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The Crypto Daily – Movers and Shakers -28/03/20

By:
Bob Mason
Published: Mar 28, 2020, 05:52 UTC

It's a bearish start to the day as Saturday's pullback continues into this morning. A Bitcoin move through to $6,500 would signal a breakout...

The Crypto Daily – Movers and Shakers -28/03/20

Bitcoin slid by 5.66% on Friday. Reversing a 0.95% gain from Thursday, Bitcoin ended the day at $6,370.0.

A bullish start to the day saw Bitcoin rally to an early morning intraday high $6,861.4 before hitting reverse.

Bitcoin came up against the first major resistance level at $6,856.47, before falling to an early afternoon low $6,571.3.

Finding support at the first major support level at $6,581.67, Bitcoin recovered to $6,690 levels before taking a hit.

A final hour sell-off saw Bitcoin slide through the first major support level at $6,581.67 and second major support level at $6,411.43.

Of greater significance, however, was a fall through the 23.6% FIB of $6,300 to an intraday low $6,256.0.

Finding late support, Bitcoin broke back through the 23.6% FIB to wrap up the day at $6,370 levels.

The near-term bearish trend, formed at late June’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 top 10 cryptos, it was a bearish day for the majors.

Tezos tumbled by 9.84% to lead the way down.

Binance Coin (-6.71%), Cardano’s ADA (-6.57%), Litecoin (-6.03%), and Tron’s TRX (-6.25%) also saw heavy losses.

Bitcoin Cash ABC (-4.13%), Bitcoin Cash SV (-5.52%), EOS (-5.91%), Ethereum (-5.35%), Monero’s XMR (-5.02%), and Stellar’s Lumen (-5.93%) weren’t far behind.

Ripple’s XRP fared better than the rest, falling by just 1.98% on the day.

Through the current week, the crypto total market cap rose from a Monday low $163.00bn to a Wednesday high $191.26bn. At the time of writing, the total market cap stood at $174.18bn as the market hits reverse.

Bitcoin’s dominance hit 66% levels on Monday before falling to 62% levels. Bitcoin saw its dominance recover, however, to hover at around the 66% mark mid-week before sliding back. At the time of writing, Bitcoin’s dominance stood at 65.2%.

Trading volumes jumped from $130bn levels on Monday to $168.2bn levels on Tuesday before easing back to sub-$110bn levels on Thursday. At the time of writing, 24-hr volumes stood at $116.54bn.

This Morning

At the time of writing, Bitcoin was down by 2.91% to $6,184.5. A bearish start to the day saw Bitcoin slide from an early morning high $6,371.9 to a low $6,068.4.

Steering clear of the major resistance levels, Bitcoin fell through the 23.6% FIB of $6,300 and the first major support level at $6,130.20.

Elsewhere, it was also a bearish start to the day for the pack.

Bitcoin Cash SV and Monero’s XMR led the way down early on, with losses of 4.07% and 4.14% respectively.

BTC/USD 28/03/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $6,500 levels to bring the first major resistance level at $6,735.6 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the 23.6% FIB of $6,300.

Barring a broad-based crypto rebound, the 23.6% FIB would likely leave Bitcoin short of the first major resistance level.

Failure to move through to $6,500 levels could see Bitcoin struggle throughout the day.

A fall back through the first major support level at $6,130.2 would bring sub-$6,000 levels into play.

Barring an extended crypto sell-off, however, Bitcoin should continue to steer well clear of the second major support level at $5,890.4.

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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