The Crypto Daily – Movers and Shakers – 01/02/20
Bitcoin fell by 1.53% on Friday. Partially reversing a 2.23% gain from Thursday, Bitcoin ended the month up 29.95% to $9,367.4.
A bearish start to the day saw Bitcoin slide from an early morning intraday high $9,519.9 to an early afternoon intraday low $9,220.3.
Steering clear of the major resistance levels, Bitcoin fell through the 38.2% FIB of $9,260 and the first major support level at $9,240.33.
Finding support in the 2nd half of the day, Bitcoin broke back through the first major support level and 38.2% FIB to wrap up January at $9,300 levels.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, in spite of the January rally.
For the bulls, Bitcoin would need to break out from $11,000 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 crypto majors.
Bitcoin Cash SV led the way down, sliding by 8.26%.
Bitcoin Cash ABC (-4.78%), Cardano’s ADA (-4.08%), EOS (-3.77%), Monero’s XMR (-3.88%), and Tron’s TRX (-4.06%) also saw heavy losses.
Binance Coin (-1.78%), Ethereum (-2.59%), Ripple’s XRP (-1.45%), and Stellar’s Lumen (-3.11%) saw relatively modest losses.
Litecoin bucked the trend on the day, eking out a 0.18% gain.
For the month, however, it was a particularly bullish start to the year…
Bitcoin Cash SV led the way, surging by 183%.
Bitcoin Cash ABC (+83.7%), Cardano’s ADA (+64.8%), EOS (+60.5%), Litecoin (+65.4%) also made solid gains.
Binance Coin (+33.6%), Ethereum (+39.8%), Ripple’s XRP (+39.8%), Stellar’s Lumen (+35.1%), and Tron’s TRX (+39.8%) trailed the front runners.
Through the current week, the crypto total market cap rose from a Monday low $237.76bn to a late Thursday high $263.46bn. At the time of writing, the total market cap stood at $257.42bn.
Bitcoin’s dominance returned to 66% levels on Friday, with heavier losses seen across the broader market.
Trading volumes also picked up, rising from sub-$80bn levels on Sunday to $127bn levels on Friday before easing back. At the time of writing, 24-hr volumes stood at $114.11bn.
This Morning
At the time of writing, Bitcoin was up by 0.19% to $9,385.1. A mixed start to the day saw Bitcoin fall to an early morning low $9,357.6 before striking a high $9,385.5.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day for the cryptos.
EOS led the way early, rising by 0.98%.
Bitcoin Cash SV (+0.06%), Cardano’s ADA (+0.23%), Ethereum (+0.17%), and Litecoin (+0.12%) also joined Bitcoin in the green.
It was a bearish start for the rest, however, with Monero’s XMR falling by 0.58% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through to $9,400 levels to support a run at the first major resistance level at $9,518.10.
Support from the broader market would be needed, however, for Bitcoin to break through to $9,500 levels.
Barring another broad-based crypto rally, the first major resistance level and Friday’s high $9,519.9 would likely cap any upside.
In the event of another breakout, the second major resistance level at $9,668.8 will likely come into play.
Failure to move back through to $9,400 levels could see Bitcoin fall back into the red.
A fall through the morning low $9,381.0 to sub-$9,370 levels would bring the first major support level at $9,218.5 into play.
Barring a crypto meltdown, however, the 38.2% FIB of $9,260 and first major support level should limit any downside on the day.
This article was originally posted on FX Empire
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