The Crypto Daily – Movers and Shakers -28/05/20

It’s a mixed start to the day. A Bitcoin move back through to $9,200 levels should provide the broader market with support…
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin rallied by 4.12% on Wednesday. Reversing a 0.62% fall from Tuesday, Bitcoin ended the day at $9,210.3.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $8,822.2 before making a move.

Steering clear of the first major support level at $8,695.83, Bitcoin rallied to a mid-afternoon intraday high $9,225.0.

Bitcoin broke through the first major resistance level at $9,004.23 and second major resistance level at $9,162.97 before pulling back.

A late pullback saw Bitcoin fall through the second major resistance level to sub-$9,100 levels before finding support. The late support led to a move back through the second major resistance level to wrap up the day at $9,200 levels.

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 a bullish day for the majors on Wednesday.

Bitcoin Cash SV rallied by 4.50% to lead the way.

Ethereum (+3.75%), Litecoin (+3.79%), Monero’s XMR (+3.79%) were close behind.

Cardano’s ADA (+2.86%), EOS (+2.49%), and Ripple’s XRP (2.19%) and also found strong support.

Binance Coin (+1.73%), Bitcoin Cash ABC (+1.53%), Stellar’s Lumen (+1.59%), Tezos (+0.55%), and Tron’s TRX (+0.58%) saw modest gains.

In the current week, the crypto total market cap fell to an early Monday low $238.04bn before rising to a Wednesday high $252.95bn. At the time of writing, the total market cap stood at $251.86bn.

Bitcoin’s dominance fell to a Monday low 66.38% before rising to a Wednesday high 67.09%. At the time of writing, Bitcoin’s dominance stood at 67.04%.

This Morning

At the time of writing, Bitcoin was down by 0.29% to $9,183.7. A bearish start to the day saw Bitcoin fall from an early morning high $9,219.7 to a low $9,169.9.

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

Elsewhere, it was a mixed start to the day.

Monero’s XMR avoided the red, with a gain of 0.12%.

It was red the rest of the majors, however, with Ethereum down by 0.38%, at the time of writing, to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$9,090 levels to bring the first major resistance level at $9,349.47 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the Wednesday’s high $9,225.0.

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

In the event of another extended crypto rally, the second major resistance level at $9,488.43 and $9,500 levels would likely come into play.

Failure to avoid sub-$9,090 levels could see Bitcoin fall deeper into the red.

A fall back through to sub-$9,090 levels would bring the first major support level at $8,946.67 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer well clear of the second major support level at $8,683.03.

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