The Crypto Daily – Movers and Shakers -14/03/20

Bitcoin rallied by 15.14% on Friday. Partially reversing a 38.89% tumble from Thursday, Bitcoin ended the day at $5,625.7.

A bearish start to the day saw Bitcoin tumble to an early morning intraday low and new swing lo $4,000.

Steering clear of the first major support level at $3,653.3, Bitcoin rallied to an early afternoon intraday high $5,973.3.

Falling well short of the first major resistance level at $7,047.30, Bitcoin fell back to sub-$5,000 levels.

Finding support late in the day, Bitcoin bounced back to $5,600 levels to deliver the upside on the day.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, reaffirmed by Friday’s 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 top 10 cryptos, it was also a particularly bullish day.

Tezos led the way, rallying by 33.31%. Cardano’s ADA (+21.88%), Ethereum (+22.84%), Litecoin (+26.74%), and Stellar’s Lumen (+20.30%) were also amongst the front runners.

Binance Coin (+18.60%), Bitcoin Cash ABC (+19.68%), EOS (+19.46%), and Tron’s TRX (+18.47%) also made solid gains

Bitcoin Cash SV (+16.40%), Monero’s XMR (+15.58%), and Ripple’s XRP (+15.33%) trailed the pack.

Through the current week, the crypto total market cap slid from a Monday current week high $233.12bn to a Friday current week low $118.11bn. Friday’s partial recovery saw the total market cap hit $166bn levels before easing back. At the time of writing, the total market cap stood at $158.43bn.

Bitcoin’s dominance returned to 64% levels before falling back. At the time of writing, Bitcoin’s dominance stood at 63.3%.

Trading volumes hit $241bn levels early on Friday after having fallen back to $121bn levels earlier in the week. At the time of writing, 24-hr volumes stood at $233.58bn.

This Morning

At the time of writing, Bitcoin was down by 2.65% to $5,476.7. A bearish start to the day saw Bitcoin fall from an early morning high $5,624.6 to a low $5,350.4.

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

Elsewhere, it was a mixed start to the day.

Tron’s TRX led the way early on, rallying by 2.39%, with Stellar’s Lumen (+0.42%) and Tezos (+0.76%) also in the green.

It was a bearish start for the rest of the pack, however. Ethereum (-3.22%), Litecoin (-3.05%) and EOS (-2.54%) led the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $5,600 levels to bring the first major resistance level at $6,399.33 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Friday’s high $5,973.3.

Barring a broad-based crypto rebound, resistance at $6,000 levels would likely cap any upside.

Failure to move through $5,600 levels could see Bitcoin struggle throughout the day.

A fall back through to sub-$5,200 levels would bring the first major support level at $4,426.03 into play.

Barring another crypto meltdown, however, Bitcoin should steer clear of sub-$5,000 levels on the day.