The Crypto Daily – Movers and Shakers – 30/01/20

Cryptomania

Bitcoin fell by 0.99% on Wednesday. Partially reversing a 5.44% rally from Tuesday, Bitcoin ended the day at $9,300.3.

A relatively range-bound start to the day saw Bitcoin rise to an early morning high $9,436.4 before falling to a late morning intraday low $9,242.0.

Steering clear of the major support and resistance levels, Bitcoin fell through the 38.2% FIB of $9,260 before finding support.

Bitcoin bounced back to a late intraday high $9,442.3 before hitting reverse. Falling short of the first major resistance level at $9,560.97, Bitcoin fell back to sub-$9,300 levels.

A recovery to $9,300 at the day end limited, however, the downside on the day.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, in spite of the upside this week.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was another mixed day for the majors.

Bitcoin Cash ABC, Cardano’s ADA and Monero’s XMR bucked the trend, with gains of 0.35%, 0.54%, and 2.69% respectively.

It was bearish for the rest of the pack, however.

Bitcoin Cash SV led down, sliding by 3.71%.

Binance Coin (-1.05%), EOS (-2.17%), Ethereum (-1.40%), Litecoin (-1.65%), and Ripple’s XRP (-1.64%) also struggled.

Stellar’s Lumen and Tron’s TRX saw more modest losses of 0.52% and 0.10% respectively.

Through the 1st half of the week, the crypto total market cap rose from a Monday low $237.76bn to a Wednesday high $257.94bn. At the time of writing, the total market cap stood at $253.17bn.

Bitcoin’s dominance held onto 66% levels supported by the solid gains from the start of the week.

Trading volumes also picked up, rising from sub-$80bn levels on Sunday to $126bn levels on Wednesday before easing back. At the time of writing, 24-hr volumes stood at $114.55bn.

This Morning

At the time of writing, Bitcoin was down by 0.14% to $9,287.5. A mixed start to the day saw Bitcoin rise to an early morning high $9,335.5 before falling to a low $9,205.0.

Coming up short of the first major resistance level at $9,414.33, Bitcoin fell through the 38.2% FIB of $9,260 and the first major support level at $9,214.23.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+0.60%), Cardano’s ADA (+0.87%), and EOS (+0.43%) found early support.

It was a bearish start for the rest of the pack, however. Tron’s TRX was down by 1.93% to lead the way down.

Bitcoin Cash ABC (-1.53%), Monero’s XMR (-0.92%), Ripple’s XRP (-1.18%), and Stellar’s Lumen (-1.09%) also struggled.

BTC/USD 30/01/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the morning high $9,335.5 to support a run at the first major resistance level at $9,414.33.

Support from the broader market would be needed, however, for Bitcoin to break through to $9,400 levels.

Barring a broad-based crypto rally, Wednesday’s high $9,442.3 and the first major resistance level would likely cap any upside.

In the event of another breakout, the second major resistance level at $9,528.37 will likely come into play.

Failure to move back through the morning high $9,335.5 could see Bitcoin fall deeper into the red.

A fall back through the 38.2% FIB of $9,260 would bring the first major support level at $9,214.23 back into play.

Barring a crypto meltdown, however, Bitcoin should steer well clear of sub-$9,000 levels. The second major support level at $9,128.17 should limit any downside on the day.

Binance Coin Mid-Week Analysis – Resistance Levels in Play – 29/01/20

Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Resistance

It’s been a bullish 1st half of the week for Binance Coin, which saw 3 consecutive days in the green.

Rallying from an early Sunday current week low $16.74, Binance Coin struck a Tuesday current week high $18.78.

Steering clear of the major support levels, Binance Coin broke through the first major resistance level at $18.21.

The breakout saw Binance Coin come up against the 23.6% FIB of $18.8 before easing back.

A late pullback on Tuesday saw Binance Coin fall back through the first major resistance level.

For the current week, Binance Coin was up by 7.22%, Sunday through to Tuesday.

A 3.2% rally on Sunday and 2.69% gain on Tuesday delivered the upside through the early part of the week.

The near-term bearish trend remained intact, however, supported by the late 2019 reversal and December’s swing lo $12.11.

The extended sell-off had seen Binance Coin fall for 5 consecutive weeks before finding support in late December. The reversal had included a 19.3% slide in the final week of November.

