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The Crypto Daily – Movers and Shakers -27/05/20

By:
Bob Mason
Published: May 27, 2020, 03:10 UTC

It's a mixed start to the day for the majors. A Bitcoin move through to $8,860 should provide the broader pack support.

Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin fell by 0.62% on Tuesday. Partially reversing a 2.20% gain from Monday, Bitcoin ended the day at $8,845.5.

A mixed start to the day saw Bitcoin rise to a late morning intraday high $9,013.3 before hitting reverse.

Falling short of the first major resistance level at $9,037.13, Bitcoin slid to a late afternoon intraday low $8,704.9.

Steering clear of the first major support level at $8,693.43, Bitcoin recovered to $8,800 levels to limit the loss on the day.

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 the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was another mixed day for the majors on Tuesday.

Monero’s XMR rose by 0.24% to buck the trend.

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

Bitcoin Cash SV slid by 2.57% to lead the way down.

Binance Coin (-1.04%), Ethereum (-1.58%), Litecoin (-1.61%), Ripple’s XRP (-1.20%), Stellar’s Lumen (-1.76%), and Tezos (-1.54%) also struggled.

Bitcoin Cash ABC (-0.18%), Cardano’s ADA (-0.69%), EOS (-0.76%), and Tron’s TRX (-0.74%) saw relatively modest losses on the day.

Early in the week, the crypto total market cap fell to an early Monday low $238.04bn before rising to a Tuesday high $247.84bn. At the time of writing, the total market cap stood at $243.55bn.

Bitcoin’s dominance fell to a Monday low 66.38% before rising to a Tuesday high 66.86%. At the time of writing, Bitcoin’s dominance stood at 66.57%.

This Morning

At the time of writing, Bitcoin was down by 0.24% to $8,824.0. A mixed start to the day saw Bitcoin rise to an early morning high $8,896.5 before falling to a low $8,822.7.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA and Monero’s XMR led the way down, with losses of 0.87% and 0.53% respectively.

Ethereum (+0.28%), Litecoin (+0.17%), and Ripple’s XRP (+0.49%) bucked the trend early on.

BTC/USD 27/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $8,860 levels to bring the first major resistance level at $9,004.23 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,896.5.

Barring an extended crypto rally, the first major resistance level would likely limit any upside.

In the event of an extended crypto rally, the second major resistance level at $9,162.97 would likely come into play.

Failure to move back through to $8,860 levels could see Bitcoin fall deeper into the red.

A fall back through the morning $8,822.2 would bring the first major support level at $8,695.83 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,546.17.

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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