The Crypto Daily – Movers and Shakers – 24/02/20

Bitcoin rallied by 3.33% on Sunday. Reversing a 0.31% fall from Saturday, Bitcoin ended the week up by 0.60% to $9,985.0.

A bullish start to the day saw Bitcoin rally from an early morning intraday low $9,660.0 to a late morning intraday high $10,001.0.

Steering clear of the major support levels, Bitcoin broke through the day’s major resistance levels.

A pullback to sub-$9,900 levels going into the afternoon saw Bitcoin fall back through the third major resistance level at $9,956.83.

Through the late part of the day, however, Bitcoin broke back through the third major resistance level to close out the week at $9,985.0.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin struggling to break out from $10,000 levels.

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 bullish day for the crypto majors.

Monero’s XMR led the way, rallying by 8.13%, with Bitcoin Cash ABC (+7.93%) and EOS (+7.03%) close behind.

Tezos (+6.85%), Litecoin (+6.58%), and Tron’s TRX (+6.54%) also made solid gains.

Binance Coin (+4.23%), Bitcoin Cash SV (+5.50%), Cardano’s ADA (+5.85%), Ethereum (+5.17%), Ripple’s XRP (3.12%), and Stellar’s Lumen (+4.42%) trailed the front runners.

For a number of the majors, Sunday’s rally failed to reverse losses from earlier in the week.

Tron’s TRX led the way down, falling by 3.81%, with Monero’s XMR (-3.53%) close behind.

Binance Coin (-1.93%), Bitcoin Cash ABC (-2.99%), Ripple’s XRP (-2.93%), and Stellar’s Lumen (-1.55%) also saw red.

It was a bullish week for the rest of the majors, however, with Tezos rallying by 8.6% to lead the way.

Bitcoin Cash SV (+3.65%), Cardano’s ADA (+0.40%), EOS (+0.33%), Ethereum (+6.54%), and Litecoin (+6.90%) also joined Bitcoin in the green.

Through the week, the crypto total market cap fell to a Monday low $273.33bn before hitting a Thursday high $297.79bn. On Thursday, the market cap fell back to sub-$275bn levels before support kicked in. At the time of writing, the total market cap stood at $283.65bn.

Bitcoin’s dominance held steady late in the week. At the time of writing, Bitcoin’s dominance stood at 62.8%, up from a week low 62.02% on Wednesday.

Trading volumes eased back from $196bn levels seen on Monday. At the time of writing, 24-hr volumes stood at $146.79bn.

This Morning

At the time of writing, Bitcoin was down by 2.21% to $9,764.6. A mixed start to the day saw Bitcoin rise to an early morning high $10,022.0 before sliding to a low $9,562.8.

Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $9,763.0.

Elsewhere, it was a sea of red across the crypto-board, with Tezos sliding by 7.10% to lead the way down.

Binance Coin saw modest losses relative to the pack, down by 1.8% at the time of writing.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,880 levels to bring the first major resistance level at $10,104.0 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $10,022.0.

Barring an extended crypto rally, the first major resistance level at $10,104.0 would likely cap any upside.

Failure to move back through to $9,880 levels could see Bitcoin fall deeper into the red.

A fall through to sub-$9,600.0 levels would bring the second major support level at $9,541.0 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$9,500.