The Crypto Daily – Movers and Shakers – 25/02/20

Bitcoin slid by 3.11% on Monday. Reversing a 3.33% gain from Sunday, Bitcoin ended the day at $9,674.1

A bearish start to the day saw Bitcoin slide from an early morning intraday high $10,022 to a late afternoon intraday low $9,441.2.

Bitcoin fell through the first major support level at $9,763.0 and the second major support level at $9,541.0.

Finding support late in the day, Bitcoin moved back through the second major support level to wrap up the day at $9,600 levels.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin struggling to break out from $10,000 levels.

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 bearish start to the week for the crypto majors.

Tezos led the way down, sliding by 9.69%, with Monero’s XMR down by 7.11%.

Bitcoin Cash ABC (-6.24%), Bitcoin Cash SV (-5.53%), EOS (-6.10%), Litecoin (-5.31%), Stellar’s Lumen (-5.82%), and Tron’s TRX (-6.94%) also saw heavy losses.

Binance Coin (-3.62%), Cardano’s ADA (-4.28%), Ethereum (-3.69%), and Ripple’s XRP (-4.65%) saw relatively modest losses on the day.

Through the start of the week, the crypto total market cap rose to a Monday high $285.11bn before hitting a low $275.54bn. At the time of writing, the total market cap stood at $277.56bn.

Bitcoin’s dominance was on the rise at the start of the week. At the time of writing, Bitcoin’s dominance stood at 63.1%, up from sub-63% levels earlier in the day on Monday.

Trading volumes hit $162bn levels seen on Monday before easing back. At the time of writing, 24-hr volumes stood at $152.20bn.

This Morning

At the time of writing, Bitcoin was down by 0.82% to $9,595.1. A bearish start to the day saw Bitcoin fall from an early morning high $9,674.9 to a low $9,570.8.

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

Elsewhere, it was another bearish start to the day for the majors.

Tezos led the way down, sliding by 4.46%. Bitcoin Cash SV (-2.47%), Bitcoin Cash ABC (-2.12%), and Stellar’s Lumen (-2.19%) also struggled early on.

BTC/USD 25/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,715 levels to bring the first major resistance level at $9,983.67 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,900 levels.

Barring a broad-based crypto rebound, resistance at $9,800 would likely leave Bitcoin short of the first major resistance level at $9,983.67.

Failure to move back through to $9,715 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low $9,570.8 would bring the first major support level at $9,402.87 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of the 38.2% FIB of $9,260.

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