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The Crypto Daily – Movers and Shakers -23/05/20

Bob Mason
·3-min read

Bitcoin rose by 1.14% on Friday. Partially reversing a 4.68% slide from Thursday, Bitcoin ended the day at $9,162.4.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $8,935.4 before finding support.

Steering clear of the first major support level at $8,726.9, Bitcoin bounced back to a late afternoon intraday high $9,269.0.

Falling short of the first major resistance level at $9,475.7, Bitcoin eased back to sub-$9,200 levels late on.

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.

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For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Friday.

Cardano’s ADA rallied by 8.20% to lead the way.

EOS (+5.24%), Ethereum (+4.39%), Tezos (+6.07%), and Tron’s TRX (+4.67%) also found strong support.

Binance Coin (+3.17%), Bitcoin Cash ABC (+3.26%), Litecoin (+3.66%), Monero’s XMR (+2.37%), Ripple’s XRP (+3.30%), and Stellar’s Lumen (+2.31%) trailed the front runners.

Bitcoin Cash SV saw a modest gain of 1.48% on the day.

In the current week, the crypto total market cap rose to a Monday high $268.43bn before falling to a Thursday low $239.96bn. At the time of writing, the total market cap stood at $253.79bn.

Bitcoin’s dominance rose to a Monday high 68.31% before falling to a Friday low 66.90%. At the time of writing, Bitcoin’s dominance stood at 67.03%.

This Morning

At the time of writing, Bitcoin was up by 0.89% to $9,243.5. A bullish start to the day saw Bitcoin rise from an early morning low $9,162.3 to a high $9,266.7.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+1.05%), Bitcoin Cash ABC (+0.87), and Ethereum (+0.84%) led the way early on.

Bitcoin Cash SV (-0.31%) and Tezos (-0.15%) bucked the trend at the start of the day.

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$9,200 levels to bring the first major resistance level at $9,309.13 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Friday’s high $9,269.0.

Barring an extended crypto rebound, the first major resistance level would likely limit any upside.

In the event of an extended crypto rally, the second major resistance level at $9,455.87 would likely come into play. Resistance at $9,500 may limit any upside, however.

Failure to avoid sub-$9,200 levels could see Bitcoin hit reverse.

A fall back through to sub-$9,120 levels would bring the first major support level at $8,975.53 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,788.67.

This article was originally posted on FX Empire

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