FXEMPIRE
All

The Crypto Daily – Movers and Shakers – 22/01/20

It’s a relatively bullish start to the day for the pack. A Bitcoin move through to $8,800 levels would signal a breakout…
Bob Mason
Cryptomania

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.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US