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The Crypto Daily – Movers and Shakers -21/03/20

Bob Mason

Bitcoin rose by 0.53% on Friday. Consolidating a 13.97% rally from Thursday, Bitcoin ended the day at $6,206.5.

A bullish start to the day saw Bitcoin rally to a late morning intraday high $6,929.8 before hitting reverse.

Bitcoin broke through the 23.6% FIB of $6,300 and the first major resistance level at $6,638.67 before sliding to a late intraday low $5,665.00.

Steering clear of the first major support level at $5,486.57, Bitcoin recovered to $6,300 levels before easing back.

The 23.6% FIB pinned Bitcoin back late in the day.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, reaffirmed by the new swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 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 cryptos on Friday.

Bitcoin Cash SV and Tezos joined Bitcoin in the green, with gains of 2.98% and 2.55% respectively.

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

EOS led the way down, tumbling by 7.51%.

Binance Coin (-3.25%), Bitcoin Cash ABC (-3.91%), Cardano’s ADA (-3.39%), Ripple’s XRP (-4.89%), Stellar’s Lumen (-4.62%), and Tron’s TRX (-3.32%) also saw relatively heavy losses.

Ethereum (-2.47%), Litecoin (-2.53%), and Monero’s XMR (-2.69%) saw modest losses on the day.

Through the current week, the crypto total market cap hit a Monday high $164.76bn before sliding to a low $131.81bn. Upward momentum mid-week saw the market cap recover to strike a Friday current week high $191.6bn. At the time of writing, the total market cap stood at $171.92bn.

Bitcoin’s dominance recovered from sub-64% levels in the week, supported by a 4th consecutive day in the green on Friday. At the time of writing, Bitcoin’s dominance stood at 65%, as Bitcoin’s held onto $6,000 levels.

Trading volumes jumped from sub-$110bn levels to $192bn levels on Friday before easing back. At the time of writing, 24-hr volumes stood at $184.05bn.

This Morning

At the time of writing, Bitcoin was down by 1.82% to $6,093.5. A mixed start to the day saw Bitcoin rise to an early morning high $6,385.2 before falling to a low $6,053.0,

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

Elsewhere, it was a bearish morning for the majors. Cardano’s ADA and Ethereum led the way, sliding by 3.21% and by 3.22% respectively.

Bitcoin Cash SV bucked the trend early on, rising by 0.85%.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $6,270 levels to bring the first major resistance level at $6,869.20 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the 23.6% FIB of $6,300.

Barring a broad-based crypto rebound, the 23.6% FIB would likely leave Bitcoin short of the major resistance levels.

Failure to move back through to $6,270 levels could see Bitcoin struggle throughout the day.

A fall back through to sub-$6,000 levels would bring the first major support level at $5,604.40 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer well clear of sub-$5,700 support levels.

This article was originally posted on FX Empire

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