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The Crypto Daily – Movers and Shakers -16/03/20

It’s back into the red for the crypto majors. A Bitcoin move through to $5,500 levels would deliver support. Sub-$5,200 levels would weigh heavily…
Bob Mason
Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin rose by 3.16% on Sunday. Partially reversing a 7.16% slide from Saturday, Bitcoin ended the week down 33.33% at $5,383.2.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $5,133.0 before making a move.

Steering clear of the first major support level at $4,981.33, Bitcoin recovered to $5,300 levels before falling back.

Bitcoin fell back to an afternoon low $5,201.0 before striking a late intraday high $5,987.0.

The late rally saw Bitcoin break through the first major resistance level at $5,568.73 and second major resistance level at $5,919.27.

Failing to hold onto $5,900 levels, Bitcoin fell back through the major resistance levels to wrap up the week at $5,300 levels.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, reaffirmed by last 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 bullish day on Sunday.

Bitcoin Cash ABC (+5.92%), Bitcoin Cash SV (+5.63%), Litecoin (+5.32%), Monero’s XMR (+5.11%), and Tron’s TRX (+5.61%) led the way.

Binance Coin (+2.27%), Cardano’s ADA (+4.03%), EOS (+3.90%), Ripple’s XRP (+4.53%), and Stellar’s Lumen (+2.74%) also made solid ground.

While Ethereum trailed the pack, with a 0.97% gain, Tezos bucked the trend, sliding by 2.6%.

It was a particularly bearish week for the majors, however, in the week ending 15th March.

Tezos led the way down, sliding by 40.52%.

Binance Coin (-38.70%), Bitcoin Cash ABC (-34.93%), Bitcoin Cash SV (-38.14%), Cardano’s ADA (-37.48%), EOS (-32.93%), Ethereum (-38.20%), and Monero’s XMR (-32.78%) also saw heavy losses.

Litecoin (-29.09%), Ripple’s XRP (-25.06%), Stellar’s Lumen (-23.94%), and Tron’s TRX (-29.95%) saw modest losses relative to the pack.

Through the week, the crypto total market cap slid from a Monday week high $233.12bn to a Friday week low $118.11bn. A partial recovery late in the week saw the total market cap hit $166bn levels before easing back. At the time of writing, the total market cap stood at $151.31bn.

Bitcoin’s dominance returned to 64% levels before falling back to 63.2% levels. At the time of writing, Bitcoin’s dominance stood at 63.9%.

Trading volumes hit $241bn levels early on Friday after having fallen back to $121bn levels earlier in the week. Volumes hit reverse once more in the weekend, with volumes sliding to $104bn levels before picking up. At the time of writing, 24-hr volumes stood at $114.95bn.

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This Morning

At the time of writing, Bitcoin was down by 2.01% to $5,274.9. A choppy start to the day saw Bitcoin fall to an early morning low $5,213.8 before striking a high $5,388.9.

Steering clear of the major support and resistance levels early, Bitcoin slipped back to sub-$5,300 levels.

Elsewhere, it was also a bearish start to the day for the pack.

Tezos led the way down in the early hours, sliding by 7.64%.

Binance Coin (-2.51%), Cardano’s ADA (-3.04%), Litecoin (-2.88%), Monero’s XMR (-3.57%), and Stellar’s Lumen (-2.22%) also struggled early on.

Bitcoin Cash ABC (-0.36%), Bitcoin Cash SV (-0.81%), EOS (-1.56%), Ethereum (-1.84%), Ripple’s XRP (-1.88%), and Tron’s TRX (-1.87%) saw relatively modest losses.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $5,500 levels to bring the first major resistance level at $5,869.13 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $5,388.9.

Barring another crypto breakout, the resistance at $5,500 would likely leave Bitcoin short of the first major resistance level.

Failure to move through $5,500 levels could see Bitcoin struggle throughout the day.

A fall back through the morning low $5,213.8 would bring the first major support level at $5,015.13 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$5,000 levels on the day.

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