The Crypto Daily – Movers and Shakers -26/03/20

It’s a slow start to the day for the majors. A Bitcoin move through to $6,700 would signal a breakout…
Bitcoin and Litecoin over dollar banknotes.

Bitcoin fell by 1.09% on Wednesday. Partially reversing a 4.2% gain from Tuesday, Bitcoin ended the day at $6,688.2

A choppy start to the day saw Bitcoin rally to a mid-morning intraday high $6,968.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $6,932.73 before sliding to a late morning intraday low $6,430.2.

The sell-off saw Bitcoin fall through the first major support level at $6,498.73 before finding support.

Bitcoin recovered to $6,700 levels in the early afternoon before falling back to $6,500 levels.

Support late on led to recovery to $6,600 levels, however, to limit the loss on the day.

The near-term bearish trend, formed at late June’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 top 10 cryptos, it was a mixed day for the majors.

Stellar’s Lumen bucked the trend with a 0.47% gain on Wednesday.

It was bearish for the rest of the pack, however. Litecoin and Bitcoin Cash SV slid by 3.59% and 3.26% to lead the way down.

Bitcoin Cash ABC (-2.48%), Cardano’s ADA (-2.89%), EOS (-2.08%), and Tezos (-2.95%) also saw relatively heavy losses.

Binance Coin (-0.88%), Monero’s XMR (-0.40%), Ripple’s XRP (-0.51%), and Tron’s TRX (-0.39%) saw modest losses on the day.

Through the current week, the crypto total market cap rose from a Monday low $163.00bn to a Wednesday high $191.26bn. At the time of writing, the total market cap stood at $185.44bn.

Bitcoin’s dominance hit 66% levels on Monday before falling to 62% levels. Bitcoin saw its dominance recover, however, to hover at around the 66% mark mid-week. At the time of writing, Bitcoin’s dominance stood at 66.1%.

Trading volumes jumped from $130bn levels on Monday to $168.2bn levels on Tuesday before easing back. At the time of writing, 24-hr volumes stood at $135.61bn.

This Morning

At the time of writing, Bitcoin was down by 2.79% to $6,573.5. A bullish start to the day saw Bitcoin rise to an early morning high $6,790.8 before falling to a low $6,668.4.

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

Elsewhere, it was a mixed start to the day. Bitcoin Cash SV and Ripple’s XRP saw red early on, with losses of 0.165 and 0.57% respectively.

It was a bullish start to the day for the rest of the pack, however, with Monero’s XMR up by 2.29% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $6,700 levels to support a run at the first major resistance level at $6,960.73.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $6,790.8.

Barring a broad-based crypto rally, resistance at $6,800 would likely leave Bitcoin short of the first major resistance level.

Failure to move back through to $6,700 levels could see Bitcoin hit reverse.

A fall back through the morning low $6,668.4 would bring the first major support level at $6,422.93 into play.

Barring a broad-based crypto sell-off, however, Bitcoin should continue to steer clear of the 23.6% FIB of $6,300.

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