The Crypto Daily – Movers and Shakers -16/04/20

It’s a bearish start to the day as the majors see Wednesday’s late pullback spill into this morning. A Bitcoin move through to $6,700 levels would provide support.
Bitcoin and Litecoin over dollar banknotes.

Bitcoin slid by 3.48% on Wednesday. Reversing a 0.39% gain from Tuesday, Bitcoin ended the day at $6,633.7.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $6,940.6 before hitting reverse.

Falling short of the first major resistance level at $6,985.13, Bitcoin slid to a final hour intraday low $6,620.5.

The reversal saw Bitcoin fall through the first major support level at $6,762.73 and the second major support level at $6,651.47.

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 bearish day on Wednesday.

Binance Coin led the way down, sliding by 6.66%.

Bitcoin Cash SV (-4.67%), Cardano’s ADA (-3.84%), Ethereum (-3.72%), Litecoin (-4.66%), and Stellar’s Lumen (-3.38%) also struggled.

Bitcoin Cash ABC (-2.88%), EOS (-1.96%), Monero’s XMR (-1.68%), Ripple’s XRP (-2.73%), Tezos (-2.35%), and Tron’s TRX (-1.18%) saw relatively modest losses on the day.

Through the first half of the week, the crypto total market cap rose to a current week high $198.64bn on Tuesday. The latest sell-off, however, saw the market call fall to a current week low $187.38bn. At the time of writing, the total market cap stood at $187.84bn.

Bitcoin’s dominance held steady at sub-65% levels. 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 falling back. At the time of writing, 24-hr volumes stood at $115.06bn.

This Morning

At the time of writing, Bitcoin was down by 1.06% to $6,563.6. A bearish start to the day saw Bitcoin fall from an early morning high $6,633.8 to a low $6,500.4.

Steering clear of the major resistance levels, Bitcoin tested the first major support level at $6,522.6 early on.

Elsewhere, it was also a bearish start to the day.

Bitcoin Cash ABC and Bitcoin Cash SV led the way down, with losses of 2.66% and 2.47% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $6,730 levels to bring the first major resistance level at $6,842.7 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $6,633.8.

Barring a broad-based crypto rally, resistance at $6,700 would likely leave Bitcoin short of the first major resistance level.

In the event of a broad-based crypto rebound, the second major resistance level at $7,050.7 could come into play.

Failure to move through to $6,730 levels could see Bitcoin spend the day in the red.

A fall back through the first major support level would bring the second major support level at $6,411.5 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer of the 23.6% FIB of $6,300.

Most Recent

Top Articles