The Crypto Daily – Movers and Shakers -13/05/20Bitcoin finds early support as the broader market struggles. A Bitcoin move through to $8,900 levels should provide support.
Bitcoin rallied by 3.00% on Tuesday. Reversing a 1.90% loss from Monday, Bitcoin ended the day at $8,811.4.
A bullish morning saw Bitcoin rally from an early intraday low $8,526.4 to a late afternoon intraday high $8,968.0.
Falling short of the first major resistance level at $9,064.73, Bitcoin fell back to sub-$8,800 levels before finding late support.
Steering well clear of the first major support level at $8,122.73, Bitcoin wrapped up the day at $8,800 levels.
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 Tuesday.
Bitcoin Cash ABC and Bitcoin Cash SV slid by 1.40% and by 1.17% respectively to buck the trend.
It was a bullish day for the rest of the majors, however.
Stellar’s Lumen surged by 12.16% to lead the way, with Cardano’s ADA (+5.52%) a distant 2nd.
Binance Coin (+4.77%), Monero’s XMR (+3.42%), Tezos (+3.47%), and Tron’s TRX (+3.23%) also found strong support.
EOS (+1.60%), Ethereum (+2.24%), Litecoin (+1.83%), and Ripple’s XRP (+2.47%) trailed the front runners.
Through the start of the week, the crypto total market cap rose to a Monday high $245.2bn before sliding to a low $229.41bn. The market recovery on Tuesday led to a move back through to $244bn levels before easing back. At the time of writing, the total market cap stood at $242.50bn.
Bitcoin’s dominance visited sub-67% levels before rising to a Monday high 67.78%. At the time of writing, Bitcoin’s dominance stood at 67.2%.
24-hour trading volumes rose to an early Monday high $206.86bn before easing back to sub-$140bn levels. At the time of writing, 24-hr volumes stood at $136.45bn.
At the time of writing, Bitcoin was up by 0.71% to $8,874.4. A bullish start to the day saw Bitcoin rise from an early morning low $8,799.5 to a high $8,898.6.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed bag for the majors.
Monero’s XMR and Bitcoin Cash SV led the way early on, with gains of 0.55% and 0.52% respectively. EOS also found early support (+0.26%).
It was a bearish start for the rest, however, with Bitcoin Cash ABC down by 0.80% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to break back through to $8,900 levels to bring the first major resistance level at $9,010.80 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $8,968.0.
Barring a broad-based crypto rally, the first major resistance level would likely pin Bitcoin back on the day.
In the event of rebound, the second major resistance level at $9,210.20 would likely limit any upside on the day.
Failure to break back through to $8,900 levels would likely see Bitcoin fall back into the red.
A fall through to sub-$8,770 levels would bring the first major support level at $8,569.20 into play.
In the event of another extended sell-off, Bitcoin should steer clear of sub-$8,000 levels. The second major support level at $8,327.0 should limit any downside.