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The Crypto Daily – Movers and Shakers -10/04/20

Bob Mason

Bitcoin fell by 1.00% on Thursday. Partially reversing a 2.29% gain from Wednesday, Bitcoin ended the day at $7,293.7.

It was a relatively choppy day on Thursday. Bitcoin fell from an early morning intraday high $7,370.7 to a mid-morning low $7,254.6 before finding support.

Steering clear of the major support and resistance levels, Bitcoin recovered to $7,300 levels before hitting reverse.

The reversal saw Bitcoin slide to a mid-day intraday low $7,117.0 before finding support.

Bitcoin fell through the first major support level at $7,205.73 before returning to $7,300 levels.

Resistance at $7,300 ultimately pinned Bitcoin back late in the day, however.

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 a mixed day on Thursday.

Monero’s XMR and Stellar’s Lumen bucked the trend, with gains of 1.10% and 2.06% respectively.

It was a bearish day for the rest of the pack. Bitcoin Cash ABC slid by 4.02% to lead the way down.

Bitcoin Cash SV (-1.68%), Ethereum (-2.12%), Ripple’s XRP (-1.83%), Tezos (-1.68%), and Tron’s TRX (-1.63%) also saw relatively heavy losses.

Binance Coin (-0.60%), Cardano’s ADA (-0.63%), EOS (-0.49%), and Litecoin (-0.64%) saw modest losses on the day.

Through the current week, the crypto total market cap rose from a Monday low $190.55bn to a Tuesday high $211.57bn. A choppy mid-week saw the total market cap fall back to $203bn levels before recovering. At the time of writing, the total market cap stood at $208.50bn.

Bitcoin’s dominance eased back from 65% levels seen on Monday. At the time of writing, Bitcoin’s dominance stood at 64.0%.

24-hour trading volumes recovered from sub-$100bn levels to hit $171bn levels on Tuesday before easing back. At the time of writing, 24-hr volumes stood at $122.26bn.

This Morning

At the time of writing, Bitcoin was up by 0.03% to $7,295.7. A mixed start to the day saw Bitcoin fall to an early morning low $7,261.0 before striking a high $7,299.8.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash ABC and EOS were up by 0.46% and by 0.50% respectively to lead the way.

Bitcoin Cash SV (-0.02%), Tezos (-0.12%), and Tron’s TRX (-0.64%) saw red early on to buck the trend.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $7,300 levels to bring the first major resistance level at $7,403.93 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $7,370.7.

Barring another crypto rally, the first major resistance level at $7,403.93 and Thursday’s high would likely pin Bitcoin back.

Failure to move back through to $7,300 levels could see Bitcoin fall back into the red.

A fall back through to sub-$7,260 levels would bring the first major support level at $7,150.23 into play.

Barring an extended crypto sell-off, however, Bitcoin should continue to steer of sub-$7,100 support levels.

This article was originally posted on FX Empire

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