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The Crypto Daily – Movers and Shakers -04/04/20

Bob Mason
·3-min read

Bitcoin fell by 1.04% on Friday. Partially reversing a 1.96% gain from Thursday, Bitcoin ended the day at $6,740.8.

A bullish start to the day saw Bitcoin rally to a late morning intraday high $7,049.1 before hitting reverse.

Falling short of the first major resistance level at $7,202.80, Bitcoin slid to a late afternoon intraday low $6,623.3.

Finding support late in the day, Bitcoin briefly recovered to $6,800 levels before easing back into the red.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March 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 majors, it was a bullish day on Friday.

Monero’s XMR led the way once more, rising by 4.62%.

Binance Coin (+2.92%), Bitcoin Cash ABC (+1.61%), Bitcoin Cash SV (+1.73%), Cardano’s ADA (1.63%), EOS (+1.69%), and Litecoin (+1.55%) also found strong support.

Ethereum (+0.04%), Ripple’s XRP (+0.59%), Stellar’s Lumen (+0.93%), Tezos (+0.81%), and Tron’s TRX (+0.02%) trailed the pack.

Through the current week, the crypto total market cap rose from a Monday low $168.04bn to a late Thursday high $197.15bn. At the time of writing, the total market cap stood at $188.45bn.

Bitcoin’s dominance eased back to sub-65% levels fon Tuesday before bouncing back to visit 66% levels on Thursday. At the time of writing, Bitcoin’s dominance stood at 65.2%.

24-hour trading volumes recovered from sub-$100bn levels last Sunday to hit $158bn levels on Thursday. At the time of writing, 24-hr volumes stood at $121.48bn.

This Morning

At the time of writing, Bitcoin was down by 0.14% to $6,731.3. A mixed start to the day saw Bitcoin rise to an early morning high $6,815.0 before falling to a low $6,684.0.

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

Elsewhere, it was another mixed start to the day.

Ripple’s XRP bucked the trend early on, rising by 0.04%.

Bitcoin Cash SV, Cardano’s ADA, and Tron’s TRX led the way down, with losses of 1.52%, 1.14%, and 1.13% respectively

For the Bitcoin Day Ahead

Bitcoin would need to move through to $6,800 levels to bring the first major resistance level at $6,985.3 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $6,815.0.

Barring another crypto rally, the first major resistance level at $6,985.30 would likely pin Bitcoin back on the day.

Failure to move back through to $6,800 levels could see Bitcoin fall deeper into the red.

A fall back through to sub-$6,700 levels would bring the first major support level at $6,559.8 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer of the 23.6% FIB of $6,300.

The second major support level at $6,378.8 should limit any downside on the day.

This article was originally posted on FX Empire

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