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The Crypto Daily – Movers and Shakers -17/05/20

Bitcoin was on the move early on, with resistance levels in play. A break out from the first major resistance level would signal a breakout.
Bob Mason
Closeup hand holding bitcoin over the Cryptocurrency trading scr

Bitcoin rose by 0.86% on Saturday. Partially reversing a 4.90% slide from Friday, Bitcoin ended the day at $9,388.0.

A bullish start to the day saw Bitcoin rise from an intraday low $9,222.0 to an early morning intraday high $9,580.0.

Falling short of the first major resistance level at $9,730.0, Bitcoin fell back to sub-$9,300 levels by the late afternoon.

The visit into the red was brief, however, with support from the broader market kicking in late in the day.

Bitcoin broke back through to $9,400 levels before easing back in the final hour.

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 a bullish day on Saturday.

Monero’s XMR and Tezos led the way, with gains of 4.22% and 5.78% respectively.

Binance Coin (+2.42%), Cardano’s ADA (+1.81%), EOS (+1.90%), Ethereum (+3.02%), Stellar’s Lumen (+1.85%) also found strong support.

Bitcoin Cash ABC (+0.26%), Bitcoin Cash SV (+0.89%), Litecoin (+1.33%), Ripple’s XRP (+0.81%), and Tron’s TRX (+0.76%) trailed the front runners.

Through the current week, the crypto total market cap rose from a Monday low $229.41bn to a Thursday high $265.28bn. At the time of writing, the total market cap stood at $260.41bn.

Bitcoin’s dominance visited sub-67% levels before recovering. At the time of writing, Bitcoin’s dominance stood at 67.3%.

24-hour trading volumes rose to an early Monday high $206.86bn before easing back to sub-$140bn levels. Interest picked up on mid-week, however, with volumes revisiting $190bn levels before sliding back. At the time of writing, 24-hr volumes stood at $118.41bn.

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This Morning

At the time of writing, Bitcoin was up by 1.44% to $9,523.1. A mixed start to the day saw Bitcoin fall to an early morning low $9,329.7 before striking a high $9,581.7.

Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $9,571.33 early on.

Elsewhere, it was a mixed start to the day for the majors.

Bitcoin Cash SV led the way, with a 0.82% gain, while EOS and Monero’s XRM bucked the trend, with losses of 0.05% and 0.49% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$9,500 levels to break back through the first major resistance level at $9,571.33.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,581.7.

Barring an extended crypto rebound, the first major resistance level and Saturday’s high $9,580 would likely limit any upside.

In the event of an extended rally, the second major resistance level at $9,754.67 would likely come into play before any pullback.

Failure to break back through the first major resistance level could see Bitcoin hit reverse.

A fall back through to sub-$9,400 levels would bring the first major support level at $9,213.33 into play.

Barring a crypto sell-off, however, Bitcoin should steer clear of sub-$9,000 levels. The second major support level at $9,038.67 would likely limit any downside.

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