The Crypto Daily – Movers and Shakers -15/04/20

Bitcoin rose by 0.39% on Tuesday. Partially reversing a 0.98% fall from Monday, Bitcoin ended the day at $6,874.0.

A mixed start to the day saw Bitcoin rise to an early morning high $6,927.9 before hitting reverse.

Falling short of the major resistance levels, Bitcoin slid to a late morning intraday low $6,762.6.

Steering clear of the first major support level at $6,640.87, Bitcoin rallied to a late afternoon intraday high $6,985.0.

Bitcoin came within range of the first major support level at $6,986.77 before easing back to sub-$6,900 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.

Binance Coin rallied by 3.78% to lead the way on the day.

EOS (+0.57%), Ethereum (+1.21%), Monero’s XMR (+1.88%), and Tezos (+0.26%0 also ended the day in the green.

Bitcoin Cash ABC led the way down on Tuesday, with a 1.43% loss.

Bitcoin Cash SV (-0.08%), Cardano’s ADA (-0.21%), Litecoin (-0.36%), Ripple’s XRP (-0.89%), Stellar’s Lumen (-0.16%), and Tron’s TRX (-0.75%) also ended the day in the red.

Through the start of the week, the crypto total market cap fell from a Monday high $198.52bn to a low $190.67bn. On Tuesday, the total market cap rose to a current week high $198.64bn before easing back. At the time of writing, the total market cap stood at $197.55bn.

Bitcoin’s dominance held steady at sub-65% levels on Monday. At the time of writing, Bitcoin’s dominance stood at 64.1%.

24-hour trading volumes rose from sub-$120bn levels to hit $145bn levels on Monday before falling back. At the time of writing, 24-hr volumes stood at $119.04bn.

This Morning

At the time of writing, Bitcoin was up by 0.86% to $6,932.80. A mixed start to the day saw Bitcoin fall to an early morning low $6,808.0 before rising to a high $6,940.6.

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

Elsewhere, it was a mixed start to the day.

Stellar’s Lumen bucked the trend early on, falling by 0.40%.

It was a bullish start to the day for the rest of the majors.

Cardano’s ADA was up by 1.75% at the time of writing, to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$6,870 levels to bring the first major resistance level at $6,985.13 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $6,940.6.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $6,985 will likely limit any upside.

In the event of an extended rally, the second major resistance level at $7,096.27 could come into play.

Failure to avoid sub-$6,870 levels could see Bitcoin spend the day in the red.

A fall back through the morning low $6,808.0 would bring the first major support level at $6,762.73 into play.

Barring an extended crypto sell-off, however, Bitcoin should continue to steer of sub-$6,500 support levels.

In the event of a sell-off, the second major support level at $6,651.47 would come into play.