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The Crypto Daily – Movers and Shakers -16/05/20

Bob Mason

Bitcoin slid by 4.90% on Friday. Reversing a 5.14% rally from Thursday, Bitcoin ended the day at $9,311.2.

A mixed start to the day saw Bitcoin slide from an intraday high $9,848.9 to an early morning low $9,260.0.

Bitcoin fell through the first major support level at $9,391.9 before recovering to $9,800 levels.

The recovery was brief, however. Through the 2nd half of the day, Bitcoin slid to a late intraday low $9,130.2.

Bitcoin fell back through the first major support level to wrap up the day in the deep red.

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 bearish day on Friday.

Binance Coin (-4.33%), Bitcoin Cash SV (-4.39%), Ethereum (-4.28%) and Monero’s XMR (-4.15%) led the way down.

Bitcoin Cash ABC (-2.91%), Litecoin (-2.98%), Ripple’s XRP (-3.13%), Stellar’s Lumen (-3.00%), Tezos (-2.51%), and Tron’s TRX (-3.39%) weren’t far behind.

Cardano’s ADA and EOS saw more modest losses of 1.49% and 1.73% respectively.

Through the current week, the crypto total market cap rose from a Monday low $229.41bn to a Thursday high $265.28bn. At the time of writing, the total market cap stood at $256.87bn.

Bitcoin’s dominance visited sub-67% levels before recovering. 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. Interest picked up on mid-week, however, with volumes revisiting $190bn levels. At the time of writing, 24-hr volumes stood at $148.96bn.

This Morning

At the time of writing, Bitcoin was up by 0.56% to $9,363.6. A mixed start to the day saw Bitcoin fall to an early morning low $9,222.0 before striking a high $9,417.0.

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

Elsewhere, it was a bullish start to the day for the majors.

Bitcoin Cash ABC and Monero’s XRM led the way with gains of 1.35% and 1.31% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $9,430 levels to bring the first major resistance level at $9,730.0 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,417.0.

Barring an extended crypto rebound, the first major resistance level and Friday’s high $9,848.9 would likely limit any upside.

In the event of rebound, the 62% FIB of $10,034 could come into play before any pullback.

Failure to break back through to $9,430 levels could see Bitcoin hit reverse.

A fall back through the morning low $9,222.0 would bring the first major support level at $9,011.3 into play.

Barring a crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,711.4.

This article was originally posted on FX Empire

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