The Crypto Daily – Movers and Shakers – 19/02/20

Bitcoin rallied by 4.86% on Tuesday. Reversing a 2.19% decline from Monday, Bitcoin ended the day at $10,184.0.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $9,637.9 before finding support.

Steering clear of the first major support level at $9,483.27, Bitcoin rallied to a late intraday high $10,275.0.

Bitcoin broke through the first major resistance level at $9,950.97 and the second major resistance level at $10,193.93.

It was a choppy end to the day, however. Bitcoin fell back through the second major support level to limit the upside on the day. Holding on to $10,000 levels was key for the week ahead, however.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin failing to break out from $10,000 levels.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed day for the crypto majors.

Tezos (+8.25%), Litecoin (+5.41%), Ethereum (+5.63%), and EOS (+5.25%) led the way on the day.

Binance Coin (+2.68%), Bitcoin Cash ABC (+2.71%), Cardano’s ADA (+4.22%), Monero’s XMR (+4.90%), Ripple’s XRP (+3.77%), Stellar’s Lumen (+4.42%), and Tron’s TRX (+3.48%) also made strong gains.

Bitcoin Cash SV bucked the trend on the day, falling by 0.75%.

Through the start of the week, the crypto total market cap fell to a low $273.33bn before hitting a Tuesday high $297.09bn. At the time of writing, the total market cap stood at $295.57bn.

Bitcoin’s dominance continued to sit at sub-63% levels in the early part of the week. Bitcoin saw relatively modest gains after taking a hit on Monday. At the time of writing, Bitcoin’s dominance stood at 62.4%.

Trading volumes eased back from $196bn levels seen on Monday to sub-$180bn levels on Tuesday. At the time of writing, 24-hr volumes stood at $173.77bn.

This Morning

At the time of writing, Bitcoin was down by 0.34% to $10,149.0. A mixed start to the day saw Bitcoin fall from an early morning high $10,199.0 to a low $10,134.0.

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

Elsewhere, it was a mixed start to the day, with Bitcoin Cash SV rising by 0.13% to buck the trend once more.

With the rest of the pack in the red, Bitcoin Cash ABC, Tezos and Tron’s TRX led the way down, with losses of 1.57, 0.92%, and 0.81% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $10,200 levels to bring the first major resistance level at $10,426.70 into play.

Support from the broader market would be needed, however, for Bitcoin to break back out from Tuesday’s high $10,275.

Barring a broad-based crypto rebound, resistance at $10,200 would likely leave Bitcoin short of the first major resistance level.

In the event of another breakout, $10,500 levels could come back into play before any pullback. We would expect Bitcoin to fall well short of the second major support level at $10,669.4, however.

Failure to move through to $10,200 levels could see Bitcoin fall deeper into the red.

A fall through to sub-$10,030 levels would bring the first major support level at $9,789.6 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the sub-$9,700 levels on the day.