The Crypto Daily – Movers and Shakers -02/04/20

It’s been a choppy start to the day, with Bitcoin sliding back from $6,700 levels. A move back through the morning high would signal a breakout.
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Bitcoin rallied by 3.83% on Wednesday. Following on from a 0.31% gain on Tuesday, Bitcoin ended the day at $6,675.0.

A bearish start to the day saw Bitcoin slide to a late afternoon intraday low $6,180.0 before making a move.

Bitcoin fell through the first major support level at $6,339.6 and the second major support level at $6,251.5.

Of greater significance was a fall through the 23.6% FIB of $6,300 before rallying to a final hour intraday high $6,726.5.

Bitcoin broke back through the major support levels and 23.6% FIB before breaking through the first major resistance level at $6,525.9 and the second major resistance level at $6,624.1.

In spite of a late pullback to sub-$6,700, Bitcoin held above the second major resistance level.

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 bullish start to the quarter.

Bitcoin Cash ABC (+2.26%), EOS (+2.42%), and Ethereum (+2.30%) led the way on Wednesday.

Binance Coin (+1.51%), Bitcoin Cash SV (+1.46%), Cardano’s ADA (+1.73%), Monero’s XMR (+1.50%), Ripple’s XRP (+1.10%), and Stellar’s Lumen (+1.40%) also found late support.

Litecoin (+0.33%), Tezos (+0.01%), and Tron’s TRX (+0.36%) trailed the pack on the day.

Through the current week, the crypto total market cap rose from a Monday low $168.04bn to $185bn levels on Thursday. At the time of writing, the total market cap stood at $185.66bn.

Bitcoin’s dominance eased back to sub-65% levels following Tuesday’s modest gain before bouncing back on Wednesday. At the time of writing, Bitcoin’s dominance stood at 65.4%.

24-hour trading volumes recovered from sub-$100bn levels on Sunday to hit $127bn levels on Thursday. At the time of writing, 24-hr volumes stood at $127.19bn.

This Morning

At the time of writing, Bitcoin was down by 0.45% to $6,644.9. A mixed start to the day saw Bitcoin rise to an early morning high $6,770.0 before falling to a low $6,619.4.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.52%), Bitcoin Cash SV (-0.03%), Monero’s XMR (-0.21%), and Stellar’s Lumen (-0.57%) joined Bitcoin in the red.

EOS and Ethereum found strong support early on, both with gains of 0.79%, to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $6,700 levels to bring the first major resistance level at $6,874.33 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $6,770.0.

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

Failure to move back through to $6,700 levels could see Bitcoin fall deeper into the red.

A fall back through to sub-$6,520 levels would bring the second major support level at $6,327.83 back into play.

Barring an extended crypto sell-off, however, Bitcoin should continue to steer of sub-$6,000 levels. The 23.6% FIB of $6,300 should limit any downside on the day.

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