The Crypto Daily – Movers and Shakers -18/03/20

Bitcoin rallied by 5.55% on Tuesday. Reversing most of a 6.03% slide from Monday, Bitcoin ended the day at $5,339.1.

A relatively bullish start to the day saw Bitcoin rise from an early morning intraday low $4,956.3 to late morning high $5,487.2.

Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $5,475.63 before easing back.

The pullback saw Bitcoin fall back to an afternoon low $5,100 before making a move.

A late rally saw Bitcoin break back through the first major resistance level to strike an intraday high $5,572.8.

Falling short of the second major resistance level at $5,892.77, Bitcoin fell back through the first major resistance level to sub-$5,400 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 bullish day for the majors on Tuesday.

Binance Coin and Bitcoin Cash SV led the way with gains of 8.44% and 8.16% respectively.

Bitcoin Cash ABC (+6.66%), Cardano’s ADA (+5.83%), Ethereum (+4.25%), Monero’s XMR (+6.36%), Ripple’s XRP (+4.04%), Stellar’s Lumen (+4.43%), and Tron’s TRX (+4.56%) also found strong support.

EOS (+3.74%), Litecoin (+2.40%), and Tezos (+2.89%) trailed the pack on the day.

For the crypto bulls, the upside came off the back of a rise in the global equity markets. Risk appetite returned as governments stepped up the battle against the coronavirus, which filtered through to the crypto markets.

Through the start of the week, the crypto total market cap hit a Monday high $164.76bn before sliding to a low $131.81bn. The upward momentum on Tuesday saw the market cap recover to $152bn levels before easing back. At the time of writing, the total market cap stood at $150.13bn.

Bitcoin’s dominance returned to 64% levels in Monday’s market sell-off before easing back on Tuesday. At the time of writing, Bitcoin’s dominance stood at 63.8%.

Trading volumes jumped from sub-$110bn levels to $162bn levels before easing back through Tuesday. At the time of writing, 24-hr volumes stood at $121.05bn.

This Morning

At the time of writing, Bitcoin was up by 0.67% to $5,374.9. A mixed start to the day saw Bitcoin fall to an early morning low $5,294.3 before striking a high $5.459.3.

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

Elsewhere, Bitcoin Cash SV (-0.46%), Monero’s XMR (-0.52%), and Ripple’s XRP (-0.04%) bucked the trend at the start of the day.

It was a bullish start for the rest of the pack, with Tezos and Stellar’s Lumen gaining 1.28% and 1.16% respectively to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $5,400 levels to bring the first major resistance level at $5,622.50 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $5,572.8.

Barring a broad-based crypto breakout, resistance at $5,600 levels would likely leave Bitcoin short of the first major resistance level.

Failure to move through to $5,400 levels could see Bitcoin struggle throughout the day.

A fall back through to sub-$5,300 levels would bring the first major support level at $5,006.0 into play.

Barring a broad-based crypto sell-off, however, Bitcoin should steer clear of sub-$5,000 and the second major support level at $4,672.9.