The Crypto Daily – Movers and Shakers -07/04/20

It’s another bullish start to the day. Bitcoin would need to break out from $7,500 levels, however, to support another crypto rally.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin rallied by 8.25% on Monday. Following on from a 15.06% rally from the previous week, Bitcoin ended the day at $7.340.2.

A particularly bullish day saw Bitcoin rally from an early morning intraday low $6,775.1 to a final hour intraday high $7,364.4

Steering clear of the major support levels, Bitcoin broke through the day’s major resistance levels.

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 week.

EOS and Ethereum led the way, rallying by 20.11% and by 17.51% respectively.

Cardan’s ADA (+12.81%), Stellar’s Lumen (+14.42%), and Tezos (+15.36%) weren’t far behind.

Binance Coin (+11.17%), Bitcoin Cash ABC (+10.70%), Bitcoin Cash SV (+10.61%), Litecoin (+11.17%), Monero’s XMR (+10.86%), and Ripple’s XRP (+10.63% also saw double digit gains.

Tron’s TRX trailed the front runners, with a more modest 8.36% gain on the day.

Through the start of the week, the crypto total market cap rose from a Monday low $190.55bn to a late Monday high $210.40bn. At the time of writing, the total market cap stood at $209.41bn.

Bitcoin’s dominance eased back to sub-65% levels on Monday, with the rest of the majors seeing more sizeable gains. At the time of writing, Bitcoin’s dominance stood at 64.5%.

24-hour trading volumes recovered from sub-$100bn levels to hit $171bn levels on Tuesday morning. At the time of writing, 24-hr volumes stood at $171.23bn.

This Morning

At the time of writing, Bitcoin was up by 0.95% to $7,410.0. A bullish start to the day saw Bitcoin rise from an early morning low $7,317.5 to a high $7,454.3.

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

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

Litecoin and Stellar’s Lumen led the way with gains of 2.46% and 2.53% respectively.

Bitcoin Cash SV was down by 0.22%, however, to buck the trend early on.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the morning high $7,434.3 to bring the first major resistance level at $7,544.7 into play.

Support from the broader market would be needed, however, for Bitcoin to break through to $7,500 levels

Barring another crypto rally, the first major resistance level at $7,544.7 would likely pin Bitcoin back on the day.

Failure to move back through the morning high could see Bitcoin hit reverse.

A fall back through to sub-$7,160 levels would bring the first major support level at $6,955.4 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer of sub-$7,000 levels.

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