The Crypto Daily – Movers and Shakers -14/04/20

It’s a mixed start to the day for the majors. A Bitcoin breakout to $7,000 would support a broad-based crypto rally.
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Bitcoin fell by 0.98% on Monday. Reversing a 0.50% gain from Sunday, Bitcoin ended the day at $6,848.7.

It was a particularly bearish start to the day for the crypto majors. Bitcoin tumbled from an intraday high $6,917.0 to an early morning intraday low $6,571.1 before making a move.

The sell-off saw Bitcoin fall through the first major support level at $6,746.90. Finding support at the second major support level at $6,574.80, Bitcoin bounced back to $6,900 levels late in the day.

Resistance at $6,900, however, pinned Bitcoin back from a return to $7,000 levels on the day.

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 on Monday.

Binance Coin bucked the trend on the day, rallying by 5.46%.

It was a bearish day for the rest of the pack. Bitcoin Cash ABC and Tezos slid by 3.16% and 3.00% respectively to lead the way down.

Bitcoin Cash SV (-1.62%), EOS (-2.36%), Ethereum (-1.30%), and Litecoin (-1.50%) also saw relatively heavy losses.

Cardano’s ADA (-0.66%), Monero’s XMR (-0.50%), Ripple’s XRP (-0.89%), Stellar’s Lumen (-0.59%), and Tron’s TRX (-0.11%) saw modest losses on the day.

Through the start of the week, the crypto total market cap fell from a Monday high $198.52 to a low $190.67bn. At the time of writing, the total market cap stood at $195.69bn.

Bitcoin’s dominance held steady at sub-65% levels on Monday. At the time of writing, Bitcoin’s dominance stood at 64.2%.

24-hour trading volumes rose from sub-$120bn levels to hit $145bn levels on Monday before easing back. At the time of writing, 24-hr volumes stood at $132.51bn.

This Morning

At the time of writing, Bitcoin was up by 0.27% to $6,867.1. A range-bound start to the day saw Bitcoin rise from an early morning low $6,845.9 to a high $6,880.0 before easing back.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash slid by 3.87% at the start to lead the way down, with Tron’s TRX (-0.44%) also seeing red.

It was a relatively bullish start for the rest of the majors. EOS and Ethereum led the way with gains of 0.93% and 0.73% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $6,900 levels to bring the first major resistance level at $6,986.77 into play.

Support from the broader market would be needed, however, for Bitcoin to breakout from Monday’s high $6,917.0.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high will likely pin Bitcoin back from $7,000.

In the event of an extended rally, the second major resistance level at $7,124.83 could come into play.

Failure to move back through to $6,900 levels could see Bitcoin spend another day in the red.

A fall back through to sub-$6,800 levels would bring the first major support level at $6,640.87 into play.

Barring an extended crypto sell-off, however, Bitcoin should continue to steer of sub-$6,500 support levels.

In the event of a sell-off, the 23.6% FIB of $6,300 would likely come into play.

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