The Crypto Daily – Movers and Shakers -08/05/20

Bitcoin rallied by 9.06% on Thursday. Following on from a 1.47% gain on Wednesday, Bitcoin ended the day at $9,979.6.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $9,029.0 before making a move.

Steering clear of the first major support level at $8,904.73, Bitcoin rallied to a final hour intraday high $10,045.0.

Bitcoin broke through the first major resistance level at $9,409.13 and the second major resistance level at $9,666.77.

More significantly, Bitcoin tested resistance at the 62% FIB of $10,034 before easing back to sub-$10,000.

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 for the pack on Thursday.

Monero’s XMR led the way, rallying by 12.33%.

Bitcoin Cash ABC (+5.59%), Cardano’s ADA (+4.69%), EOS (+4.14%), Ethereum (+6.72%), Litecoin (+5.37%), and Stellar’s Lumen (+4.09%) also found strong support.

Binance Coin (+3.84%), Bitcoin Cash SV (+2.71%), Ripple’s XRP (+3.23%), Tezos (+2.39%), and Tron’s TRX (+3.83%) trailed the front runners.

Through the current week, the crypto total market cap rose from a Monday low $240.56bn to a Thursday high $270.61bn. At the time of writing, the total market cap stood at $269.25bn.

Bitcoin’s dominance held onto 65% levels following Monday’s modest loss, before the mid-week breakout that delivered 68% levels. At the time of writing, Bitcoin’s dominance stood at 67.8%.

24-hour trading volumes fell to a Tuesday current week low $145.07bn before jumping to a Thursday high $195.08bn. At the time of writing, 24-hr volumes stood at $194.91bn.

This Morning

At the time of writing, Bitcoin was down by 0.67% to $9,912.4. A mixed start to the day saw Bitcoin fall to an early morning low $9,857.1 before striking a high $10,025.0.

Bitcoin left the major support and resistance levels and the 62% FIB untested early on.

Elsewhere, it was another bullish start to the day for the rest of the majors.

Cardano’s ADA led the way, rallying by 2.41%, with Bitcoin Cash SV up by 1.93%.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $10,000 levels to bring the first major resistance level at $10,340.07 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the 62% FIB of $10,034.

Barring a broad-based crypto rally, the 62% FIB would likely leave Bitcoin short of the first major resistance level.

In the event of another breakout, $10,500 levels could come into play before any pullback.

Failure to move through to $10,200 levels could see Bitcoin fall deeper into the red.

A fall through back through to sub-$9,685 levels would bring the first major support level at $89,324.07 into play before any recovery.

Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$9,700 levels.

This article was originally posted on FX Empire

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