0.50% on Sunday. Following on from a 0.15% gain on Saturday, Bitcoin ended the week up by 2.04% to $6,919.0.
A bearish start to the day saw Bitcoin fall to an early morning intraday low $6,797.6 before making a move.
Finding support at the first major support level at $6,790.4 Bitcoin rallied to a late afternoon intraday high $7,192.5.
Bitcoin broke through the first major resistance level at $6,968.2 and second major resistance level at $7,051.9 before hitting reverse.
A late sell-off saw Bitcoin fall back through the major resistance levels to limit the gain on the day.
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 another mixed day on Sunday.
Bitcoin Cash ABC (-0.07%), EOS (-0.28%), Litecoin (-1.31%), Monero’s XMR (-0.26%), and Stellar’s Lumen (-1.18%) saw red on the day.
Binance Coin (+3.40%), Bitcoin Cash SV (+2.59%), Cardano’s ADA (+0.18%) Ethereum (+0.12%), Ripple’s XRP (+0.72%) and Tezos (+1.52%) joined Bitcoin in the green.
While it was a mixed end to the week, it was a bullish week for the crypto majors.
Bitcoin Cash SV (+10.00%), Ethereum (+11.26%), Stellar’s Lumen (+12.68%), and Tezos (+20.38%) led the way.
Binance Coin (+4.31%), Cardano’s ADA (+4.93%), EOS (+6.23%), and Ripple’s XRP (+5.79%) also found strong support.
Bitcoin Cash ABC (+0.62%), Monero’s XMR (+0.98%), and Tron’s TRX (+0.37%) trailed the pack in the week.
Through the week, the crypto total market cap rose from a Monday low $190.55bn to a Tuesday high $211.57bn. A choppy 2nd half of the week, however, saw the total market cap fall back to sub-$200bn levels before. At the time of writing, the total market cap stood at $192.36bn.
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 $128.20bn.
At the time of writing, Bitcoin was down by 3.06% to $6,707.1. A particularly bearish start to the day saw Bitcoin slide from an early morning high $6,917.0 before to a low $6,571.1.
Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $6,746.9. The second major support level at $6,574.8 limited the downside early on.
Elsewhere, it was also a bearish start to the day.
EOS and Stellar’s Lumen led the way down early on, with losses of 3.90% and 4.21% respectively.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $6,970 levels to bring the first major resistance level at $7,141.80 into play.
Support from the broader market would be needed, however, for Bitcoin to break back through the first major support level at $6,746.9 to hit $6,900 levels.
Barring a broad-based crypto rebound, resistance at $7,000 would likely leave Bitcoin short of the first major resistance level and Sunday’s high $7,192.5.
In the event of a crypto rebound, resistance at $7,200 would likely limit any upside.
Failure to move back through to $6,970 levels could see Bitcoin fall deeper into the red.
A fall back through the second major support level at $6,574.8 would bring the 23.6% FIB of $6,300 into play.
Barring an extended crypto sell-off, however, Bitcoin should continue to steer of sub-$6,500 support levels.