The Crypto Daily – Movers and Shakers -30/05/20It’s a bearish start to the day, with Bitcoin needing to move back through to $9,470 levels to support the pack.
Bitcoin fell by 1.68% on Friday. Partially reversing a 4.11% rally from Thursday, Bitcoin ended the day at $9,426.1.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $9,618.8 before hitting reverse.
Falling short of the first major resistance level at $9,773.67, Bitcoin fell to a mid-afternoon intraday low $9,352.0.
Steering clear of the first major support level at $9,261.57, Bitcoin recovered to $9,400 levels to limit the loss.
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 the 62% FIB of $10,034 to form a near-term bullish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day for the majors on Friday.
Ethereum and Tezos bucked the trend on the day, with gains of 0.10% and 1.32% respectively.
It was a bearish day for the rest of the pack, however.
Stellar’s Lumen and Monero’s XMR fell by 2.20% and by 1.96% respectively to lead the way down.
Bitcoin Cash SV (-1.28%), Ripple’s XRP (-1.57%), and Tron’s TRX (-1.08%) weren’t far behind.
Binance Coin (-0.53%), Bitcoin Cash ABC (-0.84%), Cardano’s ADA (-0.52%), EOS (-0.02%), and Litecoin (-0.63%) saw relatively modest losses.
In the current week, the crypto total market cap fell to an early Monday low $238.04bn before rising to an early Friday high $263.53bn. At the time of writing, the total market cap stood at $258.16bn.
Bitcoin’s dominance fell to a Monday low 66.38% before Thursday 69.54% spike. At the time of writing, Bitcoin’s dominance stood at 66.99%.
At the time of writing, Bitcoin was down by 0.44% to $9,384.6. A bearish start to the day saw Bitcoin fall from an early morning high $9,430.3 to a low $9,366.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Tron’s TRX bucked the trend at the time of writing, with a 0.09% gain.
It was a bearish start to the day for the rest of the pack, however, which joined Bitcoin in the red.
Tezos led the way early on, with a 0.99% loss.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $9,470 levels to bring the first major resistance level at $9,579.27 into play.
Support from the broader market would be needed, however, for Bitcoin to break back through to $9,500 levels.
Barring a broad-based crypto rebound, resistance at $9,500 would likely leave Bitcoin short of the first major resistance level.
In the event of another extended crypto rally, the second major resistance level at $9,732.43 would likely come into play.
Failure to move through to $9,470 levels could see Bitcoin fall deeper into the red.
A fall back through the morning low $9,366.0 would bring the first major support level at $9,312.47 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer well clear of the second major support level at $9,198.83.