The Crypto Daily – Movers and Shakers -07/05/20

Bitcoin bucked the trend for a 2nd day on Wednesday, giving the broader market some early support following a late Wednesday sell-off.
Coins of crypto currency are presented on a dark background. Virtual money concept.

Bitcoin rose 1.47% on Wednesday. Following on from a 1.72% gain on Tuesday, Bitcoin ended the day at $9,152.5.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $8,913.6 before making a move.

Steering clear of the first major support level at $8,810.87, Bitcoin rallied to a final hour intraday high $9,418.0.

Bitcoin broke through the first major resistance level at $9,177.07 and the second major resistance level at $9,334.03.

A first May visit to $9,400 levels was short-lived, however. Bitcoin slid back through the major resistance levels to wrap up the day at $9,150 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 a bearish day for the pack on Wednesday.

EOS slid by 4.12% to lead the way down.

Binance Coin (-3.25%), Bitcoin Cash SV (-3.07%), Ethereum (-3.04%), Litecoin (-3.35%), Monero’s XMR (-3.80%), and Tezos (-3.57%) also saw deep red.

Bitcoin Cash ABC (-1.44%), Cardano’s ADA (-1.55%), Ripple’s XRP (-2.29%), Stellar’s Lumen (-2.83%), and Tron’s TRX (-2.21%) saw relatively modest losses.

Through the current week, the crypto total market cap rose from a Monday low $240.56bn to a Wednesday high $258.03bn. At the time of writing, the total market cap stood at $252.52bn.

While Bitcoin’s dominance held onto 65% levels following Monday’s modest loss, Tuesday and Wednesday’s trend-bucking moves delivered 67% levels. At the time of writing, Bitcoin’s dominance stood at 67.0%.

24-hour trading volumes rose to a Monday high $164.25bn before easing back to a Tuesday current week low $145.07. At the time of writing, 24-hr volumes stood at $163.67bn.

This Morning

At the time of writing, Bitcoin was up by 0.43% to $9,191.6. A mixed start to the day saw Bitcoin fall to an early morning low $9,029.0 before striking a high $9,210.0.

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

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

Cardano’s ADA, Ethereum, and Stellar’s Lumen were up by 1.42%, 1.84, and by 1.64% respectively to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,200 levels to bring the first major resistance level at $9,409.13 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,400 levels.

Barring a broad-based crypto rally, resistance at $9,300 would likely leave Bitcoin short of the first major resistance level.

In the event of another breakout, $9,500 levels could come into play before any pullback.

Failure to move through to $9,200 levels could see Bitcoin fall back into the red.

A fall through back through to sub-$9,160 levels would bring the first major support level at $8,904.73 into play before any recovery.

Barring a crypto meltdown, however, Bitcoin should steer well clear of the second major support level at $8,656.97.

Most Recent

Top Articles