The Crypto Daily – Movers and Shakers – 14/01/20

Bitcoin’s on the move. A breakthrough to $8,500 levels could spur a run at $10,000 in the week.
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Bitcoin fell by 0.97% on Monday. Partially reversing a 2.01% gain from Sunday, Bitcoin ended the day at $8,095.8.

A bearish start to the day saw Bitcoin fall to from an early morning intraday high $8,199.7 to a mid-morning intraday low $8,054.4.

In spite of the early moves, Bitcoin left the major support and resistance levels untested.

Through the 2nd half of the day, Bitcoin struck a high $8,159.9 before easing back to sub-$8,100 levels.

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

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 majors.

Bitcoin Cash SV bucked the trend on the day, rallying by 5.01%.

It was bearish for the rest of the pack, however, with Litecoin sliding by 3.56% to lead the way down.

EOS (-3.16%), Ethereum (-2.07%), Monero’s XMR (-2.21%), and Tron’s TRX (-2.18%) also saw relatively heavy losses.

Binance Coin (-1.17%), Bitcoin Cash ABC (-1.50%), Ripple’s XRP (-1.84%), and Stellar’s Lumen (-1.89%) saw more modest losses.

Through the start of the week, the crypto total market cap eased back from $218bn levels to a day low $215.38 before support kicked in. At the time of writing, the total market cap stood at $224.08bn.

Bitcoin’s dominance held onto 68% levels following a more modest loss on the day. Trading volumes held at sub-$80bn levels throughout the day. At the time of writing, volumes were at $84bn levels.

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This Morning

At the time of writing, Bitcoin was up by 3.86% to $8,408.2. A particularly bearish start to the day saw Bitcoin rally from an early morning low $8,095.8 to a high $8,468.0.

Steering clear of the major support levels, Bitcoin broke through the day’s major resistance levels early before easing back through the third major resistance level at $8.408.57.

The breakout also saw Bitcoin break back through the 23.6% FIB of $8,200.

Elsewhere, it was also a bullish start, with Bitcoin Cash SV surging by 10.87% to lead the way.

Litecoin (+6.25%), Bitcoin Cash ABC (+4.94%), and EOS (+3.96%) also saw solid gains early on.

Stellar’s Lumen (+1.97%) and Tron’s TRX (+1.59%) trailed the back early on.

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For the Bitcoin Day Ahead

Bitcoin would need to break back through the third major resistance to support a run at the $8,500.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,468.0.

Barring a broad-based extended crypto rally on the day, resistance at $8,500 would likely cap any upside once more.

Failure to break through the third major resistance level could see Bitcoin give up some of the early gains.

A fall back through to sub-$8,120 levels would bring the first major support level at $8,033.03 into play.

Barring a crypto meltdown, however, Bitcoin should avoid sub-$8,000 levels and the second major support level at $7,970.27.

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