The Crypto Daily – Movers and Shakers -22/04/20

Bitcoin rose by 0.19% on Tuesday. Following a 4.14% slide on Monday, Bitcoin ended the day at $6,850.0.

A relatively bullish start to the day saw Bitcoin rise to an early morning high $6,923.0 before hitting reverse.

Falling short of the major resistance levels, Bitcoin slid to a late morning intraday low $6,770.1.

Steering clear of the first major support level at $6,657.03, Bitcoin rallied to a late afternoon intraday high $6,958.8.

Falling short of the first major resistance level at $7,127.33, Bitcoin fell back to sub-$6,900 to limit the upside.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March 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 majors, it was a mixed day on Tuesday.

Cardano’s ADA and Stellar’s Lumen led the way, with gains of 2.15% and 1.52% respectively.

Binance Coin (+1.07%), Bitcoin Cash ABC (+1.12%), Litecoin (+1.09%), and Tezos (+1.06%) also found relatively strong support.

EOS (+0.74%), Ethereum (+0.40%), Monero’s XMR (+0.78%), Ripple’s XRP (+0.89%), and Tron’s TRX (+0.84%) saw more modest gains on the day.

Bitcoin Cash SV bucked the trend on the day, falling by 0.57%.

Through the start of the week, the crypto total market cap fell from a Monday high $209.37bn to a Tuesday low $196.98bn. At the time of writing, the total market cap stood at $198.73bn.

Bitcoin’s dominance continued to hover at sub-64% levels following last week’s gains. At the time of writing, Bitcoin’s dominance stood at 63.5%.

24-hour trading volumes rose from sub-$130bn levels to reach a current week high $146.91bn on Monday before falling back to sub-$120bn levels on Tuesday. At the time of writing, 24-hr volumes stood at $114.46bn.

This Morning

At the time of writing, Bitcoin was up by 0.29% to $6,869.6. It was a mixed start to the day. Bitcoin fell to an early morning low $6,826.2 before striking a high $6,892.4.

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

Elsewhere, it was another mixed start to the day.

Binance Coin (-0.12%), Bitcoin Cash ABC (-0.17%), and EOS (-0.07%) saw red early on.

The rest of the pack found early support. Stellar’s Lumen and Tezos led the way, with gains of 1.63% and 1.61% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $6,900 levels to bring the first major resistance level at $6,949.17 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $6,900 levels.

Barring another broad-based crypto rally, the first major resistance level and Tuesday’s high $6,958.8 would likely limit any upside.

In the event of a broad-based crypto rally, the second major resistance level at $7,048.33 would likely come into play.

Failure to move through to $6,900 levels could see Bitcoin hit reverse.

A fall through the morning low $6,826.2 would bring the first major support level at $6,760.47 into play.

Barring a crypto meltdown, however, Bitcoin should steer of sub-$6,700 levels.