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The Crypto Daily – Movers and Shakers -01/04/20

Bob Mason

Bitcoin rose by 0.31% on Tuesday. Following an 8.74% rally on Monday, Bitcoin ended the day at $6,427.7.

A choppy start to the day saw Bitcoin rise to an early morning intraday high $6,536.0 before hitting reverse.

Falling short of the first major resistance level at $6,735.43, Bitcoin slid to a mid-day intraday low $6,349.7.

Bitcoin steered clear of the first major support level at $5,980.33 and the 23.6% FIB of $6,300.

Finding support through the afternoon, Bitcoin recovered to $6,400 levels to end the day in the green.

While the global equity markets saw heavy losses in the quarter, Bitcoin fell by just 10.83%. A 24.9% slide in March reversed gains from the start of the year.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was also a mixed end to the quarter.

Bitcoin Cash ABC, Bitcoin Cash SV, and EOS bucked the trend with losses of 0.18%, 0.78%, and 0.62% respectively on Tuesday.

It was a bullish day for the rest of the pack, however.

Binance Coin (+3.2%), Cardano’s ADA (+2.56%), and Monero’s XMR (+3.43%) led the way.

Ethereum (+0.59%), Litecoin (+0.41%), Ripple’s XRP (+1.49%), Stellar’s Lumen (+1.90%), Tezos (+0.07%), and Tron’s TRX (+1.08%) saw modest gains on the day.

Through the start of the week, the crypto total market cap rose from a Monday low $168.04bn to a Tuesday high $182.28bn. At the time of writing, the total market cap stood at $178.54bn.

Bitcoin’s dominance eased back to sub-65% levels following Bitcoin’s modest gain on Tuesday. At the time of writing, Bitcoin’s dominance stood at 64.9%.

24-hour trading volumes recovered from sub-$100bn levels on Sunday to hit $121bn levels on Tuesday morning. At the time of writing, 24-hr volumes stood at $106.78bn.

This Morning

At the time of writing, Bitcoin was down by 1.46% to $6,334.0. A bearish start to the day saw Bitcoin fall from an early morning high $6,439.9 to a low $6,285.9.

Bitcoin fell through the first major support level at $6,339.6 and 23.6% FIB of $6,300 early on.

Elsewhere, it was also a bearish start to the day.

Monero’s XMR, Stellar’s Lumen, and Tezos were down by 2.53%, by 1.97%, and by 1.92% to lead the way down.

Cardano’s ADA, Ripple’s XRP, and EOS were flat at the time of writing.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $6,440 levels to bring the first major resistance level at $6,525.9 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $6,500 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside on the day.

Failure to move back through to $6,440 levels could see Bitcoin fall deeper into the red.

A fall back through to the 23.6% FIB of $6,300 would bring the second major support level at $6,251.50 back into play.

Barring an extended crypto sell-off, however, Bitcoin should continue to steer of sub-$6,000 levels. The third major support level at $6,065.2 should limit any downside on the day.

This article was originally posted on FX Empire

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