The Crypto Daily – Movers and Shakers -24/04/20

Bitcoin rallied by 5.13% on Thursday. Following on from a 4.13% gain on Wednesday, Bitcoin ended the day at $7,498.9.

A bearish start to the day saw Bitcoin fall to a mid-morning intraday low $7,042.0 before making a move.

Steering clear of the first major support level at $6,918.13, Bitcoin rallied to an early afternoon intraday high $7,773.9.

Bitcoin broke through the major resistance levels and the 38.2% FIB of $7,730.

The breakout was brief, however, with Bitcoin falling back through the 38.2% FIB to wrap up the day at sub-$7,500.

Bitcoin also fell back through the third major resistance level at $7,716.67.

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 bullish day on Thursday.

Cardan’s ADA and Stellar’s Lumen led the way, with gains of 11.39% and 12.76% respectively.

Bitcoin Cash ABC (+4.88%), Monero’s XMR (+4.04%), Tezos (+6.71%), and Tron’s TRX (+4.44%) also found strong support.

Binance Coin (+2.10%), Bitcoin Cash SV (+1.95%), EOS (+2.04%), Ethereum (+1.40%), Litecoin (+2.70%), and Ripple’s XRP (+2.33%) trailed the front runners.

Through the current week, the crypto total market cap rose from a Tuesday current week low $196.98bn to an early Friday high $216.15bn. At the time of writing, the total market cap stood at $215.81bn.

While Bitcoin’s dominance continued to hover at sub-64% levels, there has been an upward trend in the week. At the time of writing, Bitcoin’s dominance stood at 63.9%.

24-hour trading volumes rose from sub-$120bn levels to a current week high $155.9bn on Friday. At the time of writing, 24-hr volumes stood at $155.04bn.

This Morning

At the time of writing, Bitcoin was up by 0.01% to $7,499.9. A range-bound start to the day saw Bitcoin rise to an early morning high $7,535.6 before falling to a low $7,487.0.

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

Elsewhere, it was a bullish start to the day.

Bitcoin Cash ABC and Cardano’s ADA were up by 4.64% and by 5.12% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $7,700 levels to bring the first major resistance level at $7,834.53 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the 38.2% FIB of $7,730.

Barring another broad-based crypto rally, resistance at $7,800 would likely leave Bitcoin short of the first major resistance level.

In the event of a broad-based crypto rally, Bitcoin could eye $8,000 before any pullback.

Failure to move through to $7,700 levels could see Bitcoin hit reverse.

A fall through to sub-$7,440 levels would bring the first major support level at $7,102.63 into play.

Barring a crypto meltdown, however, Bitcoin should steer of sub-$7,000 levels on the day.