At the turn of the year, Binance Coin had enjoyed 4 consecutive weeks in the green before last week’s 4.78% loss.

For the bulls, Binance Coin would need to break through the 62% FIB of $30 to form a near-term bullish trend.

At the time of writing, Binance Coin was down by 0.56% to $18.02. A mixed start to the day on Wednesday saw Binance Coin fall from an early morning high $18.21 to a low $17.91 before finding support.

Binance Coin came up against the first major resistance level at $18.21 before easing back.

BNB/USD 29/01/20 Weekly Chart

For the remainder of the week

Binance Coin would need to move back through the first major resistance level at $18.21 to support another run at the 23.6% FIB of $18.8.

Support from the broader market would be needed, however, for Binance Coin to break through to $19 levels.

Barring an extended rally going into the weekend, the 23.6% FIB and resistance at $19 would likely cap any upside.

In the event of an extended rally, the second major resistance level at $19.51 would come into play.

Failure to move back through the first major resistance level could see Binance Coin hit reverse.

A pullback through to sub-$17.30 levels would bring the first major support level at $15.97 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$16 levels.

Looking at the Technical Indicators

Major Support Level: $15.97

Major Resistance Level: $18.21

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

The Crypto Daily – Movers and Shakers – 28/01/20

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin rallied by 3.37% on Monday. Following on from a 3.21% gain from Sunday, Bitcoin ended the day at $8,912.0.

A mixed start to the day saw Bitcoin fall from $8,700 levels to a late morning intraday low $8,585.0.

Steering clear of the first major support level at $8,404.47, Bitcoin rallied to a late intraday high $9,001.9.

Bitcoin broke through the first major resistance level at $8,735.07 and the second major resistance level at $8,848.63.

Coming up short of the third major resistance level at $9,179.23, Bitcoin eased back to $8,900 levels late on.

It was Bitcoin’s first visit to $9,000 since 19th January. Bitcoin has found support as the coronavirus spreads and the death toll rises. Outperforming the more traditional safe havens, greater accessibility to the crypto market is leading to greater inflows at the time of strife. With Bitcoin demand on the rise, we have also seen the other crypto majors benefit as riskier assets take a hit.

This was the 2nd time this year that Bitcoin and the broader crypto market have seen such demand. Earlier in the month, rising tensions between the U.S and Iran had led to a sharp spike…

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, in spite of the bullish start to the week.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was also a bullish day for the majors.

Bitcoin Cash SV and EOS led the way, surging by 8.60% and by 8.64% respectively.

Bitcoin Cash ABC (+3.91%), Cardano’s ADA (+7.00%), and Litecoin (+4.19%) also saw solid gains.

Binance Coin (+0.92%), Ethereum (+1.31%), Monero’s XMR (+1.78%), Stellar’s Lumen (+1.87%), and Tron’s TRX (+1.09%) saw modest gains on the day.

Ripple’s XRP bucked the trend on Monday, however, falling by 0.26%.

Through the start of the week, the crypto total market cap rose from a Monday low $237.76bn to a high $247.4bn. At the time of writing, the total market cap stood at $245.47bn.

Bitcoin’s dominance held onto 66% levels supported by the solid gain at the start of the week.

Trading volumes also picked up, rising from sub-$80bn levels on Sunday to $106bn levels on Monday. At the time of writing, 24-hr volumes stood at $106.88bn.

This Morning

At the time of writing, Bitcoin was up by 0.35% to $8,943.0. A bullish start to the day saw Bitcoin rise from an early morning low $8,912.0 to a high $8,945.0.

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

Elsewhere, it was also a bullish start to the day, with Bitcoin Cash SV (+3.62%) and Bitcoin Cash ABC (+1.64%) leading the way.

BTC/USD 28/01/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through Monday’s high $9,001.9 to support a run at the first major resistance level at $9,080.93.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,000 levels.

Barring another broad-based crypto rally, Monday’s high and first major resistance level would likely cap any upside.

In the event of another breakout, the bulls will be targeting $9,500 levels, which would bring the second major resistance level at $9,249.87 into play.

Failure to move back through the Monday’s high $9,001.9 could see Bitcoin hit reverse.

