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The Crypto Daily – Movers and Shakers – 21/01/20

It’s a mixed start to the day for the majors after a tentative start to the week. Bitcoin would need to return to $8,700 levels to give support.
Bob Mason
Golden bitcoins on the black background closeup. Cryptocurrency virtual money

Bitcoin fell by 0.70% on Monday. Following on from a 2.17% slide on Sunday, Bitcoin ended the day at $8,638.2.

A mixed start to the day saw Bitcoin rise to an early morning high $8,720.0 before sliding to an early afternoon intraday low $8,519.6.

Steering clear of the first major support level at $8,375.97, Bitcoin recovered to a late intraday high $8,741.1 before falling back into the red.

Bitcoin came up well short of the first major resistance level at $9,095.47 on the day.

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

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 led the way once more, rallying by 7.07%.

Bitcoin Cash ABC (+0.68%), EOS (+0.02%), and Stellar’s Lumen (+4.19%) also saw green.

It was a bearish start to the week for the rest, however.

Binance Coin (-0.58%), Ethereum (-0.04%), Litecoin (-0.76%), Monero’s XMR (0.40%), and Ripple’s XRP (-1.08%) joined Bitcoin in the red.

Through the start of the week, the crypto total market cap rose from a Monday low $234.19 to a high $241.07bn. At the time of writing, the total market cap stood at $239.735bn.

Bitcoin’s dominance eased back from 66% levels following the bearish start to the week.

Trading volumes continued to ease back. On Monday, volumes hit $122bn levels before falling back to sub-$100bn levels. At the time of writing, 24-hr volumes stood at $97.91bn.

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This Morning

At the time of writing, Bitcoin was up by 0.11% to $8,647.6. A mixed start to the day saw Bitcoin fall to an early morning low $8,620.1 before rising to a high $8,647.6.

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

Elsewhere, it was another mixed start to the day.

EOS (+0.12%) and Litecoin (+0.11%) joined Bitcoin in the green.

It was a bearish start for the rest, however, with Bitcoin Cash SV (-1.06%), Bitcoin Cash ABC (-0.75%), and Ripple’s XRP (-0.73%) leading the way down.

BTC/USD 21/01/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to steer clear of sub-$8,630 levels to support a run at the first major resistance level at $8,746.33.

Support from the broader market would be needed, however, for Bitcoin to break back through to $8,700 levels.

Barring a broad-based extended crypto rally on the day, the first major resistance and Monday’s high $8,741.1 would likely limit any upside.

In the event of another breakout, Bitcoin could test the second major resistance level at $8,854.47 before any pullback. We would expect Bitcoin to come up short of $9,000 levels on the day, however.

Failure to steer clear of sub-$8,630 levels could see Bitcoin struggle.

A fall through to sub-$8,360 levels would bring the first major support level at $8,524.83 into play.

Barring a broad-based crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,411.47.

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