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The Crypto Daily – Movers and Shakers -26/04/20

By:
Bob Mason
Published: Apr 26, 2020, 02:55 UTC

It's a relatively bullish start to the day. A Bitcoin move through to $7,600 levels would support the pack.

crypto currency mining concept

Bitcoin rose by 0.40% on Saturday. Following on from a 0.12% gain on Friday, Bitcoin ended the day at $7,538.5.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $7,450.0 before finding support.

Steering clear of the first major support level at $7,414.27, Bitcoin rallied to a mid-afternoon intraday high $7,700.

Breaking through the first major resistance level at $7,608.17, Bitcoin came up against the second major resistance level at $7,708.03.

A late afternoon pullback saw Bitcoin fall back through the first major resistance level to sub-$7,500 and into the red.

Finding late support, however, Bitcoin moved back through to $7,500 to end the day in the green.

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 another mixed day on Saturday.

Tezos led the way once more, rallying by 5.21%.

Binance Coin (+1.75%), Bitcoin Cash ABC (+0.67%), Cardano’s ADA (+1.46%), Ethereum (+3.46%), Ripple’s XRP (+0.38%), Stellar’s Lumen (+1.62%), and Tron’s TRX (+0.02%) also found support.

Bitcoin Cash SV (-0.16%), EOS (-0.17%), Litecoin (-0.31%), and Monero’s XMR (-0.13%) bucked the trend on the day.

Through the week, the crypto total market cap rose from Tuesday current week low $196.98bn to a Saturday high $220.28bn. At the time of writing, the total market cap stood at $219.55bn.

While Bitcoin’s dominance continued to hover at sub-64% levels, there had been an upward trend before easing back on Saturday. At the time of writing, Bitcoin’s dominance stood at 63.6%.

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 $124.86bn.

This Morning

At the time of writing, Bitcoin was up by 0.46% to $7,573.5. A bullish start to the day saw Bitcoin rise from an early morning low $7,522.3 to a high $7,573.5.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash ABC (+1.12%), Bitcoin Cash SV (+2.14%), Monero’s XMR (+1.34%), and Tron’s TRX (+1.16%) led the way.

Binance Coin (-0.11%), Stellar’s Lumen (-0.02%), and Tezos (-1.18%) struggled early on.

BTC/USD 26/04/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $7,600 levels to bring the first major resistance level at $7,675.67 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $7,573.5.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $7,700 would likely cap any upside.

In the event of a breakout, the 38.2% FIB of $7,730 and the second major resistance level at $7,812.83 would likely come into play.

Failure to move through to $7,600 levels could see Bitcoin hit reverse.

A fall through to sub-$7,560 levels would bring the first major support level at $7,425.67 into play.

Barring a crypto meltdown, however, Bitcoin should steer of the second major support level at $7,312.83.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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