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The Crypto Daily – Movers and Shakers – 31/01/20

It’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
Bob Mason
Golden bitcoins on the black background closeup. Cryptocurrency virtual money

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.

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This Morning

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.

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