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The Crypto Daily – Movers and Shakers – 27/01/20

It’s a bullish start to the day. A Bitcoin move back through to $8,700 levels would deliver further support.
Bob Mason
bitcoin with us dollars and calculator

Bitcoin rose by 3.21% on Sunday. Reversing a 1.11% fall from Saturday, Bitcoin ended the week down by 0.89% to $8.621.5.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $8,301.0 before making a move.

Steering clear of the first major support level at $8,273.4, Bitcoin rallied to a late afternoon intraday high $8,631.6.

Bitcoin broke through the first major resistance level at $8,440.60 and the second major resistance level at $8,527.50.

Falling short of the third major resistance level at $8,694.70, Bitcoin eased back to sub-$8,600 levels late on.

In spite of the pullback, Bitcoin held above the second major resistance level, supporting a move back through to $8,600 levels.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, supported by last 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 bullish day for the majors.

Bitcoin Cash ABC (+12.44%), Litecoin (+5.51%), and Ripple’s XPR (+5.51%) led the way.

Bitcoin Cash SV (+4.80%), EOS (+4.43%), Ethereum (+4.59), Stellar’s Lumen (+4.18%), and Tron’s TRX (+4.32%) also saw sold gains.

Binance Coin (+3.31%), Cardano’s ADA (+3.64%), and Monero’s XMR (+3.58%) trailed the pack.

It was a mixed week for the majors, however, following Sunday’s gains.

Binance Coin (+0.46%), Bitcoin Cash ABC (+1.69%), Cardano’s ADA (+6.31%), EOS (+1.04%), Ethereum (+0.36%), and Tron’s TRX (+1.01%) ended the week in the green.

It was bearish for the rest of the pack, however.

Bitcoin Cash SV (-2.94%), Monero’s XMR (-2.81%), Litecoin (-2.54%), and Stellar’s Lumen (-2.84%) led the way down.

Ripple’s XRP saw a more modest 1.64% loss for the week.

Through the 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 low $226.29bn before Sunday’s rally. At the time of writing, the total market cap stood at $240.11bn.

Bitcoin’s dominance fell back to 65% levels after a mixed week for the majors that saw Bitcoin in the red.

Trading volumes picked up to $83bn levels on Sunday. On Monday, volumes had hit $122bn levels before falling back to sub-$80bn levels. At the time of writing, 24-hr volumes stood at $87.26bn.

This Morning

At the time of writing, Bitcoin was up by 0.58% to $8,671.4. A bullish start to the day saw Bitcoin rise from an early morning low $8,621.5 to a high $8,708.1.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash ABC (+3.65%), EOS (+3.47%), and Bitcoin Cash SV (+3.15%) led the way early.

Ripple’s XRP bucked the trend, falling by 0.48% at the time of writing.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $8,700 levels to support a run at the first major resistance level at $8,735.07.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,708.1.

Barring an extended crypto rally, resistance at $8,700 would likely limit any upside on the day.

In the event of another breakout, the second major resistance level at $8,848.63 would likely cap any upside.

Failure to move back through $8,700 levels could see Bitcoin hit reverse.

A fall through the morning low $8,621.5 to sub-$8,520 levels would bring the first major support level at $8,404.47 into play.

Barring a broad-based crypto sell-off, however, Bitcoin should steer clear of sub-$8,500 levels on the day.

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