The Crypto Daily – Movers and Shakers -05/03/20

After a mixed Wednesday, it’s a bullish start to the day. Bitcoin will need to break through to $9,000 levels to maintain the momentum, however.
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Bitcoin slipped by 0.04% on Wednesday. Following on from a 1.65% fall on Tuesday, Bitcoin ended the day at $8,788.6.

A bullish start to the day saw Bitcoin rise to a mid-morning intraday high $8,877.7 before hitting reverse.

Falling short of the first major resistance level at $8,925.33, Bitcoin fell to a mid-afternoon intraday low $8,718.4.

Steering clear of the first major support level at $8,671.53, Bitcoin recovered to $8,700 levels to end the day flat.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin struggling to break out from $10,000 levels.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed day for the crypto majors.

Tezos led the way on Wednesday, surging by 12.38%.

Binance Coin (+1.47%), Cardano’s ADA (+0.87%), Ethereum (+0.38%), Ripple’s XRP (+0.15%), Stellar’s Lumen (+0.29%), and Tron’s TRX (+3.23%) also saw green.

It was a bearish day for the rest of the pack, however.

Bitcoin Cash SV and Bitcoin Cash ABC led the way down, with losses of 7.26% and 3.08% respectively.

EOS (-0.87%), Monero’s XMR (-0.05%), and Litecoin (-1.07%) also joined Bitcoin in the red.

Through the current week, the crypto total market cap rose to a Monday high $255.57bn before falling to a Wednesday low $248.91. At the time of writing, the total market cap stood at $249.72bn.

Bitcoin’s dominance fell back from 64% levels to sub-63.6% levels as Bitcoin struggled early in the week. At the time of writing, Bitcoin’s dominance stood at 63.9%.

Trading volumes hit an early Tuesday high $187.15bn before falling back to sub-$130bn levels. At the time of writing, 24-hr volumes stood at $144.22bn.

This Morning

At the time of writing, Bitcoin was up by 1.91% to $8,956.2. A bullish start to the day saw Bitcoin rise from an early morning low $8,788.6 to a high $8,974.0.

Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $8,871.4 and the second major resistance level at $8,954.2.

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

Binance Coin (+2.41%), Bitcoin Cash ABC (+2.69%), Bitcoin Cash SV (+3.08%), and Stellar’s Lumen (+3.16%) led the way early on.

For the Bitcoin Day Ahead

Bitcoin would need to steer clear of sub-$8,950 levels to bring the third major resistance level at $9,113.50 into play.

Support from the broader market would be needed, however, for Bitcoin to breakthrough to $9,000 levels.

Barring an extended crypto rally, resistance at $9,000 would likely limit any upside on the day.

In the event of a breakout, expect the third major resistance level and the 38.2% FIB of $9,260 to come into play.

Failure to hold onto $8,950 levels could see Bitcoin fall into the red

A fall back through to sub-$8,800 levels would bring the first major support level at $8,712.1 into play.

Barring a broad-based crypto sell-off, however, Bitcoin should steer clear of the sub-$8,800 levels on the day.

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