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The Crypto Daily – Movers and Shakers -13/05/20

Bob Mason

Bitcoin rallied by 3.00% on Tuesday. Reversing a 1.90% loss from Monday, Bitcoin ended the day at $8,811.4.

A bullish morning saw Bitcoin rally from an early intraday low $8,526.4 to a late afternoon intraday high $8,968.0.

Falling short of the first major resistance level at $9,064.73, Bitcoin fell back to sub-$8,800 levels before finding late support.

Steering well clear of the first major support level at $8,122.73, Bitcoin wrapped up the day at $8,800 levels.

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 Tuesday.

Bitcoin Cash ABC and Bitcoin Cash SV slid by 1.40% and by 1.17% respectively to buck the trend.

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

Stellar’s Lumen surged by 12.16% to lead the way, with Cardano’s ADA (+5.52%) a distant 2nd.

Binance Coin (+4.77%), Monero’s XMR (+3.42%), Tezos (+3.47%), and Tron’s TRX (+3.23%) also found strong support.

EOS (+1.60%), Ethereum (+2.24%), Litecoin (+1.83%), and Ripple’s XRP (+2.47%) trailed the front runners.

Through the start of the week, the crypto total market cap rose to a Monday high $245.2bn before sliding to a low $229.41bn. The market recovery on Tuesday led to a move back through to $244bn levels before easing back. At the time of writing, the total market cap stood at $242.50bn.

Bitcoin’s dominance visited sub-67% levels before rising to a Monday high 67.78%. At the time of writing, Bitcoin’s dominance stood at 67.2%.

24-hour trading volumes rose to an early Monday high $206.86bn before easing back to sub-$140bn levels. At the time of writing, 24-hr volumes stood at $136.45bn.

This Morning

At the time of writing, Bitcoin was up by 0.71% to $8,874.4. A bullish start to the day saw Bitcoin rise from an early morning low $8,799.5 to a high $8,898.6.

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

Elsewhere, it was a mixed bag for the majors.

Monero’s XMR and Bitcoin Cash SV led the way early on, with gains of 0.55% and 0.52% respectively. EOS also found early support (+0.26%).

It was a bearish start for the rest, however, with Bitcoin Cash ABC down by 0.80% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to break back through to $8,900 levels to bring the first major resistance level at $9,010.80 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $8,968.0.

Barring a broad-based crypto rally, the first major resistance level would likely pin Bitcoin back on the day.

In the event of rebound, the second major resistance level at $9,210.20 would likely limit any upside on the day.

Failure to break back through to $8,900 levels would likely see Bitcoin fall back into the red.

A fall through to sub-$8,770 levels would bring the first major support level at $8,569.20 into play.

In the event of another extended sell-off, Bitcoin should steer clear of sub-$8,000 levels. The second major support level at $8,327.0 should limit any downside.

This article was originally posted on FX Empire

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