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The Crypto Daily – Movers and Shakers – 20/01/20

It was a bullish week last week, with Bitcoin Cash leading the way. A Bitcoin breakthrough to $9,000 early on would provide further support.
Bob Mason
crypto currency mining concept

Bitcoin fell by 2.17% on Sunday. Reversing a 0.18% gain from Saturday, Bitcoin ended the week up 6.41% at $8,698.7.

A bullish start to the day saw Bitcoin rally to an early morning intraday high $9,169.5.

Bitcoin broke through the first major resistance level at $8,974.03 and second major resistance level at $9,056.47 before hitting reverse.

The reversal saw Bitcoin fall through the major support levels to a late morning intraday low $8,450.0.

Finding support in the 2nd half of the day, Bitcoin struck $8,750 levels late on before easing back.

Bitcoin broke back through the third major support level at $8,534.77 and the second major support level at $8,708.67 before easing back to sub-$8,700 levels.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the gain for the week.

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 majors.

Bitcoin Cash SV bucked the trend, rallying by 12.14%.

It was particularly bearish for the rest of the pack, with Tron’s TRX (-5.93%) and EOS (-4.82%), Litecoin (-4.48%), and Ethereum (-4.19%) leading the way down.

Binance Coin (-2.31%), Monero’s XMR (-2.91%), Ripple’s XRP (-2.98%), also struggled on the day.

Bitcoin Cash ACB and Stellar’s Lumen saw modest losses of 0.56% and 1.87% respectively.

While it was another mixed bag on Sunday, it was a bullish week for the crypto majors.

Bitcoin Cash SV led the way, rallying by 70.17%, with Bitcoin Cash ABC and Stellar’s Lumen up by 24.77% and by 22.77% respectively.

Whilst the rest of the majors saw more modest gains, it was double-digit gains across the board.

Through the current week, the crypto total market cap rallied from a Monday low $215.38 to a Sunday week high $250.2bn. At the time of writing, the total market cap stood at $238.72bn.

Bitcoin’s dominance held onto 66% levels following the bearish Sunday. Trading volumes continued to ease back from $177bn levels hit in the early part of the week. At the time of writing, 24-hr volumes stood at $123.19bn.

This Morning

At the time of writing, Bitcoin was up by just 0.03% to $8,701.4. A mixed start to the day saw Bitcoin rise from an early morning low $8,698.6 to a high $8,720.0.

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

Elsewhere, it was yet another mixed start to the day for the crypto top 10.

Bitcoin Cash ABC (+0.80%), Monero’s XMR (+0.18%), and Tron’s TRX (+0.55%) joined Bitcoin in the green.

It was a bearish start for the rest, with Bitcoin Cash SV falling by 1.76% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $8,780 levels to support a run at the first major resistance level at $9,095.47.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,000 levels.

Barring a broad-based extended crypto rally on the day, the first major resistance would likely limit any upside.

In the event of another breakout, Bitcoin could visit $9,200 levels before any pullback. We would expect Bitcoin to come up short of the second major resistance level at $9,492.23 on the day.

Failure to move through to $8,780 levels could see Bitcoin hit reverse.

A fall back through Sunday’s low $8,450.0 would bring the first major support level at $8,375.97 into play.

Barring another crypto meltdown, however, Bitcoin should steer clear of the second major support level at $8,053.23.

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