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The Crypto Daily – Movers and Shakers – 17/01/20

Bob Mason

Bitcoin fell by 0.99% on Thursday. Reversing a 0.42% gain from Wednesday, Bitcoin ended the day at $8,720.6.

A bearish start to the day saw Bitcoin slide from an intraday high $8,839.9 to an early morning intraday low $8,579.8.

Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $8,621.10.

Finding support through the late morning Bitcoin recovered to $8,700 levels before falling through the first major support level for the 2nd time.

In spite of the bearish day, Bitcoin recovered to $8,700 levels to limit the downside on the day.

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

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 majors.

EOS and Tron’s TRX bucked the trend, rising by 1.94% and by 0.10% respectively.

It was bearish for the rest of the pack, however.

Binance Coin (-3.46%), Bitcoin Cash ABC (-3.19%), and Monero’s XMR (-4.01%) led the way down.

Bitcoin Cash SV (-1.03%), Ethereum (-1.41%), Litecoin (-1.02%), Ripple’s XRP (-1.99%), and Stellar’s Lumen (-2.08%) saw more modest losses on the day.

Through the current week, the crypto total market cap rallied from a Monday low $215.38 to a current week high $244.24bn on Tuesday. At the time of writing, the total market cap stood at $238.81bn.

Bitcoin’s dominance held onto 66% levels after recovering from heavier losses early in the day on Thursday. Trading volumes continued to ease back from $177bn levels hit earlier in the week. At the time of writing, 24-hr volumes stood at $137.03bn.

This Morning

At the time of writing, Bitcoin was down by 0.52% to $8,675.0. A bearish start to the day saw Bitcoin fall from an early morning high $8,724.8 to a low $8,674.2.

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

Elsewhere, it was another sea of red across the crypto top 10.

Bitcoin Cash ABC (-2.56%) and Bitcoin Cash SV (-1.93%) led the way down early on.

Binance Coin bucked the trend at the start of the day, rising by 0.44%.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $8,715 levels to support a run at the first major resistance level at $8,847.07.

Support from the broader market would be needed, however, for Bitcoin to break back through to $8,800 levels.

Barring a broad-based extended crypto rally on the day, the first major resistance and Thursday’s high $8,839.9 would likely cap any upside.

Failure to break back through to $8,715 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low $8,674.2 would bring the first major support level at $8,586.97 into play. Barring a crypto meltdown, however, Bitcoin should continue to avoid sub-$8,500 levels on the day.

This article was originally posted on FX Empire