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The Crypto Daily – Movers and Shakers – 18/01/20

Bob Mason

Bitcoin rose by 1.79% on Friday. Reversing a 0.99% fall from Thursday, Bitcoin ended the day at $8,875.4.

A bullish morning saw Bitcoin rally from an early morning intraday low $8,674.2 to a late morning intraday high $9,000.0.

Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $8,847.07 and the second major resistance level at $8,973.53.

Coming up against resistance at $9,000, Bitcoin slid back through the major resistance levels to an early afternoon low $8,756.9.

Finding support late in the day, Bitcoin broke back through the first major resistance level to wrap up the day in the green.

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.

Bitcoin Cash SV bucked the trend on the day, sliding by 7.71%.

It was a bullish day for the rest, with Bitcoin Cash ABC (+13.58%) and Stellar’s Lumen (+13.22%) leading the way.

Binance Coin (+5.87%), Litecoin (+5.79%), and Monero’s XMR (+4.78%) also saw solid gains.

EOS (+1.52%), Ethereum (+3.41%), Ripple’s XRP (+3.98%), and Tron’s TRX (+1.24%) trailed the frontrunners.

Through the current week, the crypto total market cap rallied from a Monday low $215.38 to a Saturday current week high $248.04bn. At the time of writing, the total market cap stood at $245.65bn.

Bitcoin’s dominance eased back to 65% levels following more a more modest gain on Friday. Trading volumes fall short of $177bn levels hit earlier in the week. At the time of writing, 24-hr volumes stood at $141.63bn.

This Morning

At the time of writing, Bitcoin was up by 0.31% to $8,903.3. A mixed start to the day saw Bitcoin fall to an early morning low $8,846.0 before striking a high $8,965.0.

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

Elsewhere, it was another mixed start to the day for the crypto top 10.

Binance Coin (-0.53%), Bitcoin Cash SV (-3.03%), Monero’s XMR (-0.16%), Ripple’s XRP (-0.27%), and Stellar’s Lumen (-1.71%) saw red early.

Bitcoin Cash ABC (+4.95%), EOS (+0.46%), Ethereum (+0.60%), Litecoin (+0.61%), and (+ Tron’s TRX (+1.31%) found early support.

For the Bitcoin Day Ahead

Bitcoin would need to move back the morning high $8,965.0 to support a run at the first major resistance level at $9,025.53.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,000 levels.

Barring a broad-based extended crypto rally on the day, the first major resistance and Friday’s high $9,000 would likely cap any upside.

Failure to break back through the morning high $8,965.0 could see Bitcoin fall into the red.

A fall back through the morning low $8,846 would bring the first major support level at $8,699.73 into play. Barring a crypto meltdown, however, Bitcoin should continue to avoid sub-$8,600 levels on the day.

This article was originally posted on FX Empire

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