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

Bitcoin fell by 1.87% on Sunday. Partially reversing a 3.17% gain from Saturday, Bitcoin ended the week up by 3.13% to $7,133.3.

It was a bearish end to the week for the crypto market. Bitcoin slid from an early morning intraday high $7,285.4 to an early afternoon intraday low $7,056.9.

Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $7,096.7.

Finding support through the afternoon, however, Bitcoin recovered to $7,200 levels 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 bearish day on Saturday.

Bitcoin Cash ABC (-4.04%), Bitcoin Cash SV (-4.81%), EOS (-4.72%), and Litecoin (-4.39%) led the way down.

Binance Coin (-3.48%), Cardano’s ADA (-3.08%), Ethereum (-3.97%), Ripple’s XRP (-3.46%), Stellar’s Lumen (-3.28%), Tezos (-3.42%), and Tron’s TRX (-3.42%) were close behind, however.

Monero’s XMR saw a more modest 1.60% loss on the day.

It was a relatively mixed week for the majors, however.

Binance Coin (+12.53%), Ethereum (+13.58%), and Tezos (+12.27%) led the way.

Cardano’s ADA (+6.35%), EOS (+4.09%), Monero’s XMR (+6.59%), and Tron’s TRX (+2.59%) trailed the front runners.

Bitcoin Cash SV (+1.33%), Litecoin (+0.67%), Stellar’s Lumen (+0.73%) also ended in the green.

Bitcoin Cash ABC ended the week flat, however, with Ripple’s XRP falling by 0.28% to buck the trend.

Through the week, the crypto total market cap rose to a week high $210.88bn on Sunday morning. A Wednesday sell-off had seen the total market cap fall to a week low $187.38bn. At the time of writing, the total market cap stood at $208.88bn.

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 a week high $168.48bn on Thursday before easing back. At the time of writing, 24-hr volumes stood at $124.99bn.

This Morning

At the time of writing, Bitcoin was up by 0.66% to $7,180.1. A mixed start to the day saw Bitcoin fall to an early morning low $7,100.0 before striking a high $7,210.2.

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

It was a bullish start to the day for the rest of the majors.

Tezos led the way early on, with a 3.28% gain.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $7,200 levels to bring the first major resistance level at $7,260.17 back into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $7,210.2.

Barring another broad-based crypto rally, the first major resistance level and Sunday’s high $7,285.4 would likely cap any upside.

In the event of a broad-based crypto rally, the second major resistance level at $7,387.03 would come into play.

Failure to move through to $7,200 levels could see Bitcoin hit reverse.

A fall through to sub-$7,150 levels would bring the first major support level at $7,031.67 into play.

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