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The Crypto Daily – Movers and Shakers -28/03/20

Bob Mason
·4-min read

Bitcoin slid by 5.66% on Friday. Reversing a 0.95% gain from Thursday, Bitcoin ended the day at $6,370.0.

A bullish start to the day saw Bitcoin rally to an early morning intraday high $6,861.4 before hitting reverse.

Bitcoin came up against the first major resistance level at $6,856.47, before falling to an early afternoon low $6,571.3.

Finding support at the first major support level at $6,581.67, Bitcoin recovered to $6,690 levels before taking a hit.

A final hour sell-off saw Bitcoin slide through the first major support level at $6,581.67 and second major support level at $6,411.43.

Of greater significance, however, was a fall through the 23.6% FIB of $6,300 to an intraday low $6,256.0.

Finding late support, Bitcoin broke back through the 23.6% FIB to wrap up the day at $6,370 levels.

The near-term bearish trend, formed at late June’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 top 10 cryptos, it was a bearish day for the majors.

Tezos tumbled by 9.84% to lead the way down.

Binance Coin (-6.71%), Cardano’s ADA (-6.57%), Litecoin (-6.03%), and Tron’s TRX (-6.25%) also saw heavy losses.

Bitcoin Cash ABC (-4.13%), Bitcoin Cash SV (-5.52%), EOS (-5.91%), Ethereum (-5.35%), Monero’s XMR (-5.02%), and Stellar’s Lumen (-5.93%) weren’t far behind.

Ripple’s XRP fared better than the rest, falling by just 1.98% on the day.

Through the current week, the crypto total market cap rose from a Monday low $163.00bn to a Wednesday high $191.26bn. At the time of writing, the total market cap stood at $174.18bn as the market hits reverse.

Bitcoin’s dominance hit 66% levels on Monday before falling to 62% levels. Bitcoin saw its dominance recover, however, to hover at around the 66% mark mid-week before sliding back. At the time of writing, Bitcoin’s dominance stood at 65.2%.

Trading volumes jumped from $130bn levels on Monday to $168.2bn levels on Tuesday before easing back to sub-$110bn levels on Thursday. At the time of writing, 24-hr volumes stood at $116.54bn.

This Morning

At the time of writing, Bitcoin was down by 2.91% to $6,184.5. A bearish start to the day saw Bitcoin slide from an early morning high $6,371.9 to a low $6,068.4.

Steering clear of the major resistance levels, Bitcoin fell through the 23.6% FIB of $6,300 and the first major support level at $6,130.20.

Elsewhere, it was also a bearish start to the day for the pack.

Bitcoin Cash SV and Monero’s XMR led the way down early on, with losses of 4.07% and 4.14% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $6,500 levels to bring the first major resistance level at $6,735.6 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 first major resistance level.

Failure to move through to $6,500 levels could see Bitcoin struggle throughout the day.

A fall back through the first major support level at $6,130.2 would bring sub-$6,000 levels into play.

Barring an extended crypto sell-off, however, Bitcoin should continue to steer well clear of the second major support level at $5,890.4.

This article was originally posted on FX Empire

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