The Crypto Daily – Movers and Shakers – 31/01/20It’s a relatively bullish start to the day. The bulls will be eying a return to $10,000… A move through to $9,600 levels would make it interesting
Bitcoin rallied by 2.23% on Thursday. Reversing a 0.99% decline from Wednesday, Bitcoin ended the day at $9.512.7.
A choppy start to the day saw Bitcoin fall to an early morning low $9,205.0 before finding support.
The early dip saw Bitcoin fall through the 38.2% FIB of $9,260 and the first major support level at $9,214.53.
Through to the late afternoon, Bitcoin recovered to an early afternoon high $9,469.2 before hitting reverse.
Moving back through the 38.2% FIB and first major support level, Bitcoin broke through the first major resistance level at $9,414.33.
The reversal saw Bitcoin slide to a late afternoon intraday low $9,122.8. Falling back through the 38.2% FIB and first major support level, Bitcoin found support at the second major support level at $9,128.17.
Bouncing back late in the day, Bitcoin rallied to a late intraday high $9,550.0. Bitcoin broke through the first major resistance level at $9,414.33 and the second major resistance level at $9,528.37.
A final hour pullback through the second major resistance level limited the upside on the day.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, in spite of the upside this week.
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 particularly bullish day for the majors.
Litecoin and EOS led the way, with gains of 13.68% and 9.06% respectively.
Cardano’s ADA (+5.58%), Ethereum (+6.42%), Monero’s XMR (+7.41%), and Tron’s TRX (+5.14%) also made solid gains on the day.
BNB (+3.58%), Bitcoin Cash ABC (+3.86%), Bitcoin Cash SV (+4.08%), Ripple’s XRP (+3.43%), and Stellar’s Lumen (+3.61%) trailed the front runners.
Through the current week, the crypto total market cap rose from a Monday low $237.76bn to a late Thursday high $263.46bn. At the time of writing, the total market cap stood at $263.30bn.
Bitcoin’s dominance eased back to sub-66% levels, as some of the majors broke out to outgun Bitcoin on Thursday.
Trading volumes also picked up, rising from sub-$80bn levels on Sunday to $126bn levels on Wednesday before easing back. At the time of writing, 24-hr volumes stood at $122.29bn.
At the time of writing, Bitcoin was up by 0.03% to $9,516.0. A mixed start to the day saw Bitcoin fall to an early morning low $9,482.2 before striking a high $9,519.9.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day for the cryptos.
EOS led the way early, rising by 0.91%, with Tron’s TRX and Litecoin up by 0.89% and by 0.80% respectively.
Bitcoin Cash SV bucked the trend early, falling by 0.34%.
For the Bitcoin Day Ahead
Bitcoin would need to move back through Thursday’s high $9,550.0 to support a run at the first major resistance level at $9,667.53.
Support from the broader market would be needed, however, for Bitcoin to break through to $9,600 levels.
Barring another broad-based crypto rally, the first major resistance level would likely cap any upside.
In the event of another breakout, the second major resistance level at $9,822.37 and $10,000 levels will likely come into play.
Failure to move back through the Thursday’s high $9,550.0 could see Bitcoin fall back into the red.
A fall through the morning low $9,482.2 to sub-$9,400 levels would bring the first major support level at $9,240.33 into play.
Barring a crypto meltdown, however, the 38.2% FIB of $9,260 should limit any downside on the day.