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The Crypto Daily – Movers and Shakers -30/03/20

It’s a bullish start to the week for Bitcoin and the majors. A Bitcoin move through to $6,050 levels would signal a breakout.
Bob Mason
Bitcoin coin on white keyboard

Bitcoin slid by 5.71% on Sunday. Following on from a 1.91% fall on Saturday, Bitcoin ended the week up by 1.25% to $5,892.7. The upside came in spite of a 3rd consecutive day in the red on Sunday.

Bearish throughout the day, Bitcoin fell from an early morning intraday high $6,280 to a final hour intraday low $5,892.7.

The sell-off saw Bitcoin fall through the first major support level at $6,076.03 and second major support level at $5,902.07.

Bitcoin fell short of the major resistance levels and the 23.6% FIB of $6,300 at the start of 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 also a bearish end to the week.

Binance Coin (-7.91%), Bitcoin Cash SV (-7.33%), Monero’s XMR (-7.14%), Ripple’s XRP (-7.34%), and Tezos (-7.00%) led the way down.

Cardano’s ADA (-6.44%), Ethereum (-5.34%), Stellar’s Lumen (-5.62%), and Tron’s TRX (-6.08%) also saw relatively heavy losses.

Bitcoin Cash ABC (-4.70%), EOS (-4.04%), and Litecoin (-4.68%) saw relatively modest losses on the day.

It was a mixed week for the majors, however, with Sunday’s sell-off leaving a number in the red.

Bitcoin Cash SV fell by 6.95% in the week ending 29th March to lead the way down. EOS and Tezos also saw red, with losses of 0.60% and 0.86% respectively.

It was a bullish week for the rest of the pack, however. Monero’s XMR and Ripple’s XRP rallied by 15.73% and 10.28% respectively to lead the way.

Cardano’s ADA (+3.76%), Litecoin (+4.71%), Stellar’s Lumen (+3.67%), and Tron’s TRX (+4.22%) also found strong support.

Binance Coin (+1.26%), Bitcoin Cash ABC (+2.19%), and Ethereum (+1.67%) trailed the pack.

Through the week, the crypto total market cap rose from a Monday low $163.00bn to a Wednesday high $191.26bn. A bearish weekend left the total market cap back at sub-$170bn levels, however. At the time of writing, the total market cap stood at $168bn.

Bitcoin’s dominance hit 66% levels on Monday before falling to 62% levels. Bitcoin saw its dominance recover to hover at around the 66% mark mid-week before visiting sub-65% levels. 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 sliding back to sub-$100bn levels on Sunday. At the time of writing, 24-hr volumes stood at $97.26bn.

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This Morning

At the time of writing, Bitcoin was up by 2.08% to $6,015.0. A bullish start to the day saw Bitcoin rise from an early morning low $5,880.9 to a high $6,036.7.

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

Elsewhere, it was also a bullish start to the day. Bitcoin Cash SV (+3.54%) and Tezos (+3.90%) led the way early on.

BTC/USD 30/03/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $6,050 levels to bring the first major resistance level at $6,150.93 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $6,036.7.

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

Failure to move through to $6,050 levels could see Bitcoin hit reverse.

A fall back through the morning low $5,880.9 would bring the first major support level at $5,763.53 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer well clear of the second major support level at $5,634.37.

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