The Crypto Daily – Movers and Shakers – 13/02/20

It’s been a bullish 1st half of the week, with Bitcoin returning to $10,000 levels. A Bitcoin move through to $10,500 would fuel another breakout.
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Bitcoin rose by 0.89% on Wednesday. Following on from a 4.01% rally on Tuesday, Bitcoin ended the day at $10,338.0.

A relatively bullish start to the day saw Bitcoin rise to mid-morning intraday high $10,460.0 before easing back.

Bitcoin came up against the first major resistance level at $10,468.67 before falling to a late morning intraday low $10,238.0.

Steering clear of the first major support level at $9,872.67, Bitcoin broke back through to $10,400 levels before a 2nd pullback to sub-$10,300 levels.

Late in the day, a 3rd attempt at a breakout from $10,400 also failed. Bitcoin fell back to wrap up the day at $10,300 levels.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, in spite of the upward trend.

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 once more, rallying by 13.21% off the back of Tuesday’s 11.47% rally.

Cardano’s ADA (+7.60%), Ethereum (+11.98%), Ripple’s XRP (8.26%), and Stellar’s Lumen (+7.96%) also made solid gains.

Binance Coin (+2.56%), Bitcoin Cash ABC (+2.43%), EOS (+1.47%), Litecoin (+5.94%), and Monero’s XMR (+5.92%) saw more modest gains.

Bitcoin Cash SV bucked the trend on the day, falling by 0.17%.

Through the early part of the week, the crypto total market cap fell to a Tuesday low $279.65bn before rising to an early Wednesday high $304.86bn. At the time of writing, the total market cap stood at $303.41bn.

Bitcoin’s dominance slipped further back from 63.3% to 62.0% at the time of writing.

Trading volumes picked up, rising to $165bn levels on Wednesday. At the time of writing, 24-hr volumes stood at $165.46bn.

This Morning

At the time of writing, Bitcoin was up by 0.13% to $10,351.0. A mixed start to the day saw Bitcoin rise from an early morning low $10,327.0 to a high $10,361.0 before easing back.

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

Elsewhere, it was a mixed start to the day.

Tezos and Bitcoin Cash SV saw red early on, with losses of 0.87% and 0.48% respectively.

It was bullish for the rest of the pack. Binance Coin and Ethereum were up by 1.43% and 1.35% respectively to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the morning high $10,361 to bring the first major resistance level at $10,452.67 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $10,400 levels.

Barring another broad-based crypto rally, the first major resistance level at $10,452.67 would likely leave Bitcoin short of $10,500 levels.

In the event of another breakout, Bitcoin would eye a breakout from the second major resistance level at $10,567.33.

Failure to move back through to $10,400 levels could see Bitcoin hit reverse

A fall back through to sub-$10,345 levels would bring the first major support level at $10,230.67 into play.

Barring a crypto sell-off, however, Bitcoin should steer clear of the sub-$10,200 levels on the day.

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