The Crypto Daily – Movers and Shakers -17/04/20

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 1^st time since 9^th 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.