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The Crypto Daily – Movers and Shakers -22/03/20

After a mixed Saturday, it’s a bullish start to the day. A Bitcoin move back through to $6,400 would support a breakout.
Bob Mason
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Bitcoin slipped by 0.12% on Saturday. Partially reversing a 0.53% gain from Friday, Bitcoin ended the day at $6,201.7. It was Bitcoin’s first day in the red since Monday.

A choppy start to the day saw Bitcoin rise to an early morning high $6,385.2 before hitting reverse.

Falling short of the major resistance levels, Bitcoin broke through the 23.6% FIB of $6,300.

The reversal saw Bitcoin slide to a late morning intraday low $5,882.4. While falling back through the 23.6% FIB, Bitcoin steered clear of the first major support level at $5,604.4.

Finding support in the late morning, Bitcoin rallied to a late intraday high $6,474.7 before falling back into the red.

While falling short of the first major resistance level at $6,869.2, Bitcoin briefly broke back through the 23.6% FIB.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, reaffirmed by the new 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 top 10 cryptos, it was a mixed day for the cryptos on Saturday.

Bitcoin Cash ABC, Bitcoin Cash SV, and EOS led the way with gains of 3.98%, 4.02%, and 3.54% respectively.

Binance Coin (+1.68%), Cardano’s ADA (+0.10%), Litecoin (+0.84%), Monero’s XMR (+2.31%), and Ripple’s XRP (+0.77%) also saw green.

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

Tezos led the way down, falling by 1.20%. Ethereum (-0.42%) and Stellar’s Lumen (-0.99%) also joined Bitcoin in the red.

Through the current week, the crypto total market cap hit a Monday high $164.76bn before sliding to a low $131.81bn. Upward momentum mid-week saw the market cap recover to strike a Friday current week high $191.6bn. A mixed start to the weekend weighed, however, leading to a pullback to sub-$180bn levels. At the time of writing, the total market cap stood at $177.91bn.

Bitcoin’s dominance recovered from sub-64% levels in the week, supported by a 4th consecutive day in the green on Friday. At the time of writing, Bitcoin’s dominance stood at 65%, as Bitcoin’s held onto $6,000 levels.

Trading volumes jumped from sub-$110bn levels to $192bn levels on Friday before sliding back. At the time of writing, 24-hr volumes stood at $135.59bn.

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This Morning

At the time of writing, Bitcoin was up by 2.52% to $6,357.9. A bullish start to the day saw Bitcoin rise from an early morning low $6,125.0 to a high $6,400.0.

While Bitcoin left the major support and resistance levels untested, Bitcoin broke back through the 23.6% FIB of $6,300.

Elsewhere, it was a bullish mooring, with Bitcoin Cash SV surging by 8.71% to lead the way.

Bitcoin Cash ABC (+3.61%) and Litecoin (3.02%) were the other major moves early on.

BTC/USD 22/03/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $6,400 levels to bring the first major resistance level at $6,490.13 back into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $6,400.0.

Barring an extended crypto rebound, resistance at $6,400 would likely leave Bitcoin short of the major resistance levels.

Failure to move back through to $6,400 levels could see Bitcoin hit reverse.

A fall back through the 23.6% FIB to sub-$6,200 levels would bring the first major support level at $5,897.83 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer well clear of sub-$6,000 levels.

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