The Crypto Daily – Movers and Shakers – 18/02/20

It’s been a testy few days for the majors. A Bitcoin move back through to $9,800 should provide some early relief…
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin fell by 2.19% on Monday. Reversing a 0.26% gain from Sunday, Bitcoin ended the day at $9,708.00.

A bearish start to the day saw Bitcoin slide from an early morning intraday high $9,969.2 to an early afternoon intraday low $9,501.5.

Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $9,706.40.

Finding support in the late afternoon, Bitcoin wrapped up the day at $9,700 levels, following a final hour recovery from sub-$9,700 levels.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin struggling to break out from $10,000 levels.

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.

Binance Coin (+0.34%), Bitcoin Cash SV (+9.01%), and Ethereum (+3.65%) bucked the trend on the day.

It was bearish for the rest of the pack at the start of the week.

Cardano’s ADA (-2.15%), Monero’s XMR (-7.12%), Stellar’s Lumen (-2.93%), Tezos (-2.69%), and Tron’s TRX (-2.21%) saw the heaviest losses on the day.

Bitcoin Cash ABC (-1.61%), Litecoin (-1.63%), and Ripple’s XRP (-1.85%) also struggled, while EOS fell by just 0.68%.

Through the start of the week, the crypto total market cap fell from a Monday high $288.36bn to a low $273.33bn before support kicked in. At the time of writing, the total market cap stood at $283bn.

Bitcoin’s dominance fell back to 62% levels at the start of the week, with Bitcoin taking a hit on Monday. At the time of writing, Bitcoin’s dominance stood at 62.3%.

Trading volumes picked up, rising from sub-$180bn to $196bn levels on Monday. At the time of writing, 24-hr volumes stood at $180.75bn.

This Morning

At the time of writing, Bitcoin was down by 0.31% to $9,677.8. A bearish start to the day saw Bitcoin fall from an early morning high $9,725.0 to a low $9,669.1.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash ABC (+0.21%) and Stellar’s Lumen (+0.68%) bucked the trend early on.

It was a bearish start to the day for the rest of the majors, however.

Binance Coin (-1.74%), Bitcoin Cash SV (-1.05%), Ethereum (-1.10%), Ripple’s XRP (-1.03%) led the way down early on.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $9,726 levels to bring the first major resistance level at $9,950.97 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,900 levels.

Barring a broad-based crypto rebound, resistance at $9,900 would likely leave Bitcoin short of the first major resistance level.

In the event of another breakout, $10,000 levels could come back into play before any pullback. We would expect Bitcoin to fall well short of the second major support level at $10,193.93, however.

Failure to move through to $9,726 levels could see Bitcoin fall deeper into the red.

A fall back through Monday’s low $9,501.5 would bring the first major support level at $9,483.27 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the sub-$9,400 levels on the day.

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