The Crypto Daily – Movers and Shakers – 28/02/20It’s a positive start to the day as the majors look to recover some of the current week losses. Bitcoin will need to move through to $9,000 levels to support, however.
Bitcoin rose by 0.21% on Wednesday. Partially reversing a 5.51% slide on Wednesday, Bitcoin ended the day at $8,825.6.
A bearish start to the day saw Bitcoin slide to an early morning intraday low $8,555.0 before finding support.
Steering clear of the first major support level at $8,515.3, Bitcoin recovered to a late afternoon intraday high $8,975.0.
Falling well short of the first major resistance level at $9,248.5, Bitcoin fell back to sub-$8,700 levels before moving back into the green.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin struggling to break out from $10,000 levels.
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 crypto majors.
Tron’s TRX, Ripple’s XRP, and Stellar’s Lumen led the way, with gains of 3.93%, 3.81%, and 3.06% respectively.
Binance Coin (+2.51%), Litecoin (+2.03%), and EOS (+2.31%) also found strong support.
Bitcoin Cash ABC (+1.87%), Bitcoin Cash SV (+1.68%), Cardano’s ADA (+1.33%), Ethereum (+1.72%), Monero’s XMR (+0.33%), and Tezos (+1.62%) trailed the front runners.
Through the first half of the week, the crypto total market cap rose to a Monday high $290.09bn before hitting a low Thursday low $241.84bn. At the time of writing, the total market cap stood at $254.27bn.
Bitcoin’s dominance rose to 64% levels before easing back. At the time of writing, Bitcoin’s dominance stood at 63.8%, which was still up from sub-63% levels seen on Monday.
Trading volumes recovered from sub-$160bn levels to hit a current week high $196.34bn on Thursday morning. At the time of writing, 24-hr volumes stood at $160.87bn.
At the time of writing, Bitcoin was up by 0.65% to $8,883.3. A relatively bullish start to the day saw Bitcoin rise from an early morning low $8,792.2 to a high $8,908.3.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bullish start to the day for the majors. Binance Coin (+2.09%), Cardano’s ADA (+2.37%), and Ethereum (+2.35%) led the way early on.
Monero’s XMR trailed the back, up by just 1.04% at the time of writing.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the morning high $8,903 to bring the first major resistance level at $9,015.4 into play.
Support from the broader market would be needed, however, for Bitcoin to break back to $9,000 levels.
Barring a broad-based crypto recovery, the first major resistance level would likely pin Bitcoin back on the day.
In the event of a crypto rally, the second major resistance level at $9,205.2 and 38.2% FIB of $9,620 could come into play.
Failure to move back through the morning high $8,908.3 could see Bitcoin hit reverse.
A fall back through to sub-$8,790 levels would bring the first major support level at $8,595.4 into play.
Barring an extended crypto sell-off, however, Bitcoin should well steer clear of the second major support level at $8,365.2 and the 23.6% FIB of $8,200.