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The Crypto Daily – Movers and Shakers -23/03/20

Bob Mason

Bitcoin slid by 6.15% on Sunday. Following on from a 0.12% decline on Saturday, Bitcoin ended the week up by 8.12% to $5,820.1.

A bullish start to the day saw Bitcoin rise to a mid-morning intraday high $6,410.9 before hitting reverse.

While falling short of the first major resistance level at $6,490.13, Bitcoin broke through the 23.6% FIB of $6,300.

The reversal saw Bitcoin slide to a final hour intraday low $5,755.5. Bitcoin fell back through the 23.6% FIB and through the first major support level at $5,897.3.

While recovering to $5,800 levels, Bitcoin failed to break back through the first major support level.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March 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 bearish end to the week.

Tezos led the way down, tumbling by 11.50%.

Cardano’s ADA (-8.59%), Ethereum (-7.81%), Litecoin (-7.66%), Stellar’s Lumen (-7.94%), and Tron’s TRX (-8.39%) also saw heavy losses.

Bitcoin Cash ABC (-6.87%), Bitcoin Cash (-6.71%), EOS (-6.31%), Monero’s XMR (-6.65%), and Ripple’s XRP (-6.47%) weren’t far behind.

Binance Coin fared best on the day, with a 1.24% fall.

While it was a bearish end to the week, it was a mixed week for the majors.

Bitcoin Cash SV and Bitcoin Cash ABC led the way, with gains of 28.4% and 15.5% respectively.

Binance Coin (+7.52%), Cardano’s ADA (+0.59%), EOS (+4.08%), Monero’s XMR (+1.40%), and Tron’s TRX (+0.15%) joined Bitcoin in the green.

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

Tezos and Ripple’s XRP led the way down, with losses of 4.49% and 3.68% respectively.

Ethereum (-0.74%), Litecoin (-2.15%), and Stellar’s Lumen (-1.78%) also saw red.

Through the week, the crypto total market cap fell to a Monday low $131.81bn before support kicked in. Upward momentum mid-week saw the market cap recover to strike a Friday week high $191.6bn. A bearish end to the week, however, led to a pullback to sub-$170bn levels. At the time of writing, the total market cap stood at $164.22bn.

Bitcoin’s dominance recovered from sub-64% levels to hit a high 65.72% before easing back. At the time of writing, Bitcoin’s dominance stood at 65.0%.

Trading volumes jumped from sub-$110bn levels to $192bn levels on Friday before sliding back. At the time of writing, 24-hr volumes stood at $129.02bn.

This Morning

At the time of writing, Bitcoin was up by 0.89% to $5,872.0. A mixed start to the day saw Bitcoin slide to an early morning low $5,677.0 before rising to a high $5,952.8.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV and Tezos led the way, early on, with gains of 1.47% and 0.93% respectively.

Binance Coin and EOS bucked the trend early, with losses of 0.52% and 0.21% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $6,000 levels to bring the first major resistance level at $6,235.5 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $5,952.8.

Barring an extended crypto rally, the first major resistance level at $6,235.5 and 23.6% FIB of $6,300 would likely limit any upside.

Failure to move back through to $6,000 levels could see Bitcoin hit reverse.

A fall back through the morning low $5,677.0 would bring the first major support level at $5,580.1 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer well clear of sub-$5,500 levels.

This article was originally posted on FX Empire

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