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The Crypto Daily – Movers and Shakers – 19/01/20

Bob Mason

Bitcoin rose by 0.18% on Saturday. Following on from a 1.79% gain on Friday, Bitcoin ended the day at $8,891.6.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $8,965.0 before hitting reverse.

Falling short of the first major resistance level at $9,025.53, Bitcoin fell to a mid-morning intraday low $8,791.1.

Steering clear of the first major support level at $8,699.73, Bitcoin recovered to an afternoon high $8,952.3 before easing back.

Holding onto $8,800 levels was key late on.

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 continued to see red on Saturday, sliding by 13.52% to lead the way down.

Binance Coin (-1.39%), Bitcoin Cash ABC (-8.34%), EOS (-2.32%), Litecoin (-2.61%), and Monero’s XMR (-2.14%) also saw red.

Ethereum (+2.67%), Ripple’s XRP (+2.02%), Stellar’s Lumen (+1.27%), and Tron’s TRX (+1.06%) joined Bitcoin in the green.

While it was a mixed bag on Saturday, it’s been a bullish week for the crypto majors, Monday through Saturday.

Bitcoin Cash SV led the way, rallying by 51.95%, with Stellar’s Lumen and Bitcoin Cash ABC up by 25.13% and by 24.89% respectively.

Whilst the rest of the majors saw more modest gains, it was double-digit gains across the board.

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 $243.85bn.

Bitcoin’s dominance moved back to 66% levels following the mixed day on Saturday. Trading volumes continued to ease back from $177bn levels hit earlier in the week. At the time of writing, 24-hr volumes stood at $125.39bn.

This Morning

At the time of writing, Bitcoin was up by 0.1% to $8,900.1. A mixed start to the day saw Bitcoin fall to an early morning low $8,870.1 before striking a high $8,901.4.

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

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

Binance Coin (-0.05%), Bitcoin Cash SV (-0.59%), EOS (-0.01%), Monero’s XMR (-0.49), Stellar’s Lumen (-0.07%), and Tron’s TRX (-0.34%) saw red early.

It was a bullish start for the rest, with Litecoin up by 1.03% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to steer clear of sub-$8,880 levels to support a run at the first major resistance level at $8,974.03.

Support from the broader market would be needed, however, for Bitcoin to break back through Saturday’s high $8,965.0.

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

In the event of a breakout, the second major resistance level at $9,056.47 would likely come into play.

Failure to steer clear of sub-$8,880 levels could see Bitcoin hit reverse.

A fall back through the morning low $8,870.1 would bring the first major support level at $8,800.13 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $8,708.67.

This article was originally posted on FX Empire

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