A fall back through to sub-$8,830 levels would bring the first major support level at $8,664.03 into play.

Barring a crypto meltdown, however, Bitcoin should steer well clear of Monday’s low $8,585.0.

Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 26/01/20

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin fell by 4.78% in the week ending 25th January. Partially reversing a 19.4% surge from the previous week, Binance Coin ended the week at $16.92.

A bullish start to the week saw Binance Coin strike an early Sunday intraweek high $18.56 before hitting reverse.

Falling short of the first major resistance level at $19.44, Binance Coin slid to a Sunday low $16.42 before finding support to close out the day at $17 levels.

After a 2.43% fall on Sunday and a 0.43% fall on Monday, Binance Coin found support on Tuesday. A 4.55% rally on Tuesday saw Binance Coin return to $18 levels before sliding back into the red.

3 days in the red out of 4 saw Binance Coin fall back to close out the week at sub-$17 levels.

For the week ahead

Binance Coin would need to break through to $17.30 levels to support a run at the first major resistance level at $18.21.

Support from the broader market would be needed for Binance Coin to move back through to $18 levels.

Barring a broad-based crypto rally, the first major resistance level and 23.6% FIB of $18.8 would likely limit any upside in the week.

In the event of a breakout, the second major resistance level at $19.51 would likely come into play.

Failure to move through to $17.30 levels could see Binance Coin spend a 2nd consecutive week in the red.

A fall back through last week’s low $16.32 would bring the first major support level at $15.97 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$15 levels. The second major support level at $15.03 should limit any downside.

At the time of writing, Binance Coin was up by 0.39% to $16.95. A bullish start to the day saw Binance Coin rise from an early Sunday low $16.75 to a high $17.11.

Binance Coin left the major support and resistance levels untested early on.

BNB/USD 27/01/20 Weekly Chart

Litecoin

Litecoin slid by 10.16% in the week ending 25th January. Partially reversing a 20.07% jump from the previous week, Litecoin ended the week at $53.22.

Tracking the broader market, Litecoin rallied to a Sunday intraweek high $62.50 before hitting reverse.

While falling short of the first major resistance level at $65.36, Litecoin broke through the 23.6% FIB of $62 on the day before hitting reverse.

The reversal saw Litecoin slide through the first major support level at $51.01 to a Friday intraweek low $50.63 before finding support.

While recovering to $53 levels, 5 days in the red, which included a 6.33% slide on Thursday did the damage.

For the week ahead

Litecoin would need to move through to $55.50 levels to support a run at the first major resistance level at $60.27.

Support from the broader market would be needed, however, for Litecoin to break back through to $60 levels.

Barring abroad-based crypto rally, the first major resistance level and the 23.6% FIB of $62 would likely cap any upside.

Failure to move through to $55.50 levels could see Litecoin hit reverse once more.

A fall back through to last week’s low $50.63 would bring the first major support level at $48.40 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$48 levels.

At the time of writing, Litecoin was up by 0.3% to $53.38. A mixed start to the week saw Litecoin rise from an early morning low $52.75 to a high $53.80.

Litecoin left the major support and resistance levels untested early on Sunday.

LTC/USD 27/01/20 Weekly Chart

Tron’s TRX

Tron’s TRX slid by 8.36% in the week ending 25th January. Partially reversing a 21.82% breakout from the previous week, Tron’s TRX ended the week at $0.016184.

A choppy start to the week saw Tron’s TRX strike a Sunday intraweek high $0.018081 before hitting reverse.

Falling short of the first major resistance level at $0.01920, Tron’s TRX fell to a Thursday intraweek low $0.015727.

Steering clear of the first major support level at $0.01540, Tron’s TRX recovered to $0.016 levels to reduce the deficit for the week.

While Tron’s TRX fell on just 3 of the 7 days last week, a 6.2% slide on Sunday and 6.54% slide on Thursday did the damage.

For the week ahead

Tron’s TRX would need to move back through to $0.01670 levels to support a run at the first major resistance level at $0.01760.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.0170 levels.

Barring an extended crypto rally, the first major resistance level would likely pin Tron’s TRX back from $0.018 levels.

In the event of a broad-based crypto rally, however, the second major resistance level at $0.0190 would likely come into play.

Failure to move through to $0.01760 levels could see Tron’s TRX spend another week in the red.

