Advertisement
Advertisement

The Crypto Daily – Movers and Shakers -13/05/20

By:
Bob Mason
Updated: May 13, 2020, 07:35 UTC

Bitcoin finds early support as the broader market struggles. A Bitcoin move through to $8,900 levels should provide support.

Golden bitcoins on the black background closeup. Cryptocurrency virtual money

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.

This Morning

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.

BTC/USD 13/05/20 Daily Chart

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.

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