The Crypto Daily – Movers and Shakers -21/04/20

It’s a relatively bullish start to the day. A Bitcoin move back through to $7,000 would support the broader market.
Bitcoin coin on white keyboard

Bitcoin slid by 4.14% on Monday. Following on from a 1.87% fall on Sunday, Bitcoin ended the day at $6,837.7.

It was a mixed start to the day, with Bitcoin rising to an early morning intraday high $7,236.3 before hitting reverse.

Falling short of the first major resistance level at $7,260.17, Bitcoin slid to a late intraday low $6,766.0.

Bitcoin fell through the first major support level at $7,031.67 and the second major support level at $6,930.03.

Steering clear of the third major support level at $6,701.53, Bitcoin recovered to $6,800 levels to limit the loss.

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 bearish day on Monday.

Binance Coin (-6.59%), Bitcoin Cash ABC (-5.07%), Bitcoin Cash SV (-5.32%), and Tezos (-5.38%) led the way down.

Cardano’s ADA (-4.56%), EOS (-3.49%), Litecoin (-4.80%), Monero’s XMR (-3.75%), Ripple’s XRP (-3.95%), and Tron’s TRX (-3.38%) were close behind, however.

Stellar’s Lumen bucked the trend on the day, rising by 0.94%.

Through the start of the week, the crypto total market cap fell from a Monday high $209.37bn to a low $197.24bn. At the time of writing, the total market cap stood at $198.81bn.

Bitcoin’s dominance continued to hover at sub-64% levels following last week’s broader market gains. At the time of writing, Bitcoin’s dominance stood at 63.6%.

24-hour trading volumes rose from sub-$130bn levels to reach a current week high $146.91bn on Monday before easing back. At the time of writing, 24-hr volumes stood at $146.09bn.

This Morning

At the time of writing, Bitcoin was up by 0.41% to $6,866.0. It was a relatively bullish start to the day. Bitcoin rose from an early morning low $6,825.0 to a high $6,923.0 before easing back.

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

Elsewhere, it was a mixed start to the day.

Tron’s TRX (-0.46%), Monero’s XMR (-0.40%), and Bitcoin Cash ABC (-0.14%) saw red early on.

The rest of the pack found early support, with Binance Coin (+2.00%), and Tezos (+1.99%) leading the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $6,950 levels to bring the first major resistance level at $7,127.33 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $7,000 levels.

Barring another broad-based crypto rally, resistance at $7,000 would likely leave Bitcoin short of the first major resistance level.

In the event of a broad-based crypto rally, the first major resistance level at $7,127.33 and $7,200 levels would likely come into play.

Failure to move through to $6,950 levels could see Bitcoin hit reverse.

A fall through the morning low $6,825.0 would bring the first major support level at $6,657.03 into play.

Barring a crypto meltdown, however, Bitcoin should steer of sub-$6,700 levels.

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