A fall back to sub-$0.016 levels would bring the first major support level at $0.01520 into play before any recovery.

Barring a crypto meltdown, however, Tron’s TRX should steer well clear of sub-$0.015 and the second major support level at $0.01430.

At the time of writing, Tron’s TRX was up by 0.61% to $0.016282. A bullish start to the day on Sunday saw Tron’s TRX rise from an early morning low $0.016096 to a high $0.016282.

Tron’s TRX left the major support and resistance levels untested early on.

TRX/USD 27/01/20 Weekly Chart

Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 19/01/20

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Binance Coin

Binance Coin surged by 19.4% in the week ending 18th January. Following on from an 8.04% rally from the previous week, Binance Coin ended the week at $17.79.

A mixed start to the week saw Binance Coin breakthrough to a Sunday high $15.55 before hitting reverse.

Falling short of the major resistance levels, Binance Coin fell to a Tuesday intraweek low $14.70 before making a move.

Steering clear of the first major support level at $13.97, Binance Coin rallied to a Friday intraweek high $18.72.

Binance Coin broke through the major resistance levels to come up against the 23.6% FIB of $18.80 before easing back.

A 3rd day in the red for the week saw Binance Coin fall back through the third major resistance level at $18.04 on Saturday to close out the week at $17 levels.

For the week ahead

Binance Coin would need to break through last week’s high $18.72 to support a run at the first major resistance level at $19.44.

Support from the broader market would be needed for Binance Coin to break out from the 23.6% FIB of $18.80.

Barring a broad-based crypto rally, the first major resistance level would likely limit any upside in the week.

In the event of a breakout, the second major resistance level at $21.09 would likely come into play.

Failure to move through to last week’s high $18.72 could see Binance Coin hit reverse.

A fall back through to sub-$17 levels would bring the first major support level at $15.42 into play.

Barring a crypto meltdown, however, Binance Coin should steer clear of sub-$16 levels.

At the time of writing, Binance Coin was up by 2.37% to $18.21. A bullish start to the week saw Binance Coin rise from an early Sunday low $17.59 to a high $18.42.

Binance Coin left the major support and resistance levels untested early on.

BNB/USD 19/01/20 Weekly Chart

Litecoin

Litecoin jumped by 20.07% in the week ending 18th January. Following on from a 15.6% rally from the previous week, Litecoin ended the week at $59.28.

Tracking the broader market, Litecoin fell to a Monday intraweek low $48.82 before making a move.

Steering clear of the first major support level at $43.95, Litecoin rallied to a Friday intraweek high $63.17.

Litecoin broke through the first major resistance level at $53.4 and the second major resistance level at $57.44. Of greater significance, however, was a breakthrough the 23.6% FIB of $62.

A 4th day in the red for the week saw Litecoin fall back to sub-$60 levels on Saturday to limit the upside for the week.

For the week ahead

Litecoin would need to move through last week’s high $63.17 to support a run at the first major resistance level at $65.36.

Support from the broader market would be needed, however, for Litecoin to break out from the 23.6% FIB of $62.

Barring another broad-based crypto rally in the week, last week’s high $63.17 and first major resistance level would likely cap any upside on the week.

Failure to move through to $63 levels could see Litecoin hit reverse.

A fall back through to sub-$57 levels would bring the first major support level at $51.01 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of last week’s low $48.82.

At the time of writing, Litecoin was up by 3.12% to $61.13. A bullish start to the week saw Litecoin rise from an early morning low $58.90 to a high $62.50.

Litecoin left the major support and resistance levels untested early on Sunday.

LTC/USD 19/01/20 Weekly Chart

Tron’s TRX

Tron’s TRX surged by 21.82% in the week ending 18th January. Following on from a 7.6% rally from the previous week, Tron’s TRX ended the week at $0.017711.

A particularly bullish week saw Tron’s TRX rally from a Sunday intraweek low $0.014455 to a Friday intraweek high $0.018249.

Steering clear of the major support levels, Tron’s TRX broke through the week’s major resistance levels before easing back to $0.017 levels.

The pullback saw Tron’s TRX briefly fall back through the third major resistance level at $0.01740.

A 1.2% fall on Monday was the only blemish in the week.

