The Crypto Daily – The Movers and Shakers 29/05/19Bitcoin will need to move through to $8,700 levels to deliver a shift in sentiment across the broader market. The first bull-target will be $8,740.
Bitcoin fell by 0.77% on Tuesday. Partially reversing a 0.87% gain from Monday, Bitcoin ended the day at $8,738.1.
Bearish through the morning, Bitcoin fell from an early morning high $8,846.9 to an early afternoon intraday low $8,517.4.
Falling short of the first major resistance level at $8,959.6, Bitcoin fell through the first major support level at $8,651.3.
Steering clear of the second major support level at $8,496.5, Bitcoin recovered to a late afternoon high $8,820.4 before easing back to sub-$8,800 levels.
The Rest of the Pack,
Across the rest of the top 10 cryptos, it was a mixed bag for the day.
Leading the way on the day were Ripple’s XRP and Cardano’s ADA. The pair gained 2.97% and 2.3% respectively.
Also closing out the day in the green were EOS and Stellar’s Loomen, with modest gains of 0.75% and 0.39% respectively.
The rest of the pack were in the red, with Binance Coin leading the way down with a 1.68% loss on the day.
A choppy start to the week came off the back of solid gains from the week prior, with some profit taking to be expected.
In spite of the mixed day, the total crypto market cap stood at $272.56bn at the time of writing, recovering from a Tuesday low $269.34bn. While the global equity markets have seen red through the current month, the total crypto market cap has jumped by 58%.
From the top 10, Ethereum and Bitcoin Cash ABC lead the way, with current month gains of 69.1% and 64%.
It’s ultimately been about Bitcoin’s 56% rally for the month, however. Bitcoin’s market cap has risen by $60bn in the current month, accounting for 60% of the total crypto market cap increase in May.
While outside of the top 10, Bitcoin Cash SV has stolen the show in the current month, rallying by 128%. The gains came off the back of news of Craig White obtaining copyright registrations over BTC’s whitepaper and 2009 code.
At the time of writing, Bitcoin was down by 0.91% to 8,659.0. A relatively bearish start to the day saw Bitcoin fall from a morning high $8,738.1 to a low $8,633.0.
Bitcoin left the major support and resistance levels untested in the early hours.
Elsewhere, it was red across the crypto-board for the top 10, with even Binance Coin unable to avoid a pullback.
At the time of writing, leading the way down was Cardano’s ADA, which was down by 3.67%. Also seeing heavy losses were Stellar’s Lumen and EOS, which were down by 2.74% and by 2.29% respectively.
For the Day Ahead,
Bitcoin would need to move back through to $8,700 levels to support a recovery later in the day. A move through the morning high $8,738.1 would give Bitcoin a run at $8,800 levels.
Barring a broad-based crypto rebound, however, Bitcoin would likely come up short of the first major resistance level at $8,884.2.
The bulls will be eyeing a return to $9,000 levels going into the weekend.
Failure to move back through to $8,700 levels could see Bitcoin slide deeper into the red. A fall through the morning low $8,633 would bring the first major support level at $8,554.7 into play.
Barring a broad-based crypto sell-off, we would expect Bitcoin to steer clear of sub-$8,500 levels on the day.