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The Crypto Daily – Movers and Shakers -22/05/20

By:
Bob Mason
Published: May 22, 2020, 00:22 UTC

It's a bearish start to the day for the majors. Bitcoin would need to move through to $9,150 levels to deliver the market with support.

Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin slid by 4.68% on Thursday. Following on from a 2.74% fall on Wednesday, Bitcoin ended the day at $9,057.1.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $9,564.1 before hitting reverse.

Falling short of the first major resistance level at $9,796.13, Bitcoin slid to a late intraday low $8,815.3.

Bitcoin slid through the first major support level at $9,254.43 and second major support level at $9,006.87 before finding support.

Late in the day, Bitcoin broke back through the second major support level to $9,150 levels before easing back.

In spite of the late pullback saw Bitcoin steered clear of the second major support level.

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 the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Thursday.

Cardano’s ADA slid by 8.18% to lead the way down.

Bitcoin Cash ABC (-5.01%), EOS (-5.18%), Ethereum (-5.40%), Stellar’s Lumen (-5.98%), Tezos (-6.30%), and Tron’s TRX (-5.35%) also saw particularly heavy losses.

Binance Coin (-4.80%), Litecoin (-3.46%), Monero’s XMR (-4.70%), and Ripple’s XRP (-3.51%) weren’t far behind.

Bitcoin Cash SV saw a relatively modest 1.93% decline to

In the current week, the crypto total market cap rose to a Monday low $268.43bn before falling to a Thursday low $239.96bn. At the time of writing, the total market cap stood at $245.55bn.

Bitcoin’s dominance rose to a Monday high 68.31% before falling to a Wednesday low 67.25%. At the time of writing, Bitcoin’s dominance stood at 67.45%.

This Morning

At the time of writing, Bitcoin was down by 0.59% to $9,004.0. A bearish start to the day saw Bitcoin fall from an early morning high $9,060.2 to a low $8,975.0

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

Elsewhere, it was also a bearish start to the day.

Bitcoin Cash SV and Cardano’s ADA led the way down, with losses of 1.26% and 1.04% respectively.

BTC/USD 22/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,150 levels to bring the first major resistance level at $9,475.7 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,060.2.

Barring an extended crypto rebound, the first major resistance level would likely limit any upside.

In the event of a broad-based crypto rally, resistance at $9,500 would likely leave Bitcoin short of the second major resistance level at $9,894.3.

Failure to move back through to $9,150 levels could see Bitcoin spend a 3rd consecutive day in the red.

A fall back through Thursday’s low $8,815.3 would bring the first major support level at $8,726.9 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,396.7.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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