For the week ahead

Tron’s TRX would need to move back through to last week’s high $0.018249 to support a run at the first major resistance level at $0.01920.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.018 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high 0.018249 would likely cap any gains.

In the event of a broad-based crypto rally, however, the second major resistance level at $0.02060 levels would likely come into play.

Failure to move through to $0.01825 levels could see Tron’s TRX spend the week in the red.

A pullback to sub-$0.01680 levels would bring the first major support level at $0.01540 into play before any recovery.

Barring a crypto meltdown, however, Tron’s TRX should steer well clear of sub-$0.015 and the second major support level at $0.01300.

At the time of writing, Tron’s TRX was up by 1.15% to $0.017914. A bullish start to the week saw Tron’s TRX rise from an early morning low $0.017637 to a high $0.018081.

Tron’s TRX left the major support and resistance levels untested early on.

TRX/USD 19/01/20 Weekly Chart

The Crypto Daily – Movers and Shakers – 16/01/20

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin rose by 0.42% on Wednesday. Consolidating the 8.36% rally from Tuesday, Bitcoin ended the day at $8,807.7.

A choppy start to the day saw Bitcoin fall from an early high $8,859.7 to a mid-morning intraday low $8,560.1.

Steering clear of the first major support level at $8,302.6, Bitcoin bounced back to an early afternoon intraday high $8,731.1.

Falling short of the first major resistance level at $9,035.8, Bitcoin slipped into the red before finding late support.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the upward momentum.

For the bulls, Bitcoin would need to break out from $11,000 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.

Bitcoin Cash SV led the way down, sliding by 25.95% after Tuesday’s whopping 145% rally.

Bitcoin Cash ABC (-3.50%), EOS (-0.67%), Litecoin (-0.48%), and Ripple’s XRP (-0.06%) also saw red.

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

Monero’s XMR led the way, rallying by 8.89%.

Binance Coin (+6.20%), Ethereum (+0.33%), Stellar’s Lumen (+4.29%), and Tron’s TRX (+3.70%) also found strong support.

Through the current week, the crypto total market cap rose from a low $215.38 to a current week high $244.24bn on Tuesday. A pullback in the early hours of this morning, however, saw the market cap fall back to sub-$240bn levels. At the time of writing, the total market cap stood at $235.22bn.

Bitcoin’s dominance moved back through to 66% levels after the mixed day on Wednesday and heavy losses this morning. Trading volumes continued to rise, hitting $177bn levels on Wednesday before easing back. At the time of writing, 24-hr volumes stood at $137.03bn.

This Morning

At the time of writing, Bitcoin was down by 1.75% to $8,653.7. A bearish start to the day saw Bitcoin slide from an early morning high $8,839.9 to a low $8,600.0.

Steering clear of the major resistance levels, Bitcoin tested the first major support level at $8,621.1 early on.

Elsewhere, it was a sea of red across the crypto-board, with Bitcoin Cash SV sliding by 6.75% to lead the way.

Binance Coin (-4.97%), Bitcoin Cash ABC (-4.86%), Monero’s XMR (-4.78%), Stellar’s Lumen (-4.24%), and Tron’s TRX (-4.77%) also saw heavy losses.

Ethereum (-2.95%), EOS (-3.90%), Litecoin (-3.22%), and Ripple’s XRP (-3.42%) saw more modest losses early on.

BTC/USD 16/01/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $8,750 to support a run at the first major resistance level at $8,933.3.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,839.9.

Barring a broad-based extended crypto rally on the day, the first major resistance level at $8,933.3 and Wednesday high $8,872.3 would likely cap any upside.

Failure to break back through to $8,746.7 could see Bitcoin fall deeper into the red.

A fall back through the first major support level at $8,621.10 would bring the second major support level at $8,434.5 into play.

Barring a crypto meltdown, however, Bitcoin should avoid sub-$8,500 levels on the day.

Binance Coin Mid-Week Analysis – Resistance Levels in Play – 15/01/20

Apple iPhone and Binance logo, with dollars and cryptocurrency.

Binance Coin Price Resistance

It’s been a bullish 1st half of the week for Binance Coin.

The bullish start saw Binance Coin gain 2.90% on Sunday before hitting red on Monday.

