The Crypto Daily – Movers and Shakers – 16/02/20

Bob Mason
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Bitcoin fell by 4.2% on Saturday. Reversing a 1.1% gain from Friday, Bitcoin ended the day at $9,900.9.

Bearish throughout the day, Bitcoin fell from an early morning intraday high $10,373.0 to a late afternoon intraday low $9,800.0.

Bitcoin fell through the first major support level at $10,166.33 and the second major support level at $9,997.67.

Steering clear of sub-$9,800 levels, Bitcoin bounced back to an afternoon high $10,087.0 before sliding back into the deep red.

The reversal saw Bitcoin fall back through the second major support level at $9,997.67.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, in spite of the current upward trend.

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 bearish day for the crypto majors.

Bitcoin Cash SV (-13.96%), Bitcoin Cash ABC (-11.63%), EOS (-11.38%), and Tron’s TRX (-10.56%) saw double digit percentage losses.

Binance Coin (-8.32%), Cardano’s ADA (-9.23%), Ethereum (-7.35%), Litecoin (-7.92%), Ripple’s XRP (-8.42%), and Stellar’s Lumen (-9.50%) also saw heavy losses.

Monero’s XMR fell by 6.65%, faring better than the pack on the day.

Through the current week, the crypto total market cap fell to a Tuesday low $279.65bn before rising to a Thursday high $308.04bn. At the time of writing, the total market cap stood at $295.21bn.

Bitcoin’s dominance slipped back through the week from 63.7% to 61.6% at the time of writing.

Trading volumes were on the rise, however, jumping to $195bn levels on Thursday before easing back. Volumes had stood at sub-$130bn levels in the early part of the week. At the time of writing, 24-hr volumes stood at $172.87bn.

This Morning

At the time of writing, Bitcoin was up by 0.88% to $9,988.1. A bullish start to the day saw Bitcoin rise from an early morning low $9,860.00 to a high $10,037.0.

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

Elsewhere, it was also a bullish start to the day.

Bitcoin Cash ABC (+3.21%), Cardano’s ADA (+3.23%), Litecoin (+4.00%), and Tron’s TRX (+3.38%) led the way early on.

Binance Coin (+2.26%), Bitcoin Cash SV (+2.25%), Ethereum (+2.50%), Ripple’s XRP (+2.42%), Stellar’s Lumen (+2.17%), and Tezos (+3.00%) also found strong support.

EOS trailed the pack, up by just 1.17% at the time of writing.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $10,025 levels to bring the first major resistance level at $10,249.27 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning nigh $10,037.0.

Barring an extended crypto rally, resistance at $10,000 would likely leave Bitcoin short of the first major resistance level.

In the event of another breakout, Bitcoin the first major resistance level would likely pin Bitcoin back from a return to $10,400 levels.

Failure to move back through to $10,025.00 levels could see Bitcoin hit reverse.

A fall back through the morning low $9,960.00 would bring the first major support level at $9,676.27 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the sub-$9,800 levels on the day.

This article was originally posted on FX Empire

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