The Crypto Daily – Movers and Shakers -20/05/20
Bitcoin rose by 0.56% on Tuesday. Following on from a 0.48% gain on Monday, Bitcoin ended the day at $9,769.4.
A bearish start to the day saw Bitcoin fall to an early morning intraday low $9,457.8.
Bitcoin fell through the first major support level at $9,461.87 before rallying to a late morning intraday high $9,878.0.
Falling short of the first major resistance level at $9,955.87, Bitcoin slid back to $9,550 levels and into the red.
Finding support late in the day, however, Bitcoin broke back through to $9,700 levels to end the day in the green.
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 mixed day on Tuesday.
Binance Coin, Cardano’s ADA, and Tezos rallied by 3.61%, 4.75%, and by 3.19% to lead the way.
Bitcoin Cash ABC (+0.18%), Litecoin (+0.97%), and Tron’s TRX (+2.29%) also found support on the day.
Bitcoin Cash SV (-1.59%), EOS (-0.28%), Ethereum (+0.07%), Monero’s XMR (-0.10%), Ripples XRP (-0.19%), and Stellar’s Lumen (0.64%) struggled, however.
In the current week, the crypto total market cap rose to a Monday low $268.43bn before falling to a Tuesday low $257.06bn. At the time of writing, the total market cap stood at $264.80bn.
Bitcoin’s dominance rose from a Monday low 67.61% to a Tuesday high 67.96% before easing back. At the time of writing, Bitcoin’s dominance stood at 67.89%.
This Morning
At the time of writing, Bitcoin was down by 0.01% to $9,768.6. A mixed start to the day saw Bitcoin fall to an early morning low $9,753.5 before striking a high $9,791.3.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a mixed start to the day.
Bitcoin Cash ABC (-0.62%), Cardano’s ADA (-0.30%), Ethereum (-0.09%), and Tron’s TRX (-1.22%) saw red early on.
Bitcoin Cash SV led the rest of the majors, however, with a 1.28% gain.
For the Bitcoin Day Ahead
Bitcoin would need to avoid sub-$9,700 levels to bring the first major resistance level at $9,945.67 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $9,878.0.
Barring an extended crypto rally, the first major resistance level would likely limit any upside.
In the event of an extended crypto rally, the 62% FIB of $10,034 and the second major resistance level at $10,121.93 would likely come into play.
Failure to avoid sub-$9,700 levels could see Bitcoin fall deep into the red.
A fall back through to sub-$9,700 levels would bring the first major support level at $9,525.47 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,281.53.
This article was originally posted on FX Empire