Falling by 1.17% on Monday, Binance Coin fell back to sub-$15 levels before making a move.

A particularly bullish Tuesday saw Binance Coin rally by 9.63% to end the day at $16.62.

Binance Coin broke through the first major resistance level at $15.64 and second major resistance level at $16.37.

It was a return to $16 levels for the first time since 4th December.

A start of a week current week low $14.78 saw Binance Coin steer well clear of the first major support level at $13.97.

For the current week, 2 days in the green out of 3 led to an 11.62% gain, Sunday through Tuesday.

The near-term bearish trend remained intact, supported by late 2019 reversal and December’s swing lo $12.11. Binance Coin had continued to struggle at the 23.6% FIB of $21 ahead of the extended crypto sell-off.

The extended sell-off had seen Binance Coin fall for 5 consecutive weeks before finding support in late December. The reversal had included a 19.3% slide in the final week of November.

For the bulls, Binance Coin would need to break through the 62% FIB of $30 to form a near-term bullish trend.

At the time of writing, Binance Coin was up by 1.26% to $16.83. A bullish start to the day on Wednesday saw Binance Coin rise from an early morning low $16.32 to a high $17.30 before easing back.

While hitting $17 levels for the first time since 22nd November, Binance Coin came up short of the third major resistance level at $18.04.

BNB/USD 15/01/20 Weekly Chart

For the remainder of the week

Binance Coin would need to move back through to $17 levels to support a run at the third major resistance level at $18.08.

Support from the broader market would be needed, however, for Binance Coin to break out from Wednesday’s current week high $17.15.

Barring an extended rally into the weekend, the third major resistance at $18.08 would likely pin Binance Coin back.

In the event of an extended crypto rally through the week, the 23.6% FIB of $18.8 would likely come into play.

Failure to move back through to $17 levels could see Binance Coin hit reverse.

A pullback through the second major resistance level at $16.37 would bring $15 levels back into play.

Barring a crypto meltdown, however, Binance Coin should avoid a fall back through the first major resistance level at $15.64.

In the event of a sell-off, Binance Coin could visit sub-$15 levels before any recovery.

We would expect Binance Coin to steer well clear of the first major support level at $13.97, however.


Looking at the Technical Indicators

Major Support Level: $13.97

Major Resistance Level: $15.64

23.6% FIB Retracement Level: $18.8

38.2% FIB Retracement Level: $22.9

62% FIB Retracement Level: $29.5

 

The Crypto Daily – Movers and Shakers – 14/01/20

Cryptomania

Bitcoin fell by 0.97% on Monday. Partially reversing a 2.01% gain from Sunday, Bitcoin ended the day at $8,095.8.

A bearish start to the day saw Bitcoin fall to from an early morning intraday high $8,199.7 to a mid-morning intraday low $8,054.4.

In spite of the early moves, Bitcoin left the major support and resistance levels untested.

Through the 2nd half of the day, Bitcoin struck a high $8,159.9 before easing back to sub-$8,100 levels.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of last week’s gains.

For the bulls, Bitcoin would need to break out from $11,000 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.

Bitcoin Cash SV bucked the trend on the day, rallying by 5.01%.

It was bearish for the rest of the pack, however, with Litecoin sliding by 3.56% to lead the way down.

EOS (-3.16%), Ethereum (-2.07%), Monero’s XMR (-2.21%), and Tron’s TRX (-2.18%) also saw relatively heavy losses.

Binance Coin (-1.17%), Bitcoin Cash ABC (-1.50%), Ripple’s XRP (-1.84%), and Stellar’s Lumen (-1.89%) saw more modest losses.

Through the start of the week, the crypto total market cap eased back from $218bn levels to a day low $215.38 before support kicked in. At the time of writing, the total market cap stood at $224.08bn.

Bitcoin’s dominance held onto 68% levels following a more modest loss on the day. Trading volumes held at sub-$80bn levels throughout the day. At the time of writing, volumes were at $84bn levels.

This Morning

At the time of writing, Bitcoin was up by 3.86% to $8,408.2. A particularly bearish start to the day saw Bitcoin rally from an early morning low $8,095.8 to a high $8,468.0.

Steering clear of the major support levels, Bitcoin broke through the day’s major resistance levels early before easing back through the third major resistance level at $8.408.57.

