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The Crypto Daily – Movers and Shakers – 17/02/20

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·4 min read
In this article:
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Bitcoin rose by 0.26% on Sunday. Partially reversing a 4.2% slide from Saturday, Bitcoin ended the week down by 2.22% to $9,926.8.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $10,037.00 before hitting reverse.

Falling short of the first major resistance level at $10,249.27, Bitcoin tumbled to a late afternoon intraday low $9,651.30.

Bitcoin fell through the first major support level at $9,676.27 before recovering to $9,800 levels.

A late rebound was needed, however, to reverse losses from the day. Bitcoin struck a 2nd half of a day high $9,999.40 in the final hour before easing back.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, supported by last week’s loss.

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 and EOS led the way down with losses of 8.44% and 7.68% respectively.

Binance Coin (-3.79%), Bitcoin Cash ABC (-4.22%), Cardano’s ADA (-4.44%), Ripple’s XRP (-4.76%), Stellar’s Lumen (-3.19%), and Tron’s TRX (-5.40%) also saw heavy losses.

Ethereum (-2.39%), Litecoin (-2.68%), and Monero’s XMR (-1.66%) saw relatively modest losses.

Tezos joined Bitcoin in the green on the day, rising by 1.09%.

It was also a mixed week for the majors, in the week ending 16th February.

Bitcoin Cash SV and EOS slid by 18.13% and 12.34% to lead the way down.

Binance Coin (-4.34%), Bitcoin Cash ABC (-7.75%), Cardano’s ADA (-0.80%), and Litecoin (-3.10%) also saw red.

It was a bullish week for the rest of the pack, however, with Tezos rallying by 22.37% to lead the way.

Ethereum (+12.98%), Monero’s XMR (+0.11%), Ripple’s XRP (+3.58%), Stellar’s Lumen (+2.79%), and Tron’s TRX (+1.13%) also saw green.

Through the week, the crypto total market cap rose from a Tuesday low $279.65bn to a Saturday week high $308.72bn. A bearish weekend led to a pullback to sub-$300bn levels, however. The total market cap fell to a Sunday week low $278.56bn before support kicked in. At the time of writing, the total market cap stood at $283.39bn.

Bitcoin’s dominance slipped back through the week from 63.7% to sub-62% levels before recovering. At the time of writing, Bitcoin’s dominance stood at 63.3%.

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 $172.97bn.

This Morning

At the time of writing, Bitcoin was down by 0.77% to $9,849.90. A bearish start to the day saw Bitcoin fall from an early morning high $9,969.2 to a low $9,815.00.

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

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

Stellar’s Lumen (-4.47%), Tezos (-4.10%), and Tron’s TRX (-4.20%) led the way down early on.

Bitcoin Cash ABC (-3.25%), Bitcoin Cash SV (-3.50%), EOS (-3.13%), and Litecoin (-2.81%) also struggled.

Binance Coin (-2.03%), Ethereum (-2.02%), and Ripple’s XRP (-1.83%) saw modest gains relative to the rest of the pack early on.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,870 levels to bring the first major resistance level at $10,092.10 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $10,000 levels.

Barring an extended crypto rally, the first major resistance levels would likely cap any upside on the day.

Failure to move back through to $9,870 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low $9,815.00 would bring the first major support level at $9,706.40 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the sub-$9,600 levels on the day.

This article was originally posted on FX Empire

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