The Crypto Daily – Movers and Shakers – 04/02/20

Bitcoin fell by 0.47% on Monday. Following on from a 0.61% decline on Sunday, Bitcoin ended the day at $9,309.3.

A bullish start to the day saw Bitcoin rally to an early morning intraday high $9,628.6 before hitting reverse.

Bitcoin broke through the first major resistance level at $9,514.0 before sliding to a late afternoon intraday low $9,247.0.

The reversal saw Bitcoin fall through the 38.2% FIB of $9,260 before recovering to $9,350 levels.

A late pullback, however, saw Bitcoin ease back into the red.

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

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 crypto majors.

Cardano’s ADA and Monero’s XMR led the way, rallying by 2.28% and by 2.45% respectively.

Bitcoin Cash ABC (+1.99%), Bitcoin Cash SV (+1.32%), Ripple’s XRP (+1.43%) Stellar’s Lumen (+1.61%), and Tron’s TRX (+1.05%) also found strong support.

Binance Coin (+0.27%) and Ethereum (+0.64%) trailed the front runners on the day.

EOS and Litecoin bucked the trend, however, falling by 0.41% and 0.40% to join Bitcoin in the red.

Through the start of the week, the crypto total market cap rose to a Monday high $265.13bn before falling to a low $258.67bn. At the time of writing, the total market cap stood at $259.57bn.

Having fallen back from 66% levels, Bitcoin’s dominance held onto 65% levels in spite of Monday’s loss. At the time of writing, Bitcoin’s dominance stood at 65.1%.

Trading volumes also picked up, rising to $122bn levels before falling back. At the time of writing, 24-hr volumes stood at $113.02bn.

This Morning

At the time of writing, Bitcoin was up by 0.36% to $9,343.0. A bullish start to the day saw Bitcoin rise from an early morning low $9,307.4 to a high $9,359.8.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA led the way, rising by 1.11%, with EOS (+0.87%) and Stellar’s Lumen (+0.94%) close behind.

Bucking the trend early on, however, was Monero’s XRM, which was down by 0.37% at the time of writing.

BTC/USD 04/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,415 levels to support a run at the first major resistance level at $9,522.77.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,500 levels.

Barring another broad-based crypto rally, the first major resistance level would likely pin Bitcoin back from Monday’s high.

In the event of another breakout, the second major resistance level at $9,736.23 would likely come into play.

Failure to move back through to $9,415 levels could see Bitcoin fall back into the red.

A fall back through Monday’s low $9,307.5 would bring the first major support level at $9,201.67 into play.

Barring a crypto sell-off, however, Bitcoin should steer clear of the first major support level, however. The 38.2% FIB of $9,260 should limit any downside on the day.

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