The Crypto Daily – Movers and Shakers – 28/01/20

Bitcoin jumped by 5.44% on Tuesday. Following on from a 3.37% rally on Monday, Bitcoin ended the day at $9,397.0.

A mixed start to the day saw Bitcoin rise to an early morning high $9,149.1 before hitting reverse.

Bitcoin broke through the first major resistance level at $9,080.93 before falling to a late afternoon intraday low $8,911.1.

The reversal came in spite of a 2^nd break through the first major resistance level to $9,190 levels in the early afternoon.

Steering clear of the first major support level at $8,664.03, Bitcoin rallied to a late intraday high $9,400.0.

Bitcoin broke through the first major resistance level at $9,080.93 and the second major resistance level at $9,249.87.

Of greater significance on the day was Bitcoin breaking through the 38.2% FIB of $9,260.

While pulling back to sub-$9,400 levels late on, Bitcoin wrapped up the day at its highest level since 4^th November.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, in spite of the bullish start to the week.

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 mixed day for the majors.

Bitcoin Cash SV bucked the trend on Tuesday, falling by 0.48%.

It was bullish for the rest of the majors, with Cardano’s ADA (+10.7%) and Tron’s TRX (+8.97%) leading the way.

Bitcoin Cash ABC (+4.34%), Ethereum (+3.66%), Litecoin (+3.68%), Monero’s XMR (+3.79%), and Ripple’s XRP (+3.49%) also saw solid gains.

Binance Coin (+2.72%), EOS (+1.97%), and Stellar’s Lumen (+0.78%) saw modest gains on the day.

Through the early part of the week, the crypto total market cap rose from a Monday low $237.76bn to an early Wednesday high $256.79bn. At the time of writing, the total market cap stood at $255.13bn.

Bitcoin’s dominance held onto 66% levels supported by the solid gains at the start of the week.

Trading volumes also picked up, rising from sub-$80bn levels on Sunday to $124bn levels on Wednesday morning. At the time of writing, 24-hr volumes stood at $122.4bn.

This Morning

At the time of writing, Bitcoin was down by 0.60% to $9,340.4. A mixed start to the day saw Bitcoin rise to an early morning high $9,436.4 before falling to a low $9,289.3.

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

Elsewhere, it was a mixed start to the day, with Cardano’s ADA (+1.12%) and Stellar’s Lumen (+1.09%) leading the way.

Binance Coin (-0.09%), Bitcoin Cash SV (-0.31%), Ethereum (-0.13%), Monero’s XMR (-0.32%), Ripple’s XRP (-0.32%), and Tron’s TRX (-0.37%) joined Bitcoin in the red.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the morning high $9,436.4 to support a run at the first major resistance level at $9,560.97.

Support from the broader market would be needed, however, for Bitcoin to break through to $9,500 levels.

Barring another broad-based crypto rally, Tuesday’s high and resistance at $9,500 would likely cap any upside.

In the event of another breakout, the second major resistance level at $9,724.93 will likely come into play.

Failure to move back through the morning high $9,436.4 could see Bitcoin fall deeper into the red.

A fall back through the morning low to sub-$9,235 levels would bring the first major support level at $9,072.07 into play.

Barring a crypto meltdown, however, Bitcoin should steer well clear of sub-$9,000 levels.