The Crypto Daily – Movers and Shakers -28/04/20

Bitcoin rose by 1.04% on Monday. Following on from a 2.11% rally on Sunday, Bitcoin ended the day at $7,777.6.

A bullish start to the day saw Bitcoin rise to an early morning high $7,771.5 before hitting reverse.

Falling short of the first major resistance level at $7,772.7, Bitcoin slid to an early afternoon intraday low $7,613.4.

While steering clear of the first major support level at $7,548.3, Bitcoin fell through the 38.2% FIB of $7,730.

Finding support late on, however, Bitcoin rallied to a late intraday high $7,777.7.

Bitcoin broke back through the 38.2% FIB and the first major resistance level at $7,772.7 in the final hour of the day.

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 yet another mixed day on Monday.

Stellar’s Lumen rallied by 7.86% to lead the way.

Cardano’s ADA (+1.18%), Monero’s XMR (+1.47%), and Tron’s TRX (+1.39%) also made relatively solid gains.

Binance Coin (+0.24%), EOS (+0.12%), and Ripple’s XRP (+0.67%) saw modest gains on the day.

Bitcoin Cash ABC (-1.57%), Bitcoin Cash SV (-0.81%), Ethereum (-0.52%), Litecoin (-0.25%), and Tezos (-0.88%) saw red on the day.

Through the start of the week, the crypto total market cap rose from a Monday low $220.56bn to a late Monday high $223.60bn. At the time of writing, the total market cap stood at $222.31bn.

Bitcoin’s dominance recovered to 64% levels on Monday, after having hovered at sub-64% through the previous week. At the time of writing, Bitcoin’s dominance stood at 64.1%.

24-hour trading volumes rose to from a Monday low $132.57bn to a high $144.41bn before falling back. At the time of writing, 24-hr volumes stood at $131.28bn.

This Morning

At the time of writing, Bitcoin was down by 1.11% to $7,692.3. A bearish start to the day saw Bitcoin slide from an early morning high $7,777.7 to a low $7,679.7.

While Bitcoin left the major support and resistance levels untested, Bitcoin fell through the 38.2% FIB of $7,730 early on.

Elsewhere, it was a mixed start to the day.

Stellar’s Lumen was up by 0.20% to buck the trend at the start of the day.

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

Tron’s TRX was down by 2.80% to lead the way down early on.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $7,720 to support another run at the first major resistance level at $7,887.20.

Support from the broader market would be needed, however, for Bitcoin to break back through the 38.2% FIB of $7,730.

Barring a broad-based crypto rally, resistance at $7,800 would likely leave Bitcoin short the first major resistance level.

In the event of a breakout, the second major resistance level at $7,887.20 would likely come into play.

Failure to move back through to $7,720 levels could see Bitcoin struggle in the day.

A fall back through the morning low $7,679.7 would bring the first major support level at $7,668.10 back into play.

Barring a crypto meltdown, however, Bitcoin should steer of sub-$7,500 support levels.

The second major support level at $7,558.6 would likely limit any downside.

This article was originally posted on FX Empire

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