The Crypto Daily – Movers and Shakers -26/05/20

It’s been a mixed start to the day for the majors. A Bitcoin move back through to $8,900 would signal support for the broader market.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin rose by 2.20% on Monday. Partially reversing a 5.08% slide from Sunday, Bitcoin ended the day at $8,902.0.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $8,620.0 before making a move.

Steering clear of the first major support level at $8,498.73, Bitcoin rose to an early evening intraday high $8,963.7.

Falling short of the first major resistance level at $9,110.73, Bitcoin briefly eased back to test support at $8,900 late in 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 the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was also a mixed start to the week on Monday.

Cardan’s ADA and Bitcoin Cash ABC rallied by 5.19% and by 4.05% respectively to lead the way.

Binance Coin (+2.63%), Ethereum (+2.22%), Litecoin (+2.09%), Stellar’s Lumen (+3.26%), Tezos (+3.54%), and Tron’s TRX (+3.83%) also found strong support.

While EOS (+1.50%), Monero’s XMR (+1.65%), and Ripple’s XRP (+1.90%) saw more modest gains, Bitcoin Cash SV fell by 0.47% to buck the trend.

At the start of the week, the crypto total market cap fell to an early Monday low $238.04bn before rising to a high $247.57bn. At the time of writing, the total market cap stood at $245.04bn.

Bitcoin’s dominance fell to a Monday low 66.38% before rising to a high 66.72%. At the time of writing, Bitcoin’s dominance stood at 66.54%.

This Morning

At the time of writing, Bitcoin was down by 0.28 to $8,877.1. A mixed start to the day saw Bitcoin rise to an early morning high $8,925.2 before falling to a low $8,830.0.

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

Elsewhere, it was a mixed start to the day.

EOS (+0.02%), Ethereum (+0.01%), Monero’s XMR (+0.15%), and Tezos (+0.74%) avoided the red early on.

It was a bearish start for the rest of the majors, however, with Tron’s TRX falling by 1.01% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $8,900 levels to bring the first major resistance level at $9,037.13 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $8,963.7.

Barring an extended crypto rally, the first major resistance level would likely limit any upside.

In the event of an extended crypto rally, the second major resistance level at $9,172.27 would likely come into play.

Failure to move back through to $8,900 levels could see Bitcoin fall deeper into the red.

A fall back through the morning $8,830 would bring the first major support level at $8,693.43 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,484.87.

Most Recent

Top Articles