The Crypto Daily – Movers and Shakers -18/05/20
Bitcoin rallied by 3.01% on Sunday. Following on from a 0.86% gain on Saturday, Bitcoin ended the week up by 10.86% to $9,668.2.
It was a bullish start to the day. Bitcoin rallied from an early morning intraday low $9,329.7 to a mid-afternoon intraday high $9,883.5 before hitting reverse.
Bitcoin broke through the first major resistance level at $9,571.33 and the second major resistance level at $9,754.67.
A late pullback saw Bitcoin fall through the second major resistance level to $9,601.9 before finding support.
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 mixed end to the week.
Ethereum led the rest of the pack, rallying by 3.27%.
Binance Coin (+1.31), Bitcoin Cash ABC (+0.90%), Bitcoin Cash SV (+1.12%), Cardano’s ADA (+0.41%), Litecoin (+1.11%), Ripple’s XRP (+0.79%), Stellar’s Lumen (+1.51%), and Tron’s TRX (+0.34%) also saw green.
Monero’s XMR (-0.14%) and Tezos (-0.49%) bucked the trend on the day, with relatively minor losses.
It was a bullish week for the majors, however. Ethereum and Monero’s XMR rallied by 10.34% and by 10.58% to lead the way.
Binance Coin (+5.79%), Cardano’s ADA (+7.33%), EOS (+6.99%), Stellar’s Lumen (+6.23%) also found strong support.
Bitcoin Cash ABC (+2.44%), Bitcoin Cash SV (+3.48%), Litecoin (+3.78%), Ripple’s XRP (+2.07%), Tezos (+2.45%), and Tron’s TRX (+4.93%) trailed the front runners.
Through the 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 $265.59bn.
Bitcoin’s dominance visited sub-67% levels before recovering. At the time of writing, Bitcoin’s dominance stood at 67.5%.
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 easing back. At the time of writing, 24-hr volumes stood at $129.67bn.
At the time of writing, Bitcoin was up by 0.74% to $9,740.1. A bullish start to the day saw Bitcoin rise from an early morning low $9,668.1 to a high $9.774.8.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bullish start to the day for the majors. Binance Coin led the way early on, with a 1.51% gain.
For the Bitcoin Day Ahead
Bitcoin would need to avoid sub-$9,630 levels to bring the first major resistance level at $9,924.57 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from Sunday’s high $9,883.5.
Barring an extended crypto rally, the first major resistance level would likely limit any upside.
In the event of rebound, the 62% FIB of $10,034 and the second major resistance level at $10,180.93 would likely come into play.
Failure to avoid sub-$9,630 levels could see Bitcoin struggle at the start of the week.
A fall back through to sub-$9,600 levels would bring the first major support level at $9,370.77 into play.
Barring a crypto sell-off, however, Bitcoin should steer clear of sub-$9,000 levels. The second major support level at $9,073.33 would likely limit any downside.