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The Crypto Daily – Movers and Shakers -29/03/20

Bob Mason

Bitcoin fell by 1.91% on Saturday. Following on from a 5.66% slide on Friday, Bitcoin ended the day at $6,250.0.

A bearish start to the day saw Bitcoin fall to an early morning low $6,068.4 before finding support.

Bitcoin fell through the 23.6% FIB of $6,300 and the first major support level at $6,130.20 before recovering to $6,300 levels.

The recovery was brief, however, with Bitcoin sliding to a late afternoon intraday low $6,050.0.

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

Late in the day, Bitcoin hit a high $6,301.2 before falling easing back to end the day in the deep red.

The 23.6% FIB pinned Bitcoin back late on.

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 top 10 cryptos, it was a mixed day for the majors.

Cardano’s ADA (+3.49%), EOS (+0.64%), Litecoin (+1.94%), Ripple’s XRP (+1.72%), and Tron’s TRX (+2.81%) ended the day in the green.

It was bearish for the rest of the pack, with Bitcoin Cash SV falling by 3.80% to lead the way down.

Binance Coin (-1.29%), Bitcoin Cash ABC (-1.92%), Ethereum (-0.16%), Monero’s XMR (-0.04%), Stellar’s Lumen (-0.52%), and Tezos (-1.38%) also saw red.

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 $174.92bn.

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 64.9%.

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 $112.59bn.

This Morning

At the time of writing, Bitcoin was down by 0.69% to $6,206.8. A bearish start to the day saw Bitcoin rise to an early morning high $6,280.0 before falling to a low $6,189.1.

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

Elsewhere, it was also a bearish start to the day. Tron’s TRX and Stellar’s Lumen fell by 1.52% and by 1.31% respectively to lead the way down early on.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $6,230 levels to bring the first major resistance level at $6,397.93 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 $6,230 levels could see Bitcoin fall deeper into the red.

A fall back through to the morning low $6,181.1 would bring the first major support level at $6,076.03 into play.

Barring an extended crypto sell-off, however, Bitcoin should continue to steer well clear of the second major support level at $5,902.07.

This article was originally posted on FX Empire

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