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The Crypto Daily – Movers and Shakers -17/04/20
By:
It's a relatively bullish start to the day for the majors. A Bitcoin move back through to $7,200 would signal another breakout.
Bitcoin rallied by 7.25% on Thursday. Reversing a 3.48% slide from Wednesday, Bitcoin ended the day at $7,114.7.
A bearish start to the day saw Bitcoin slide to an early morning intraday low $6,500.4 before making a move.
Bitcoin fell through the first major support level at $6,522.6 before rallying to a final hour intraday high $7,200.0.
Bitcoin moved back through the first major support level before breaking through the first major resistance level at $6,842.7 and the second major resistance level at $7,051.7.
While easing back late in the day, Bitcoin held onto $7,000 levels for the 1st time since 9th April.
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 also a bullish day on Thursday.
Ethereum, EOS, and Tezos led the way, with gains of 12.95%, 10.59%, and 11.07% respectively.
Binance Coin (+8.10%), Bitcoin Cash ABC (+9.63%), Bitcoin Cash SV (+7.37%), Cardano’s ADA (+8.10%), Litecoin (+8.40%), Monero’s XMR (+7.34%), and Stellar’s Lumen (+7.85%) also found strong support.
Ripple’s XRP (+5.61%) and Tron’s TRX (+6.78%) trailed the pack on the day.
Through the current week, the crypto total market cap rose to a current week high $204.39bn on Thursday. Wednesday’s sell-off had seen the total market cap fall to a current week low $187.38bn. At the time of writing, the total market cap stood at $204.08bn.
Bitcoin’s dominance eased back from 64% levels following Thursday’s broad-based crypto rally. At the time of writing, Bitcoin’s dominance stood at 63.9%.
24-hour trading volumes rose from sub-$120bn levels to reach a current week high $168.48bn levels on Thursday before easing back. At the time of writing, 24-hr volumes stood at $163.20bn.
This Morning
At the time of writing, Bitcoin was up by 0.32% to $7,137.3. A mixed start to the day saw Bitcoin fall to an early morning low $7,037.5 before rising to a high $7,160.5.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin and Stellar’s Lumen bucked the trend early on, with losses of 0.20% and 0.82% respectively.
Tezos led the way early on, however, with a gain of 1.72% at the time of writing.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $7,200 levels to bring the first major resistance level at $7,376.33 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $7,160.5.
Barring another broad-based crypto rally, resistance at $7,200 would likely leave Bitcoin short of the first major resistance level.
In the event of a broad-based crypto rally, Bitcoin could eye $7,500 levels before any pullback.
Failure to move through to $7,200 levels could see Bitcoin fall back into the red.
A fall through to sub-$6,940 levels would bring the first major support level at $6,676.73 into play.
Barring a crypto meltdown, however, Bitcoin should steer of sub-$6,900 levels.
About the Author
Bob Masonauthor
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.
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