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

The majors find early support. A Bitcoin move through to $9,730 levels would support a broader market rebound from Wednesday’s slide.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin slid by 5.81% on Wednesday. Reversing a 4.86% rally from Tuesday, Bitcoin ended the day at $9,592.3.

It was a mixed start to the day. Bitcoin recovered from a mid-morning low $10,032.00 to strike a late afternoon intraday high $10,310.00, before hitting reverse.

Falling well short of the first major resistance level at $10,426.70, Bitcoin tumbled to a late intraday low $9,290.00.

Bitcoin fell through the first major support level at $9,789.6 and the second major support level at $9,395.2.

Holding above the 38.2% FIB of $9,260, Bitcoin recovered to $9,600 levels before falling back to sub-$9,600 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.

Tezos bucked the trend on the day, rising by 3.22%.

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

EOS led the way down, sliding by 13.48%, with Tron’s TRX (-10.27%) and Monero’s XMR (-9.69%) close behind.

Binance Coin (-7.21%), Bitcoin Cash ABC (-8.57%), Bitcoin Cash SV (-8.08%), Cardano’s ADA (-8.89%), Ethereum (8.71%), Litecoin (-8.65%), Ripple’s XRP (-8.01%), and Stellar’s Lumen (-8.04%) also saw the deep red.

Through the start of the week, the crypto total market cap fell to a low $273.33bn before hitting a Tuesday high $297.09bn. Wednesday’s sell-off saw the total market cap fall back to $279bn levels. At the time of writing, the total market cap stood at $279.22bn.

Bitcoin’s dominance picked up on Wednesday, following Bitcoin’s more modest loss on Wednesday. At the time of writing, Bitcoin’s dominance stood at 62.8%, up from a current week low 62.02% on the day.

Trading volumes eased further back from $196bn levels seen on Monday to sub-$160bn levels on Wednesday. At the time of writing, 24-hr volumes stood at $162.20bn.

This Morning

At the time of writing, Bitcoin was up by 0.45% to $9,635.1. A mixed start to the day saw Bitcoin fall to an early morning low $9,571.1 before rising to a high $9,640.9.

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

Elsewhere, it was a bullish start to the day. Stellar’s Lumen and Tezos were up by 2.27% and 2.74% to lead the way.

Tron’s TRX trailed the pack, rising by just 0.03%.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $9,730 levels to bring the first major resistance level at $10,171.53 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $10,000 levels.

Barring a broad-based crypto rebound, resistance at $10,000 would likely leave Bitcoin short of the first major resistance level.

In the event of another breakout, Bitcoin could revisit $10,300 levels before any pullback.

Failure to move through to $9,730 levels could see Bitcoin fall back into the red.

A fall through the morning low $9,571.1 to sub-$9,400 levels would bring the first major support level at $9,151.53 into play.

Barring an extended crypto sell-off, however, the 38.2% FIB of $9,260 should limit any downside on the day.

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