The Crypto Daily – The Movers and Shakers 24/05/19

It’s another bearish start to the day for the majors. While the upward momentum is evident, support could wane if Bitcoin struggles into the weekend.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin gained 3.31% on Thursday. Reversing a 3.93% slide from Wednesday, Bitcoin ended the day at $7,436.4.

A relatively bearish morning saw Bitcoin slide from a morning high $7,701.6 to a late morning intraday low $7,436.4.

Falling well short of the major resistance levels, Bitcoin came within range of the first major support level at $7,400.03.

Finding support through the afternoon, Bitcoin rallied to a late intraday high $7,957.3 before easing back to $7,800 levels.

The first major resistance level at $7,939.93 prevented Bitcoin from breaking through to $8,000 levels for the first time since 12th May.

The Rest of the Pack,

Across the rest of the top 10 cryptos, it was a sea of green across the board.

Leading the pack on the day was Bitcoin Cash ABC that bounced back from $360 levels to end the day with a 5.34% gain.

Cardano’s ADA came in a distant second, rising by 4.12%.

For the current week, bucking the trend across the top 10 was Binance Coin, which was up 7.91% Monday through Thursday.

The rest of the pack were in the red, with Stellar’s Lumen leading the way, down by 12.8%.

With the start of the week reversal, Thursday’s afternoon broad-based crypto rebound reduced the deficit for the week.

A negative bias remains going into the weekend, with a crypto weekend rally of old needed to reverse the deficit.

Looking across at the trading volumes, 24-hour volumes fell just short of $80bn levels in yesterday’s rebound before easing back to $72bn levels this morning.

This Morning,

At the time of writing, Bitcoin was down by 0.76% to $7,812. A relatively range-bound start to the day saw Bitcoin fall from an early morning high $7,938 to a low $7,784.5.

Bitcoin’s moves within the tight ranges left the major support and resistance levels untested, with $8,000 proving to be a challenge for the bulls.

Elsewhere, Bitcoin Cash ABC led the way down amongst the top 10, falling by 2.61% early in the day.

Binance Coin was once again bucking the trend early. Binance Coin was up by 0.29% while the rest of the pack was in the red.

For the Day Ahead,

Bitcoin would need to hold above $7,750 through the morning to support another run at $8,000 levels.

Sentiment across the broader market would need to materially improve, however, for Bitcoin to take a run at the first major resistance level at $8,074.

Barring a broad-based crypto rally, the Bitcoin bulls may have to wait until the weekend to look to claw back some of the current week’s losses.

Failure to hold above $7,750 could see Bitcoin slide back through to $7,500 levels before any recovery.

Barring a crypto meltdown, the first major support level at $7,553.1 would likely limit the downside on the day.

In the event of a meltdown, the second major support level at $7,234.3 could come into play.

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