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The Crypto Daily – Movers and Shakers -26/03/20

A late rally from Thursday continued into the early part of the morning. The Bitcoin bulls will be eyeing $7,000 levels to spur the majors into action.
Bob Mason
Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin rose by 0.95% on Thursday. Reversing a 1.09% fall from Wednesday, Bitcoin ended the day at $6,751.9

A bullish start to the day saw Bitcoin rally to an early morning intraday high $6,790.8 before hitting reverse.

Falling short of the first major resistance level at $6,960.73, Bitcoin slid to an early afternoon intraday low $6,516.0.

Steering clear of the first major support level at $6,422.93, Bitcoin found support to close out the day in the green.

The near-term bearish trend, formed at late June’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 top 10 cryptos, it was a bullish day for the majors.

Binance Coin and Ripple’s XRP led the way, rallying by 8.20% and 8.97% respectively.

Cardano’s ADA (+5.10%), Monero’s XMR (+6.90%), Stellar’s Lumen (+5.31%), and Tron’s TRX (+4.95%) also saw solid gains.

Bitcoin Cash ABC (+3.22%), Bitcoin Cash SV (+0.50%), EOS (+1.35%), Ethereum (+1.94%), Litecoin (+3.31%), and Tezos (+2.79%) trailed the leaders.

Through the current week, the crypto total market cap rose from a Monday low $163.00bn to a Wednesday high $191.26bn. At the time of writing, the total market cap stood at $188.71bn.

Bitcoin’s dominance hit 66% levels on Monday before falling to 62% levels. Bitcoin saw its dominance recover, however, to hover at around the 66% mark. At the time of writing, Bitcoin’s dominance stood at 65.6%.

Trading volumes jumped from $130bn levels on Monday to $168.2bn levels on Tuesday before easing back to sub-$110bn levels on Thursday. At the time of writing, 24-hr volumes stood at $112.69bn.

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This Morning

At the time of writing, Bitcoin was up by 1.37% to $6,844.4. A bullish start to the day saw Bitcoin rise from an early morning low $6,752.0 to a high $6,861.4.

Steering clear of the major support levels, Bitcoin tested the first major resistance level at $6,856.47.

Elsewhere, it was also a bullish start to the day for the pack.

Bitcoin Cash ABC (+1.89%) and Litecoin (+1.50%) led the way early on.

Monero’s XMR was flat at the time of writing, however, to trail the front runners.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the first major resistance level at $6,856.47 to bring $7,000 levels into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the second major resistance level at $6,961.03.

Barring an extended crypto rally, resistance at $6,900 would likely leave Bitcoin short of the second major resistance level.

Failure to break back through the first major resistance level could see Bitcoin hit reverse.

A fall back through the morning low to sub-$6,690 levels would bring the first major support level at $6,581.67 into play.

Barring a broad-based crypto sell-off, however, Bitcoin should continue to steer well clear of the 23.6% FIB of $6,300.

The second major support level at $6,411.43 should limit any downside on the day.

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