The Crypto Daily – Movers and Shakers -27/04/20

Bitcoin rose by 2.11% on Sunday. Following on from a 0.40% gain on Saturday, Bitcoin ended the week up by 7.91% to $7,697.9.

A bullish start to the day saw Bitcoin rally from an early morning low $7,522.3 to an early afternoon high $7,697.8.

Bitcoin broke through the first major resistance level at $7,675.67 before sliding to a late intraday low $7,473.5.

In spite of the sell-off, Bitcoin steered clear of the first major support level at $7,425.67.

Finding late support, Bitcoin broke back through the first major resistance level to strike a final hour intraday high $7,697.9.

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 Sunday.

Tezos bucked the trend on the day, with a 3.26% loss.

It was a bullish end to the week for the rest of the pack, however.

Cardano’s ADA surged by 8.75% to lead the way.

Bitcoin Cash ABC (+3.06%), Bitcoin Cash SV (+1.60%), EOS (+1.76%), Ethereum (+1.75%), Monero’s XMR (+1.26%), Ripple’s XRP (+1.15%), and Tron’s TRX (+1.91%) also found strong support.

Binance Coin (+0.80%), Litecoin (+0.52%), and Stellar’s Lumen (+0.50%) trailed the front runners.

For the week, it was a particularly bullish week for the crypto majors.

Cardano’s ADA, Stellar’s Lumen, and Tezos led the way, with gains of 29.34%, 27.11%, and 23.29% respectively.

Ethereum (+9.73%), Monero’s XMR (+7.28%), and Tron’s TRX (+10.34%) also found strong support.

Binance Coin (+1.87%), Bitcoin Cash ABC (+6.17%), Bitcoin Cash SV (+1.66%), EOS (+5.44%), Litecoin (+5.51%) and Ripple’s XRP (+3.74%) trailed the front runners.

Through the week, the crypto total market cap rose from Tuesday intraweek low $196.98bn to a Sunday intraweek high $222.11bn. At the time of writing, the total market cap stood at $221.68bn.

While Bitcoin’s dominance continued to hover at sub-64% levels, there has been an upward trend in the week. At the time of writing, Bitcoin’s dominance stood at 63.8%.

24-hour trading volumes rose from sub-$120bn levels to a week high $155.9bn on Friday before sliding back. At the time of writing, 24-hr volumes stood at $128.66bn.

This Morning

At the time of writing, Bitcoin was up by 0.64% to $7,747.3. A bullish start to the day saw Bitcoin rally from an early morning low $7,697.7 to a high $7,756.0.

While steering clear of the major support and resistance levels, Bitcoin broke through the 38.2% FIB of $7,730.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV was down by 0.63% to buck the trend early on.

It was a bullish start for the rest of the pack, however.

Binance Coin and Monero’s XMR were up by 0.85% and by 0.82% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$7,620 levels to support another run at the first major resistance level at $7,772.7.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $7,756.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at $7,800 would likely cap any upside.

In the event of a breakout, the second major resistance level at $7,847.5 and $8,000 could come into play.

Failure to avoid sub-$7,620 levels could see Bitcoin struggle in the day.

A fall through the 38.2% FIB to sub-$7,620 levels would bring the first major support level at $7,548.3 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$7,500 support levels.