The Crypto Daily – The Movers and Shakers 22/05/19

A bitcoin move back through to $8,000 could be the buy signal for the broader market. $8,200 levels will be the bulls’ near-term target.
Bob Mason

The Bitcoin bull run stuttered through the early part of this week.

Bitcoin slipped by 0.67% on Tuesday, following on from a 2.41% slide on Monday, to end the day at $7,931.7.

Relatively range-bound through the day, Bitcoin fell to a late morning intraday low $7,814.8 before finding support.

Steering clear of the first major support level at $7,664.47, Bitcoin struck a late intraday high $8,094.0.

Falling short of the first major resistance level at $8,252.37, Bitcoin eased back to sub-$8,000 levels late in the day.

The Rest of the Pack,

Across the rest of the top 10 cryptos, it was a mixed bag for the majors.

Leading the pack on Tuesday was Binance Coin, which rallied by 10.21% on the day. Ethereum came in a distant second, rising by just 0.92%. While Bitcoin Cash ABC and EOS also managed to close out in the green, the rest of the pack saw red.

Leading the way down was Cardano’s ADA, which fell by 0.85%. Close behind were Ripple’s XRP and Stellar’s Lumen that slipped by 0.73% and by 0.65% respectively.

The recent SEC decision to further delay the Bitcoin ETF decision looks to have hit pause on the crypto rally, driving demand for Binance Coin.

In spite of the sideways moves by Bitcoin, the total crypto market cap has risen to $250.05bn, with trading volumes hovering at the $80bn levels this morning. 24-hour trading volumes had eased back to $74bn levels on Tuesday.

This Morning,

At the time of writing, Bitcoin was up 0.23% to $7,950.0. A choppy start to the day saw Bitcoin slide from a morning high $8,000 to a low $7,860 before finding support.

In spite of the early swings, Bitcoin left the major support and resistance levels untested early on.

Elsewhere, Ripple’s XRP was on the move early, up by 1.82% to $0.40369. Ethereum was close behind with a gain of 1.65%.

While currently sitting outside of the top 10 cryptos, by market cap, Bitcoin Cash SV is worthy of a mention. Following a 66% rally on Tuesday, Bitcoin Cash SV was up by 6.29% to $111.61 at the time of writing.

The sudden uptrend has come off the back of news of Craig White obtaining copyright registrations over BTC’s whitepaper and 2009 code.

For the Day Ahead,

Bitcoin would need to move through the morning high $8,000 to support a breakthrough the first major resistance level at $8,080.

A move through to $8,080 levels would bring $8,130 levels into play before any pullback. A bullish response from the broader market could see Bitcoin take a run at $8,200 levels to bring the second major resistance level at $8,226.03 into play.

Failure to move back through the morning high $8,000 could see Bitcoin hit reverse later in the day.

A fall back through the morning low $7,860 would bring the first major support level at $7,800 into play.

Expect the broader market to come under pressure should Bitcoin give up $7,900 levels.

Get Into Cryptocurrency Trading Today

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.