The Crypto Daily – Movers and Shakers – 24/01/20

It’s turned bearish for the majors, with losses this week eating into last week’s gains. A Bitcoin move back through to $8,500 levels would signal support.
Bob Mason
Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin slid by 3% on Thursday. Following on from a 0.80% decline on Wednesday, Bitcoin ended the day at $8,403.6.

Bearish through the day, Bitcoin slid from an early morning intraday high $8,670.4 to a late intraday low $8,296.0.

Bitcoin fell through the first major support level at $8,562.97 and the second major resistance level at $8,462.03.

Steering clear of the third major support level at $8,242.63, Bitcoin found late support to move back to $8,400 levels.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, affirmed by the latest pullback.

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 bearish day for the majors.

Bitcoin Cash SV slid by 15.66% to lead the way down.

Binance Coin (-6.38%), Bitcoin Cash ABC (-6.35%), Litecoin (-6.35%), Stellar’s Lumen (-5.07%), and Tron’s TRX (-6.38%) also saw heavy losses.

Binance Coin (-4.5%), EOS (-2.01%), Ethereum (-3.18%), Monero’s XMR (-3.90%), and Ripple’s XRP (-4.71%) saw more modest losses on Thursday.

Through the current week, the crypto total market cap rose from a Monday low $234.19 to a Wednesday high $243.39bn. The Thursday sell-off, however, saw the total market cap fall to a current week low $229.26bn. At the time of writing, the total market cap stood at $229.49bn.

Bitcoin’s dominance moved back through to 66% levels following Thursday’s broad-based crypto sell-off

Trading volumes picked up to $94bn levels on Thursday. On Monday, volumes had hit $122bn levels before falling back to sub-$90bn levels. At the time of writing, 24-hr volumes stood at $92.53bn.

This Morning

At the time of writing, Bitcoin was down by 0.75% to $8,340.3. A bearish start to the day saw Bitcoin fall from an early morning high $8,403.6 to a low $8,340.0.

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

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

Bitcoin Cash SV led the way down, sliding by 3.36%, with Litecoin (-2.52%) and Monero’s XMR (-2.15%) not far behind.

Binance Coin (-1.30%), Bitcoin Cash ABC (-1.42%), Cardano’s ADA (-1.53%), EOS (-1.96%), Ethereum (-1.24%), Ripple’s XRP (-1.82%), Stellar’s Lumen (-1.63%), and Tron’s TRX (-1.38%) also struggled.

For the Bitcoin Day Ahead

Bitcoin would need to break back through to $8,450 levels to support a run at the first major resistance level at $8,617.33.

Support from the broader market would be needed, however, for Bitcoin to break back through to $8,500 levels.

Barring a broad-based crypto rebound on the day, Bitcoin would likely fall short of $8,600 levels on the day.

In the event of a rebound, the first major resistance level and Thursday’s high $8,670.4 would likely cap any upside.

Failure to move back through to $8,450 levels could see Bitcoin struggle.

A fall back through to sub-$8,300 levels would bring the first major support level at $8,242.93 into play.

Barring an extended crypto sell-off, however, the 23.6% FIB of $8,200 should limit any downside on the day.

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