The Crypto Daily – Movers and Shakers -29/04/20

Bitcoin fell by 0.35% on Tuesday. Reversing a 1.04% gain from Monday, Bitcoin ended the day at $7,750.7.

A bearish start to the day saw Bitcoin slide from an early morning intraday high $7,777.7 to an early morning intraday low $7,655.8.

Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $7,668.10.

More significantly, the pullback saw Bitcoin slide through the 38.2% FIB of $7,730 before recovering to $7,750 levels.

Through the 2^nd half of the day, Bitcoin slid back to an afternoon low $7,667.8 before finding support.

Bitcoin fell back through the 38.2% FIB before finding support at the first major support level at $7,668.10.

A late move back through to $7,700 levels limited the downside 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 $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

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

Ripple’s XRP and Tron’s TRX rallied by 8.44% and by 5.78% respectively to lead the way.

Cardano’s ADA (+0.83%), EOS (+0.87%), Litecoin (+2.85%), Stellar’s Lumen (+1.86%), and Tezos (+0.25%) also found support.

It was a bearish day for the rest of the pack, however, though the losses were minor.

Binance Coin (-0.43%), Bitcoin Cash SV (-0.25%), Ethereum (-0.11%), and Monero’s XMR (-0.03%) joined Bitcoin in the red.

Bitcoin Cash ABC ended the day flat.

Through the start of the week, the crypto total market cap rose from a Monday low $220.56bn to an early Wednesday high $225.96bn. At the time of writing, the total market cap stood at $225.33bn.

While Bitcoin’s dominance recovered to 64% levels on Monday before sliding back to sub-64% levels. At the time of writing, Bitcoin’s dominance stood at 63.6%.

24-hour trading volumes rose from $130bn levels to a high $144.41bn before falling back. At the time of writing, 24-hr volumes stood at $128.63bn.

This Morning

At the time of writing, Bitcoin was up by 0.42% to $7,783.3. A mixed start to the day saw Bitcoin rise to an early morning high $7,844.0 before falling to a low $7,705.1.

Steering clear of the first major support level at $7,678.43, Bitcoin broke through the first major resistance level at $7,800.33.

Elsewhere, it was a mixed start to the day. Stellar’s Lumen and Tron’s TRX bucked the trend early on, with losses of 0.25% and 1.03% respectively.

Bitcoin Cash ABC led the rest of the pack early on, with a 0.94% gain.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the 38.2% FIB of $7,730 to support another run at the first major resistance level at $7,800.33.

Support from the broader market would be needed, however, for a break out from the early high $7,844.0.

Barring an extended crypto rally, the second major resistance level at $7,849.97 would likely cap any upside.

In the event of a breakout, Bitcoin could test the third major resistance level at $7,971.87 before any pullback.

Failure to avoid the 38.2% FIB of $7,730 could see Bitcoin struggle later in the day.

A fall back through the morning low $7,705.1 would bring the first major support level at $7,678.43 back into play.

Barring a crypto meltdown, however, Bitcoin should steer of sub-$7,600 support levels.

The second major support level at $7,606.17 would likely limit any downside.