The Crypto Daily – Movers and Shakers – 26/01/20It’s a mixed start to the day for the crypto majors. A Bitcoin move through to $8,400 levels would provide support.
Bitcoin fell by 1.11% on Saturday. Reversing a 0.52 gain from Saturday, Bitcoin ended the day at $8,353.7.
A particularly bearish start to the day saw Bitcoin slide from an intraday high $8,447.2 to an early morning intraday low $8,280.0.
Falling short of the major resistance levels, Bitcoin fell through the first major support level at $8,287.73.
Finding support through the afternoon, Bitcoin recovered to $8,400 levels before sliding back to $8,300 levels.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, supported by this week’s 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.
Cardano’s ADA and EOS led the way down, with losses of 3.85% and 3.68% respectively.
Bitcoin Cash ABC (-1.29%), Bitcoin Cash SV (-1.29%), Ethereum (-1.35%), Litecoin (-2.04%), Ripple’s XRP (-1.25%), and Stellar’s Lumen (-1.05%) also struggled.
Binance Coin (-0.94%), Monero’s XMR (-0.05%), and Tron’s TRX (-0.61%) saw relatively modest losses on the day.
For the current week, it’s been a mixed week, however.
Bitcoin Cash ABC (-8.84%), Bitcoin Cash SV (-7.18%), Litecoin (-7.51%), Monero’s XMR (-5.88%), Ripple’s XRP (-6.67%), and Stellar’s Lumen (-6.49%) saw heavy losses.
Binance Coin (-2.65%), EOS (-3.22%), Ethereum (-3.98%), and Tron’s TRX (-2.65%) saw relatively modest losses, Monday through Saturday.
Cardano’s ADA bucked the trend, however, gaining 2.69% in spite of Saturday’s pullback.
Through the current week, the crypto total market cap rose from a Monday low $234.19 to a Wednesday high $243.39bn. The 2nd half of the week sell-off saw the total market cap fall to a Friday current week low $226.29bn. At the time of writing, the total market cap stood at $230.34bn.
Bitcoin’s dominance held onto 66% levels with the broader market seeing heavier losses in the week.
On Monday, 24-hour trading volumes had hit $122bn levels before falling back to sub-$80bn levels. At the time of writing, 24-hr volumes stood at $72.28bn.
At the time of writing, Bitcoin was up by 0.19% to $8,369.7. A bearish start to the day saw Bitcoin slide to an early morning low $8,301.0 before striking a high $8,373.1.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day for the crypto majors.
EOS led the way, rising by 1.29%, while Monero’s XMR (-0.07%) and Stellar’s Lumen (-0.53%) saw early red.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the morning high $8,373.1 to support a run at the first major resistance level at $8,440.60.
Support from the broader market would be needed, however, for Bitcoin to break back through to $8,400 levels.
Barring a broad-based crypto rebound on the day, Bitcoin would likely fall short of $8,500 levels on the day.
In the event of another breakout, the second major resistance level at $8,527.5 would likely cap any upside.
Failure to move back through the morning high $8,373.1 could see Bitcoin fall back into the red.
A fall back through to sub-$8,360 levels would bring the first major support level at $8,273.4 into play.
Barring a crypto meltdown, however, the 23.6% FIB of $8,200 should limit any downside on the day.