The Crypto Daily – The Movers and Shakers 24/05/19It’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.
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.
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.