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

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.

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