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