The breakout also saw Bitcoin break back through the 23.6% FIB of $8,200.

Elsewhere, it was also a bullish start, with Bitcoin Cash SV surging by 10.87% to lead the way.

Litecoin (+6.25%), Bitcoin Cash ABC (+4.94%), and EOS (+3.96%) also saw solid gains early on.

Stellar’s Lumen (+1.97%) and Tron’s TRX (+1.59%) trailed the back early on.

BTC/USD 14/01/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to break back through the third major resistance to support a run at the $8,500.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,468.0.

Barring a broad-based extended crypto rally on the day, resistance at $8,500 would likely cap any upside once more.

Failure to break through the third major resistance level could see Bitcoin give up some of the early gains.

A fall back through to sub-$8,120 levels would bring the first major support level at $8,033.03 into play.

Barring a crypto meltdown, however, Bitcoin should avoid sub-$8,000 levels and the second major support level at $7,970.27.

Altcoins Weekly Analysis – Binance Coin, Litecoin and Tron’s TRX – 12/01/20

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Binance Coin

Binance Coin rallied by 8.04% in the week ending 11th January. Following on from a 0.95% gain from the previous week, Binance Coin ended the week at $14.91.

A bullish start to the week saw Binance Coin rally from an early Sunday intraweek low $13.76 to a Tuesday intraweek high $15.85.

Steering clear of the major support levels, Binance Coin broke through the first major resistance level at $14.47 and second major resistance level at $15.17.

On Wednesday, Binance Coin fell back to sub-$14 levels before a 5% rally on Friday. A bearish end to the week, however, limited the upside, with Binance Coin giving up $15 levels late on Saturday.

For the week ahead

Binance Coin would need to move back through to $15.00 levels to support a run at the first major resistance level at $15.64.

Support from the broader market would be needed for Binance Coin to break out from last week’s high $15.43.

Barring a broad-based crypto rally, the first major resistance level would likely pin Binance Coin back from $16 levels.

In the event of a breakout, the second major resistance level at $16.37 would likely cap any upside on the week.

Failure to move through to $15 levels could likely see Binance Coin hit reverse.

A fall back through to sub-$14.70 levels would bring the first major support level at $13.97 into play.

Barring a crypto meltdown, Binance Coin should steer clear of sub-$13 levels. The second major support level at $13.03 should limit any downside in the week.

At the time of writing, Binance Coin was down by 0.24% to $14.87. A bearish start to week day saw Binance Coin fall from an early morning high $14.94 to a low $14.76 before finding support.

Binance Coin left the major support and resistance levels untested early on.

BNB/USD 12/01/20 Weekly Chart

Litecoin

Litecoin surged by 15.6% in the week ending 11th January. Following on from a 0.07% gain from the previous week, Litecoin ended the week at $49.36.

Bullish through the week, Litecoin rallied from a Sunday intraweek low $42.58 to a Saturday intraweek high $52.03.

Steering clear of the major support levels, 5 days in the green out of 7 delivered the upside for the week. The 5 days in the green included a 5.8% gain on Monday and 9.5% rally on Friday.

Litecoin broke through the first major resistance level at $44.92 and second major resistance level at $47.11 to hit $50 for the first time since late November.

For the week ahead

Litecoin would need to move through to $50 levels to support a run at the first major resistance level at $53.40.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $52.03.

Barring a broad-based crypto rally in the week, last week’s high $52.03 and first major resistance level would likely cap any upside on the week.

Failure to move through to $50 levels could see Litecoin hit reverse.

A fall back through to sub-$48 levels would bring the first major support level at $43.95 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of last week’s low $42.58.

At the time of writing, Litecoin was up by 0.02% to $49.37. A mixed start to the week saw Litecoin fall from an early morning high $49.38 to a low $48.82 before finding support.

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

LTC/USD 12/01/20 Weekly Chart

Tron’s TRX

Tron’s TRX rallied by 7.6% in the week ending 11th January. Following on from a 0.29% gain from the previous week, Tron’s TRX ended the week at $0.014574.

A mixed start to the week saw Tron’s TRX fall to a Sunday intraweek low $0.01350. Steering clear of the first major support level at $0.01290, Tron’s TRX rallied to a Tuesday high $0.014748.

