The Crypto Daily – The Movers and Shakers 31/05/19The majors are back in the red following Thursday’s sell-off. Bitcoin will likely set the pace on the day. A bounce-back could be on the cards…
Bitcoin slid by 4.72% on Thursday. Following on from a 0.69% fall on Wednesday, Bitcoin ended the day at $8,270.
A 3rd consecutive day in the red left Bitcoin down by 5.27% for the current week. While the bears look to take back control, the bulls delivered in the month of May. Bitcoin was up by 47.7% for the current month.
On the day, a relatively bullish morning saw Bitcoin rise from a morning low $8,537.5 to a high $8,819.7 before easing back to $8,700 levels.
An early afternoon rally saw Bitcoin strike an intraday high and new swing hi $9,109.0.
Bitcoin broke through the first major resistance level at $8,831.33 and second major resistance level at $8,984.67 before hitting reverse.
A broad-based crypto sell-off saw Bitcoin slide to a late intraday low $8,005 before finding support.
The reversal saw Bitcoin fall through the first major support level at $8,489.83 and second major support level at $8,301.67.
Key on the day was a hold onto $8,000 levels, though Bitcoin was unable to break back through the support levels by the day end.
The Rest of the Pack,
Across the rest of the top 10 cryptos, it was a sea of red on the day, with even Binance Coin unable to buck the trend.
Leading the way down was Bitcoin Cash SV, which tumbled by 11.68%. The reversal barely made a dent into the current month gains, with Bitcoin Cash SV up by 74.2% for May.
EOS and Bitcoin Cash ABC also saw heavy losses, the pair down by 8.95% and 7.79% on the day.
The Thursday reversal left the majors split for the current week. While Bitcoin Cash SV led the way, EOS (+4.81%) and Ripple’s XRP (+2.28%) were the only other majors in positive territory for the week.
Leading the way down were Binance Coin and Bitcoin, with losses of 5.6% and 5.3% respectively.
In spite of the mixed performance in the week, it’s been a particularly bullish month, however.
Leading the charge was Bitcoin Cash SV, which surged by 240% through the current month. Bitcoin Cash ABC came in a distant second, up by 60%.
Trailing the pack with relatively minor gains were Stellar’s Lumen (20.98%) and Ripple’s XRP (28.88%).
Having hit a week high $286.55bn on Thursday, the total crypto market cap fell back to $258bn levels off the back of Thursday’s afternoon sell-off.
In spite of the slide, 24-hour volumes have returned to $100bn levels at the time of writing, though this time around investors are looking to lock in profits.
At the time of writing, Bitcoin was down by 1.53% to $8,143.1. A mixed start to the day saw Bitcoin rise to a morning high $8,367 before sliding to a morning low $8,142.6.
Bitcoin left the major support and resistance levels untested in the early hours.
Elsewhere, it was red across the board for the crypto top 10.
Leading the way down were Binance Coin (-3.31%), Ethereum (-3.28%) and Bitcoin Cash SV (-3.24%).
For the Day Ahead,
Bitcoin would need to move back through the morning high $8,367 to $8,460 levels to support a recovery of Thursday’s losses.
Sentiment across the broader market would need to materially improve, however, for Bitcoin to recover the early losses.
In the event of a cryptomarket rebound, a move through to $8,460 levels would bring the first major resistance level at $8,917.7 into play.
Failure to move back through the morning high $8,367 would see Bitcoin sit in the red through the day.
A slide through to Thursday’s low $8,005 would bring sub-$8.000 levels into play before any recovery.
Barring another crypto meltdown, however, Bitcoin would likely steer clear of the first major support level at $7,813.67.