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The Crypto Daily – Movers and Shakers – 17/01/20

By:
Bob Mason
Updated: Jan 17, 2020, 00:44 UTC

It's back into the red for the majors. A Bitcoin move through to $8,715 would signal support.

bitcoin with us dollars and calculator

Bitcoin fell by 0.99% on Thursday. Reversing a 0.42% gain from Wednesday, Bitcoin ended the day at $8,720.6.

A bearish start to the day saw Bitcoin slide from an intraday high $8,839.9 to an early morning intraday low $8,579.8.

Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $8,621.10.

Finding support through the late morning Bitcoin recovered to $8,700 levels before falling through the first major support level for the 2nd time.

In spite of the bearish day, Bitcoin recovered to $8,700 levels to limit the downside on the day.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the recent upward momentum.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed day for the majors.

EOS and Tron’s TRX bucked the trend, rising by 1.94% and by 0.10% respectively.

It was bearish for the rest of the pack, however.

Binance Coin (-3.46%), Bitcoin Cash ABC (-3.19%), and Monero’s XMR (-4.01%) led the way down.

Bitcoin Cash SV (-1.03%), Ethereum (-1.41%), Litecoin (-1.02%), Ripple’s XRP (-1.99%), and Stellar’s Lumen (-2.08%) saw more modest losses on the day.

Through the current week, the crypto total market cap rallied from a Monday low $215.38 to a current week high $244.24bn on Tuesday. At the time of writing, the total market cap stood at $238.81bn.

Bitcoin’s dominance held onto 66% levels after recovering from heavier losses early in the day on Thursday. Trading volumes continued to ease back from $177bn levels hit earlier in the week. At the time of writing, 24-hr volumes stood at $137.03bn.

This Morning

At the time of writing, Bitcoin was down by 0.52% to $8,675.0. A bearish start to the day saw Bitcoin fall from an early morning high $8,724.8 to a low $8,674.2.

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

Elsewhere, it was another sea of red across the crypto top 10.

Bitcoin Cash ABC (-2.56%) and Bitcoin Cash SV (-1.93%) led the way down early on.

Binance Coin bucked the trend at the start of the day, rising by 0.44%.

BTC/USD 17/01/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $8,715 levels to support a run at the first major resistance level at $8,847.07.

Support from the broader market would be needed, however, for Bitcoin to break back through to $8,800 levels.

Barring a broad-based extended crypto rally on the day, the first major resistance and Thursday’s high $8,839.9 would likely cap any upside.

Failure to break back through to $8,715 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low $8,674.2 would bring the first major support level at $8,586.97 into play. Barring a crypto meltdown, however, Bitcoin should continue to avoid sub-$8,500 levels on the day.

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.

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