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The Crypto Daily – Movers and Shakers -05/06/20

Bob Mason

Bitcoin rose by 1.17% on Thursday. Following on from a 1.57% gain on Wednesday, Bitcoin ended the day at $9,790.7.

It was another mixed start to the day. Bitcoin rose to an early morning high $9,690.6 before sliding to a late morning intraday low $9,461.0.

Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $9,504.13 before finding support.

Through the afternoon Bitcoin recovered to strike a late afternoon intraday high $9,882.1 before easing back.

Bitcoin broke through the first major resistance level at $9,744.93 and the second major resistance level at $9,813.27.

With resistance at $9,900 pinning Bitcoin back, Bitcoin fell back through the second major resistance level to wrap up the day at sub-$9,800 levels.

The near-term bullish trend remained intact, supported by the 2nd consecutive day in the green.

For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was another mixed day for the majors on Thursday.

Binance Coin (-0.40%), Ethereum (-0.58%), Stellar’s Lumen (-0.62%), Tezos (-1.61%), and Tron’s TRX (-0.29%) saw red on the day.

It was a relatively bullish day for the rest of the majors, however.

Cardano’s ADA rallied by 3.68% to lead the way.

Bitcoin Cash ABC (+1.27%), Bitcoin Cash SV (+0.30%), EOS (+0.88%), Litecoin (+0.59%), and Monero’s XMR (+1.34%) also found strong support.

Ripple’s XRP ended the day flat after a final hour pullback.

Through the current week, the crypto total market cap rose to a Monday high $285.71bn before sliding to a Tuesday low $255.98bn. At the time of writing, the total market cap stood at $273.47bn.

At the start of the week, Bitcoin’s rose to a Monday high 67.13% before falling to a Thursday low 65.59%. At the time of writing, Bitcoin’s dominance stood at 66.01%.

This Morning

At the time of writing, Bitcoin was up by 0.19% to $9,809.0. A mixed start to the day saw Bitcoin fall to an early morning low $9,765.3 before striking a high $9,848.9.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash ABC was up by 2.53% at the time of writing, to lead the way.

Cardano’s ADA (-0.17%), Stellar’s Lumen (-0.54%), and Tezos (-0.15%) bucked the trend early on, however, with the rest of the pack in the green.

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$9,710 levels to bring the first major resistance level at $9,961.53 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $9,882.1.

Barring another broad-based crypto rally, the first major resistance level would likely limit any upside.

In the event of an extended crypto rally, Bitcoin could eye the second major resistance level at $10,132.37 before any pullback.

Failure to avoid sub-$9,710 levels could see Bitcoin struggle on the day.

A fall back through the morning low $9,765.3 to sub-$9,710 levels would bring the first major support level at $9,540.43 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,290.17.

This article was originally posted on FX Empire

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