Tron’s TRX broke through the first major resistance level at $0.0140 and the second major resistance level at $0.0145.

3 consecutive days in the red saw Tron’s TRX slide back to $0.0136 levels before finding support.

A 5% gain on Friday led to a late Saturday intraweek high $0.01500 before easing back. Tron’s TRX broke back through the first and second major resistance levels to wrap up the week at $0.014 levels.

For the week ahead

Tron’s TRX would need to move back through to $0.015 levels to support a run at the first major resistance level at $0.0152.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.015 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $0.015 would likely cap any gains.

In the event of a broad-based crypto rally, however, the second major resistance level at $0.0159 levels would likely come into play.

Failure to move through to $0.015 levels could see Tron’s TRX spend the week in the red.

A pullback to sub- $0.01440 would bring the first major support level at $0.01370 into play before any recovery.

Barring a crypto meltdown, however, Tron’s TRX should steer well clear of sub-$0.013 levels and the second major support level at $0.1290.

At the time of writing, Tron’s TRX was down by 0.51% to $0.01450. A bearish start to the week saw Tron’s TRX fall from an early morning high $0.014540 to a low $0.014455.

Tron’s TRX left the major support and resistance levels untested early on.

TRX/USD 12/01/20 Weekly Chart

The Crypto Daily – Movers and Shakers – 09/01/20

Bitcoin and Litecoin over dollar banknotes.

Bitcoin fell by 1.49% on Wednesday. Partially reversing a 5.09% rally from Tuesday, Bitcoin ended the day at $8,036.8.

A bullish start to the day saw Bitcoin rally to an early morning intraday high $8,442.0 before hitting reverse.

Bitcoin broke through the 23.6% FIB of $8,200 and the first major resistance level at $8,328.97.

On the reverse, Bitcoin slid to a late intraday low $7,877.6 before finding support.

Steering clear of the first major support level at $7,860.57, Bitcoin recovered to $8,000 levels to limit the loss.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the current week’s gains.

For the bulls, Bitcoin would need to break out from $11,000 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.

Bitcoin Cash SV (+0.04%) and Monero’s XMR (+1.47%) bucked the trend on the day.

It was bearish for the rest of the majors.

Binance Coin (+-3.39%), EOS (-2.72%), Litecoin (-2.33%), Ripple’s XRP (-2.88%), Stellar’s Lumen (-2.51%), and Tron’s TRX (-2.84%) also saw heavy losses.

Bitcoin Cash ABC (-1.03%) and Ethereum (-1.73%) saw more modest losses on the day.

Through the first half of the week, the crypto total market cap jumped from $197bn levels to an early Wednesday current week high $220.27bn before sliding back to $209bn levels. At the time of writing, the total market cap stood at $211.91bn.

Bitcoin’s dominance eased back to 68% levels off the back of Wednesday’s pullback. Trading volumes hit $100bn levels on Wednesday before easing back. At the time of writing, volumes were at $92bn levels.

On the News Front

Bitcoin’s visit to $8,000 levels appeared to be driven by strong demand for cryptos in response to Iran’s missile strikes on Wednesday morning.

While Bitcoin’s safe-haven status continues to be questioned, the threat of war appears to be a scenario where cryptos are favored by the markets.

Bitcoin and the likes of Litecoin joined gold and crude oil prices in a surge early on Wednesday before tensions eased.

This Morning

At the time of writing, Bitcoin was down by 0.44% to $8,001.7. A bearish start to the day saw Bitcoin fall from an early morning high $8,036.8 to a low $7,925.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.27%) and Monero’s XMR (-2.47%) joined Bitcoin in the red early on.

It was a bullish start for the rest of the pack, however.

Bitcoin Cash SV (+1.00%) and Stellar’s Lumen (+1.18%) led the way early on.

BTC/USD 09/01/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $8,120 levels to support a run at the first major resistance level at $8,360.0.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,036.8.

Barring a broad-based crypto rally on the day, Bitcoin would likely come up short of $8,300 levels. Resistance at the 23.6% FIB of $8,200 would likely limit any upside.

In the event of a breakout, the first major resistance level would likely pin Bitcoin back on the day.

Failure to move through to $8,120 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low $7,925.0 would bring the first major support level at $7,795.6 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $7,554.4.