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

It’s a mixed start to the day for the crypto majors. A Bitcoin move through to $8,900 levels would provide support, however.
Bitcoin coin on white keyboard

Bitcoin fell by 0.40% on Monday. Following on from a 0.92% decline on Sunday, Bitcoin ended the day at $8,865.8.

It was a bearish start to the day. Bitcoin slid from an early morning intraday high $8,961.8 to a mid-morning intraday low $8,517.0.

Bitcoin fell through the first major support level at $8,692.53 before rebounding to $8,959 levels.

While breaking back through the first major support level, Bitcoin left the first major resistance level at $9,405.27 untested on the day. Resistance at $9,000 pinned Bitcoin back.

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 for the pack on Monday.

Cardano’s ADA, Tezos, and Tron’s TRX rose by 0.81%, 1.25%, and by 1.16% to buck the trend.

It was a bearish start to the week for the rest of the majors.

Bitcoin Cash ABC (-1.50%), Bitcoin Cash SV (-2.08%), EOS (-2.48%), Ethereum (-1.61%), Litecoin (-2.26%), and Monero’s XMR (-1.71%) saw relatively heavy losses.

Binance Coin (-0.70%), Ripple’s XRP (-0.64%), and Stellar’s Lumen (-0.40%) saw modest losses on the day.

Through the start of the week, the crypto total market cap rose from a Monday low $240.56bn to a high $249.61bn. At the time of writing, the total market cap stood at $248.98bn.

While Bitcoin’s dominance held onto 65% levels following Monday’s modest loss. At the time of writing, Bitcoin’s dominance stood at 65.8%.

24-hour trading volumes rose from $155bn levels to a Monday high $164.25bn before easing back. At the time of writing, 24-hr volumes stood at $161.59bn.

This Morning

At the time of writing, Bitcoin was up by 0.07% to $8,872.4. A mixed start to the day saw Bitcoin rise to an early morning high $8,918.8 before falling to a low $8,850.0.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA and Tron’s TRX led the way with gains of 1.16% and 1.25% respectively.

Bitcoin Cash SV bucked the trend, however, with a 0.42% loss early on.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $8,900 levels to bring the first major resistance level at $9,046.07 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $8,961.8.

Barring a broad-based crypto rally, resistance at $9,000 would likely leave Bitcoin short of the first major resistance level.

In the event of another breakout, the second major resistance level at $9,226.33 could come into play.

Failure to move through to $8,900 levels could see Bitcoin hit reverse.

A fall through to sub-$8,780 levels would bring the first major support level at $8,601.27 into play before any recovery.

Barring a crypto meltdown, however, Bitcoin should well clear of the second major support level at $8,336.73.

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