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Bob Mason

Bitcoin rose by 1.11% on Tuesday. Reversing a 0.70% fall from Monday, Bitcoin ended the day at $8,734.1.

A relatively range-bound start to the day saw Bitcoin rise to an early morning high $8,683.1 before falling to a mid-morning low $8,605.9.

After having avoided the major support levels early on, Bitcoin slid to a late intraday low $8,500.0.

The sell-off saw Bitcoin fall through the first major support level at $8,524.83 before bouncing back to an intraday high $8,787.2.

Bitcoin came up against the first major resistance level at $8,746.33 before easing back.

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

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 bullish day for the majors.

Binance Coin (+4.51%), Bitcoin Cash SV (+4.19%), Cardano’s ADA (+5.21%), and Tron’s TRX (+4.39%) led the way.

Ethereum (+1.52%), Monero’s XMR (+1.84%), Ripple’s XRP (+1.47%) also found strong support.

Bitcoin Cash ABC (+0.73%), EOS (+0.96%), Litecoin (+0.65%), and Stellar’s Lumen (+0.32%) trailed the pack.

Through the early part of the week, the crypto total market cap rose from a Monday low $234.19 to an early Wednesday high $241.84bn. At the time of writing, the total market cap stood at $241.84bn.

Bitcoin’s dominance continued to sit at sub-66% levels following Tuesday’s modest gains relative to the pack.

Trading volumes continued to ease back. On Monday, volumes had hit $122bn levels before falling back to sub-$90bn levels. At the time of writing, 24-hr volumes stood at $88.64bn.


This Morning

At the time of writing, Bitcoin was down by 0.02% to $8,732.7. A range-bound start to the day saw Bitcoin rise to an early morning high $8,744.9 before falling to a low $8,730.5.

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

Elsewhere, it was a bullish start to the day, with Bitcoin Cash SV up by 1.41% to lead the way.

Ripple’s XRP and Bitcoin Cash ABC weren’t far behind with gains of 0.63% and 0.52% respectively.

BTC/USD 22/01/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to break back through Tuesday’s high $8,787.2 to support a run at the first major resistance level at $8,847.53.

Support from the broader market would be needed, however, for Bitcoin to break back through to $8,800 levels.

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

In the event of another breakout, Bitcoin could test the second major resistance level at $8,960.97 before any pullback. We would expect Bitcoin to continue to come up short of $9,000 levels on the day.

Failure to move back through Tuesday’s high $8,787.2 could see Bitcoin struggle.

A fall through to sub-$8,670 levels would bring the first major support level at $8,560.33 into play.

Barring a broad-based crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,386.57.

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