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The Crypto Daily – Movers and Shakers – 13/01/20

Bob Mason

Bitcoin rose by 2.01% on Sunday. Reversing a 2.04% fall from Saturday, Bitcoin ended the day at $8,714.7.

A bearish start to the day saw Bitcoin fall to an early intraday low $7,951.7 before finding support.

Steering clear of the first major support level at $7,909.53, Bitcoin bounced back to a late intraday high $8,174.7.

In spite of the rebound, Bitcoin came up short of the first major resistance level at $8,200.13 and 23.6% FIB of $8,200.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the gain for the week. Bitcoin rallied by 11.01% through the week.

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 bullish day for the majors.

Bitcoin Cash SV (+10.65%) and EOS (+7.57%) led the way.

Binance Coin (+3.02%), Bitcoin Cash ABC (+3.72%), Ethereum (+2.87%), Litecoin (+4.15%), and Tron’s TRX (+2.87%) also saw solid gains.

Monero’s XMR (+1.98%), Ripple’s XRP (+1.80%), and Stellar’s Lumen (+1.45%) saw more modest gains.

It was also bullish across the crypto top 10 for the week.

Bitcoin Cash SV led the way, surging by 49.92%.

Bitcoin Cash ABC (+21.12%), EOS (+19.80%), Litecoin (+18.81%), Monero’s XMR (+10.23%), and Ripple’s XRP (+10.55%) also saw solid gains.

Binance Coin (+9.34%), Ethereum (+8.34%), Stellar’s Lumen (+7.48%), and Tron’s TRX (+9.92%) trailed the frontrunners.

Through the week, the crypto total market cap jumped from $197bn levels to an early Wednesday week high $220.27bn before easing back. At the time of writing, the total market cap stood at $218.04bn.

Bitcoin’s dominance held onto 68% levels in spite of more modest gains for the week. Trading volumes revisited $100bn levels on Saturday before easing back. At the time of writing, volumes were at $79bn levels.

This Morning

At the time of writing, Bitcoin was down by 0.13% to $8,164.1. Another mixed start to the day saw Bitcoin rise to an early morning high $8.199.7 before falling to a low $8,135.8.

Bitcoin left the major support and resistance levels untested early on, with the 23.6% FIB of $8,200 limiting the upside early on.

Elsewhere, it was a sea of red across the crypto board.

Bitcoin Cash ABC (-1.66%), Bitcoin Cash SV (-1.39%), EOS (-1.59%), and Litecoin (-1.07%), led the way down early on.

For the Bitcoin Day Ahead

Bitcoin would need to break through the 23.6% FIB of $8,200 to support a run at the first major resistance level at $8,249.03.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,199.7.

Barring a broad-based extended crypto rally on the day, the first major resistance level and 23.6% FIB would likely cap any upside once more.

Failure to break through 23.6% FIB could see Bitcoin fall deeper into the red.

A fall back through the morning low $8,135.8 to sub-$8,100 levels would bring the first major support level at $8,026.03 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $7,877.37.

This article was originally posted on FX Empire

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