The Crypto Daily – Movers and Shakers -23/04/20

It’s a mixed start to the day for the pack. A Bitcoin move through to $7,200 levels would signal a breakout
Bitcoin 1

Bitcoin rallied by 4.13% on Wednesday. Following on from a 0.19% gain on Tuesday, Bitcoin ended the day at $7,133.0.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $6,826.2 before making a move.

Steering clear of the first major support level at $6,760.47, Bitcoin rallied to a late afternoon intraday high $7,164.0.

Bitcoin broke through the first major resistance level at $6,949.17 and the second major resistance level at $7,048.33.

In spite of a brief pullback to sub-$7,100 levels, Bitcoin held above the second major resistance level through the remainder of 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 bullish day on Wednesday.

Tezos (+8.94%), Stellar’s Lumen (+7.88%), Ethereum (+7.05%), and Cardan’s ADA (+6.24%) led the way.

Bitcoin Cash ABC (+5.73%), Bitcoin Cash SV (+4.98%), and EOS (+4.09%) also found strong support.

Binance Coin (+3.89%), Litecoin (+2.92%), Monero’s XMR (+3.15%), Ripple’s XRP (+2.74%), and Tron’s TRX (+3.92%) trailed the front runners.

Through the current week, the crypto total market cap fell from a Monday high $209.37bn to a Tuesday current week low $196.98bn. At the time of writing, the total market cap stood at $207.01bn.

Bitcoin’s dominance continued to hover at sub-64% levels following last week’s gains. At the time of writing, Bitcoin’s dominance stood at 63.4%.

24-hour trading volumes rose to a current week high $146.91bn on Monday before falling to sub-$120bn levels on Tuesday. While seeing a pickup on Wednesday, volumes failed to break through to $130bn levels. At the time of writing, 24-hr volumes stood at $124.73bn.

This Morning

At the time of writing, Bitcoin was up by 0.45% to $7,165.2. A mixed start to the day saw Bitcoin fall to an early morning low $7,110.5 before striking a high $7,177.0.

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

Elsewhere, it was a mixed start to the day.

Stellar’s Lumen led the way, rallying by 3.46%. Binance Coin bucked the trend early on, however, falling by 0.27%.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $7,200 levels to bring the first major resistance level at $7,255.93 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $7,177.0

Barring another broad-based crypto rally, resistance at $7,200 would likely leave Bitcoin short of the first major resistance level.

In the event of a broad-based crypto rally, the second major resistance level at $7,378.87 would likely come into play.

Failure to move through to $7,200 levels could see Bitcoin hit reverse.

A fall through to sub-$7,040 levels would bring the first major support level at $6,918.13 into play.

Barring a crypto meltdown, however, Bitcoin should steer of the second major support level at $6,703.27.

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