The Crypto Daily – Movers and Shakers -30/04/20
Bitcoin’s on the move, with the bulls now eyeing a return to $10,000. Steering clear of sub-$8,500 will be key.
Bitcoin surged by 13.26% on Wednesday. Reversing a 0.35% fall from Tuesday, Bitcoin ended the day at $8,778.7.
A particularly bullish day saw Bitcoin rally from an early morning intraday low $7,705.0 to a late intraday high $8,918.0.
Bitcoin broke through the major resistance levels to return to $8,000 for the 1st time since 12th March.
In spite of a late pullback, Bitcoin avoided a fall back through the third major resistance level at $7,971.87.
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 for the pack on Wednesday.
Cardano’s ADA, EOS, and Ethereum rallied by 10.06%, 8.55%, and by 9.67% respectively to lead the way.
Binance Coin (+6.23%), Bitcoin Cash ABC (+6.26%), Litecoin (+6.68%), Monero’s XMR (+6.46%), and Tezos (+6.83%) also found strong support.
Bitcoin Cash SV (+5.11%), Ripple’s XRP (+5.60%), Stellar’s Lumen (+5.04%), and Tron’s TRX (+5.43%) trailed the front runners.
Through the start of the week, the crypto total market cap rose from a Monday low $220.56bn to a Wednesday high $251.11bn. At the time of writing, the total market cap stood at $250.15bn.
While Bitcoin’s dominance recovered to 64% levels following Wednesday’s breakout. At the time of writing, Bitcoin’s dominance stood at 64.8%.
24-hour trading volumes rose from sub-$130bn levels to an early Thursday high $211.32bn before easing back. At the time of writing, 24-hr volumes stood at $207.42bn.
This Morning
At the time of writing, Bitcoin was up by 1.53% to $8,912.6. A bullish start to the day saw Bitcoin rise from an early morning low $8,707.0 to a high $8,912.7.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bullish start to the day.
Bitcoin Cash ABC and Bitcoin Cash SV were up by 5.92% and by 10.58% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid sub-$8,500 levels to support a run at the first major resistance level at $9,229.47.
Support from the broader market would be needed, however, for Bitcoin to break through to $9,000 levels.
Barring an extended crypto rally, resistance at $9,000 would likely leave Bitcoin short of the first major resistance level.
In the event of another breakout, the second major resistance level at $9,680.23 and $10,000 levels would come into play.
Failure to avoid sub-$8,500 levels could see Bitcoin struggle later in the day.
A fall back through to sub-$8,470 levels would bring the first major support level at $8,016.47 into play.
Barring a crypto meltdown, however, Bitcoin should steer of sub-$8,000 support levels.
