The Crypto Daily – Movers and Shakers -25/05/20It’s been a mixed start to the day for the majors. A Bitcoin move through to $8,900 would signal support for the broader market.
Bitcoin slid by 5.08% on Sunday. Reversing a 0.15% gain from Saturday, Bitcoin ended the week down by 9.91% to $8,710.10.
A bullish start to the day saw Bitcoin rise to a mid-morning intraday high $9,300.0 before hitting reverse.
Bitcoin came up against the first major resistance level at $9,295.47 before falling to a late afternoon low $8,859.2.
The reversal saw Bitcoin fall through the first major support level at $9,064.27 and the second major support level at $8,952.93.
Finding late support, Bitcoin briefly recovered to a high $9,075 before a final hour sell-off.
The sell-off saw Bitcoin slide back through the first major support level and second major support level to an intraday low $8,688.0.
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 also a bearish end to the week on Sunday.
Cardano’s ADA slid by 6.80% to lead the way down.
Bitcoin Cash ABC (-5.47%), Litecoin (-4.08%), Monero’s XMR (-4.06%), Stellar’s Lumen (-4.74%), Tezos (-4.31%), and Tron’s TRX (-5.15% weren’t far behind.
Binance Coin (-3.09%), Bitcoin Cash SV (-3.77%), EOS (-2.84%), Ethereum (-3.38%), and Ripple’s XRP (-3.27%) saw relatively modest losses on the day.
Sunday’s sell-off delivered mixed results for the week, however.
Cardano’s ADA and Tezos bucked the trend, with gains of 0.20% and 0.81% respectively, Monday through Sunday.
It was a week in the red for the rest of the majors, however.
Bitcoin Cash ABC and Stellar’s Lumen led the way down, with losses of 7.72% and 7.04% respectively.
EOS (-4.92%), Monero’s XMR (-6.72%), Ripple’s XRP (-4.45%), and Tron’s TRX (-5.43%) weren’t far behind.
Binance Coin (-1.90%), Bitcoin Cash SV (-2.71%), Ethereum (-3.58%) and Litecoin (-3.75%) saw relatively modest losses for the week.
In the week, the crypto total market cap rose to a Monday low $268.50bn before falling to a Sunday low $239.63bn. At the time of writing, the total market cap stood at $242.29bn.
Bitcoin’s dominance rose to a Monday high 68.31% before falling to a Sunday low 66.51%. At the time of writing, Bitcoin’s dominance stood at 66.64%.
At the time of writing, Bitcoin was up by 0.83 to $8,782.2. A mixed start to the day saw Bitcoin fall to an early morning low $8,620.0 before striking a high $8,808.7.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Tron’s TRX (+1.57%), Tezos (+1.20%), Ethereum (+1.06%), Bitcoin Cash ABC (+1.23%), and Binance Coin (+1.11%) led the way early on.
Monero’s XMR was down by 0.15%, however, to buck the trend.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $8,900 levels to bring the first major resistance level at $9,110.73 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,808.7.
Barring an extended crypto rebound, the first major resistance level would likely limit any upside.
In the event of an extended crypto rally, Bitcoin could revisit $9,300 levels before any pullback. We would expect Bitcoin to come up short of the second major resistance level at $9,511.37, however.
Failure to move through to $8,900 levels could see Bitcoin hit reverse.
A fall back through the morning low $8,620.0 would bring the first major support level at $8,498.73 into play.
Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,287.37.