The Crypto Daily – The Movers and Shakers 27/05/19

A weekend rally leaves the majors in the hands of the bulls at the start of the week. We can expect Bitcoin to be the market barometer on the day.
Bob Mason

The Bitcoin bulls fought back at the end of last week.

Bitcoin rallied by 8.38% on Sunday. Following on from a 0.81% gain on Saturday, Bitcoin ended the day at $8,729.8.

A 4th consecutive day in the green reversed losses from the start of the week to give Bitcoin a gain of 6.66% for the week.

On the day, a bearish morning saw Bitcoin fall from a morning high $8,738.5 to a late morning intraday low $7,877.9.

The reversal saw Bitcoin fall through the first major support level at $7,958.27 before rebounding.

Supporting the broader market, Bitcoin rallied through the afternoon to a late intraday high and new swing hi $8,828.0.

The rally saw Bitcoin break through and hold above the day’s major resistance levels, with Bitcoin striking a new current year high on the way.

The Rest of the Pack,

Across the rest of the top 10 cryptos, it was broadly positive for the rest of the pack on Sunday.

Leading the way were Litecoin and EOS, which rallied by 9.16% and 9.07% respectively.

Cardano’s ADA and Stellar’s Lumen also saw solid gains, rising by 7.87% and 7.58% respectively on the day.

Bucking the broader market trend once more, but for the wrong reasons, was Binance Coin, which fell by 4.8%.

Moves in recent weeks have gone against the grain for Binance Coin, with broad-based market rallies tending to see investors jump into the rest of the pack.

Following a particularly bearish start to the week, Sunday’s rally was not enough for Stellar’s Lumen and Ripple’s XRP, which ended the week down by 6.15% and 2.07% respectively.

In spite of Binance Coin’s loss on Sunday, Litecoin and Binance Coin saw the largest gains of the week. Litecoin was up by 18.45%, with Binance Coin up by 14.83%.

A distant 3rd was EOS, up by 7.41%.

The Sunday rally and early gains this morning led the total crypto market cap to $268.62bn at the time of writing. 24-hour trading volumes also recovered, rising from $60bn levels to $90.06bn this morning.

There were no apparent major news events to drive the latest rally. Increased investor interest stemming from higher adoption rates have continued to provide support. Bitcoin was up by 128% year-to-date to the end of Sunday…

This Morning,

At the time of writing, Bitcoin was up by 0.37% to $8,762.6. A bullish start to the day saw Bitcoin strike a morning high and new swing hi $8,958.3 before easing back.

Coming up short of the first major resistance level at $9,079.30, Bitcoin slipped to a morning low $8,706.1 before steadying.

Bitcoin left the major support levels untested early on.

Elsewhere, Binance Coin led the way, up by 2.68% to $34.45. Close behind was Bitcoin Cash ABC, which was up by 1.14% to $435.51.

Seeing red in the early hours, however, were Stellar’s Lumen and Cardano’s ADA. The pair were down by 0.60% and 0.52% respectively.

For the Day Ahead,

Bitcoin would need to hold onto $8,700 levels through the morning to support a bullish start to the week.

A move back through the morning high $8.958.3 would bring the first major resistance level at $9,079.3 back into play.

Bitcoin would need support from the broader market, however, with $9,000 likely to deliver plenty of resistance on the day.

Failure to hold onto $8,700 levels could see Bitcoin hit reverse on the day. A pullback through $8,470 levels would bring the first major support level at $8,129.2 into play.

Barring a crypto meltdown, Bitcoin would likely steer well clear of sub-$8,700 support levels on the day.

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