The Crypto Daily – Movers and Shakers – 21/02/20

Bitcoin rose by 0.18% on Thursday. Following a 5.81% slide on Wednesday, Bitcoin ended the day at $9,608.1.

It was range-bound through most of the day, with Bitcoin moving within a $150 spread through the morning. In the late afternoon, Bitcoin fell to an intraday low $9,359.7 before striking an intraday high $9,699.9.

Steering clear of the major support and resistance levels, Bitcoin eased back to sub-$9,600 levels.

Bitcoin recovered to $9,600 levels, however, to close out the day in the green.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin struggling 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 led the way on Thursday, rising by 2.20%.

Cardano’s ADA (+1.59%), EOS (+0.85%), and Stellar’s Lumen (+1.04%) also joined Bitcoin in the green.

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

Bitcoin Cash ABC led the way down, falling by 1.92%.

Bitcoin Cash SV (-1.01%), Litecoin (-1.49%), Monero’s XMR (-1.47%), Ripple’s XRP (-1.25%), and Tron’s TRX (-1.54%) also saw relatively heavy losses.

Binance Coin (-0.98%), Ethereum (-0.43%) and Binance Coin (-0.98%) saw more modest losses on the day.

Through the current week, the crypto total market cap fell to a low $273.33bn before hitting a Tuesday high $297.09bn. On Thursday, the market cap fell back to a low $274.75bn before support kicked in. At the time of writing, the total market cap stood at $280.67bn.

Bitcoin’s dominance picked up on Thursday, following Bitcoin’s modest gain. At the time of writing, Bitcoin’s dominance stood at 62.8%, up from a current week low 62.02% from Wednesday.

While trading volumes eased back from $196bn levels seen on Monday, volumes hit $186bn levels on Thursday before falling back. At the time of writing, 24-hr volumes stood at $163.82bn.

This Morning

At the time of writing, Bitcoin was up by 0.93% to $9,697.5. A bullish start to the day saw Bitcoin rise from an early morning low $9,576.6 to a high $9,750.0

Steering clear of the major support levels, Bitcoin came within range of the first major resistance level at $9,752.1 early on.

Elsewhere, it was a bullish start to the day for the majors.

Litecoin led the way, rallying by 3.29%. Bitcoin Cash ABC (+2.29%), EOS (+2.45%), and Monero’s XMR (+2.10%) also found support early.

Binance Coin (+0.47%) and Tezos (+0.59%) trailed the back through the morning.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $9,700 levels to bring the first major resistance level at $9,752.1 back into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,7000 levels.

Barring an extended crypto rally, the first major resistance level at $9,752.1 would likely cap any upside.

In the event of another breakout, Bitcoin could test the second major resistance level at $9,896.1 before any pullback.

Failure to move back through to $9,700 levels could see Bitcoin fall hit reverse.

A fall through the morning low $9,576.6 to sub-$9,550 levels would bring the first major support level at $9,411.90 into play.

Barring a crypto sell-off, Bitcoin should steer clear of sub-$9,400 support levels.