The Crypto Daily – Movers and Shakers -19/04/20

Bitcoin rose by 3.17% on Saturday. Reversing a 0.97% fall from Friday, Bitcoin ended the day at $7,268.8.

It was a bullish day for Bitcoin on Saturday.

Bitcoin rallied from an early morning intraday $7,031.1 to a late intraday high $7,309.7.

The day-long rally saw Bitcoin break through the first major resistance level at $7,134.13 and second major resistance level at $7,222.47. Bitcoin came within range of the third major resistance level at $7,372.77 before easing back.

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.

Tezos and Ethereum rallied by 11.91% and 9.97% to lead the way on the day.

Binance Coin (+6.59%), Bitcoin Cash ABC (+4.54%), Bitcoin Cash SV (+4.93%), Cardano’s ADA (+6.82%), EOS (+4.44%), Litecoin (+4.59%) also found strong support.

Monero’s XMR (+3.27%), Ripple’s XRP (+3.42%), Stellar’s Lumen (+2.69%), and Tron’s TRX (+3.49%) trailed the pack on the day.

Through the current week, the crypto total market cap rose to a current week high $210.44bn late on Saturday. 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 $209.88bn.

Bitcoin’s dominance eased back from 64% levels following Thursday’s and Saturday’s broad-based crypto rallies. At the time of writing, Bitcoin’s dominance stood at 63.4%.

24-hour trading volumes rose from sub-$120bn levels to reach a current week high $168.48bn on Thursday before easing back. At the time of writing, 24-hr volumes stood at $128.94bn.

This Morning

At the time of writing, Bitcoin was down by 0.58% to $7,227.0. A bearish start to the day saw Bitcoin fall from an early morning high $7,285.4 to a low $7,210.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV and Tezos bucked the trend early on, with gains of 0.34% and 0.10% respectively.

It was a bearish start to the day for the rest of the majors, however.

Binance Coin (-1.24%), Cardano’s ADA (-1.06%), and EOS (-1.45%) led the way down early on.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $7,300 levels to bring the first major resistance level at $7,375.30 into play.

Support from the broader market would be needed, however, for Bitcoin to breakout from Saturday’s high $7,309.7.

Barring another broad-based crypto rally, the first major resistance level and Saturday’s high $7,309.7 would likely cap any upside.

In the event of a broad-based crypto rally, the second major resistance level at $7,481.80 would come into play.

Failure to move through to $7,300 levels could see Bitcoin fall deeper into the red.

A fall through to sub-$7,200 levels would bring the first major support level at $7,096.70 into play.

Barring a crypto meltdown, however, Bitcoin should steer of sub-$7,000 levels.