The Crypto Daily – Movers and Shakers -17/03/20

Bitcoin slid by 6.03% on Monday. Reversing a 3.16% gain from Sunday, Bitcoin ended the day at $5,058.5.

A particularly bearish start to the day saw Bitcoin fall from an early morning intraday high $5,388.9 to a late morning intraday low $4,467.9.

Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $5,015.13 and the second major support level at $4,647.07.

Finding support going into the afternoon, Bitcoin broke back through the major support levels.

The upward momentum was brief, however, with Bitcoin seeing a pullback through the rest of the day.

Bitcoin fell back through the first major support level to $4,850 levels before finding late support to return to $5,000 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 bearish start to the week.

Tezos led the way down, tumbling by 14.17%.

Binance Coin (-8.87%), Bitcoin Cash SV (-9.64%), Cardano’s ADA (-9.72%), Ethereum (-9.69%), Litecoin (-8.00%), and Monero’s XMR (-10.21%) also saw heavy losses.

EOS (-7.21%), Ripple’s XRP (-7.56%), Stellar’s Lumen (-5.82%), and Tron’s TRX (-6.07%) saw relatively modest losses on the day.

Bitcoin Cash ABC fared best of all, however, falling by just 2.36% on the day.

Through the start of the week, the crypto total market cap hit a Monday high $164.76bn before sliding to a low $131.81bn. At the time of writing, the total market cap stood at $142.04bn.

Bitcoin’s dominance returned to 64% levels as the market sell-off weighed more heavily on the rest of the pack. At the time of writing, Bitcoin’s dominance stood at 64.2%.

Trading volumes jumped from sub-$110bn levels to $162bn levels before easing back on Monday. At the time of writing, 24-hr volumes stood at $147.75bn.

The losses on the day continued to coincide with the broader global financial markets. Margin calls and more led to a strong demand for liquidity, leading to the sell-off in the cryptocurrency market.

This Morning

At the time of writing, Bitcoin was down by 1.10% to $5,003.1. A mixed start to the day saw Bitcoin rise to an early morning high $5,120.0 before falling to a low $4,956.3.

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

Elsewhere, Stellar’s Lumen bucked the trend at the start of the day, with a 0.86% gain.

It was a bearish start for the rest of the pack, with Tezos falling by 2.22% to lead the way down. Litecoin wasn’t far off, falling by 1.68% at the time of writing.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the morning high $5,120.0 to bring the first major resistance level at $5,475.63 into play.

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

Barring a broad-based crypto breakout, resistance at $5,200 levels would likely leave Bitcoin short of the first major resistance level.

Failure to move through the morning high $5,120.0 could see Bitcoin struggle throughout the day.

A fall back through to sub-$4,970 levels would bring the first major support level at $4,554.63 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $4,554.63.