The Crypto Daily – Movers and Shakers -24/05/20

Bitcoin rose by 0.15% on Saturday. Following on from a 1.14% gain on Friday, Bitcoin ended the day at $9,175.6.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $9,304.0 before hitting reverse.

Coming within range of the first major resistance level at $9,309.13, Bitcoin slid to a midday intraday low $9,072.8.

Steering clear of the first major support level at $8,975.53, Bitcoin briefly revisited $9,200 levels before easing back.

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 the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Saturday.

Monero’s XMR and Tron’s TRX rose by 0.33% and by 0.95% respectively to join Bitcoin in the green.

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

Bitcoin Cash SV (-1.51%), Cardano’s ADA (-1.52%), EOS (-1.04%), Stellar’s Lumen (-1.28%), and Tezos (-1.41%) led the way down.

Binance Coin (-0.66%), Bitcoin Cash ABC (-0.12%), Ethereum (-0.31%), Litecoin (-0.77%), and Ripple’s XRP (-0.90%) saw modest losses on the day.

In the current week, the crypto total market cap rose to a Monday low $268.43bn before falling to a Thursday low $239.96bn. At the time of writing, the total market cap stood at $251.93bn.

Bitcoin’s dominance rose to a Monday high 68.31% before falling to a Friday low 66.90%. At the time of writing, Bitcoin’s dominance stood at 67.01%.

This Morning

At the time of writing, Bitcoin was up by 0.04 to $9,179.3. A mixed start to the day saw Bitcoin fall to an early morning low $9,131.3 before striking a high $9,206.3.

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

Elsewhere, it was a bullish start to the day.

Tezos was up by 1.34% early in the morning to lead the majors.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $9,200 levels to bring the first major resistance level at $9,295.47 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,206.3.

Barring an extended crypto rebound, the first major resistance level and Saturday’s high $9,304.0 would likely limit any upside.

In the event of an extended crypto rally, the second major resistance level at $9,415.33 would likely come into play.

Failure to move through to $9,200 levels could see Bitcoin hit reverse.

A fall back through the morning low $9,131.3 would bring the first major support level at $9,064.27 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,952.93.

This article was originally posted on FX Empire

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