The Crypto Daily – Movers and Shakers – 23/01/20

It’s back in the red for Bitcoin and the broader market. A Bitcoin move back through to $8,700 levels would signal a rebound.
Bob Mason
Closeup hand holding bitcoin over the Cryptocurrency trading scr

Bitcoin fell by 0.80% on Wednesday. Partially reversing a 1.11% gain from Tuesday, Bitcoin ended the day at $8663.9.

A bullish start to the day saw Bitcoin rise to a mid-morning intraday high $8,799.9 before hitting reverse.

Falling short of the first major resistance level at $8,847.53, Bitcoin fell to a late afternoon intraday low $8,580.5.

Steering clear of the first major support level at $8,560.33, Bitcoin recovered to $8,600 levels to limit the loss on the day.

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 mixed day for the majors.

Bitcoin Cash ABC (+1.40%) and Litecoin (+1.06%) bucked the trend on the day.

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

Bitcoin Cash SV (-2.70%) and Stellar’s Lumen (-2.47%) led the way down.

Binance Coin (-1.71%), Cardano’s ADA (-0.83%), Ethereum (-0.95%), Monero’s XMR (-1.46%) also struggled on the day.

EOS (-0.13%) and Ripple’s XRP (-0.12%), and Tron’s TRX (+0.14%) saw more modest losses, however.

Through the early part of the week, the crypto total market cap rose from a Monday low $234.19 to a Wednesday high $243.39bn. At the time of writing, the total market cap stood at $237.73bn.

Bitcoin’s dominance continued to sit at sub-66% levels following Wednesday’s pullback.

Trading volumes eased further 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 $84.47bn.

This Morning

At the time of writing, Bitcoin was down by 1.03% to $8,574.9. A bearish start to the day saw Bitcoin fall from an early morning high $8,670.4 to a low $8,550.0.

Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $8,562.97 early on.

Elsewhere, it was a sea of red across the crypto-board early on.

Bitcoin Cash SV led the way down, sliding by 7.67%.

Cardano’s ADA (-1.76%), EOS (-1.99%), Ethereum (-1.93%), and Monero’s XMR (-1.82%) saw modest losses relative to the pack.

 

For the Bitcoin Day Ahead

Bitcoin would need to break back through to $8,680 levels to support a run at the first major resistance level at $8,782.37.

Support from the broader market would be needed, however, for Bitcoin to break back through to $8,700 levels.

Barring a broad-based crypto rebound on the day, Bitcoin would likely fall short of the first major resistance at 8,782.37.

In the event of another breakout, Bitcoin could test resistance at $8,800 before any pullback.

We would expect Bitcoin to come up short of the second major resistance level at $8,900.83 on the day, however.

Failure to move back through to $8,680 levels could see Bitcoin struggle.

A fall back through the first major support level at $8,562.97 would bring the second major support level at $8,462.03 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$8,400 levels on the day.

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