The Crypto Daily – Movers and Shakers – 27/02/20

Bitcoin tumbled by 5.51% on Monday. Following on from a 3.58% slide on Tuesday, Bitcoin ended the day at $8.813.2.

A choppy start to the day saw Bitcoin rise to an early morning high $9,385.9 before hitting reverse.

Falling short of the first major resistance level at $9,595.8, Bitcoin slid to a late afternoon intraday low $8,652.7.

The reversal saw Bitcoin fall through the 38.2% FIB of $9,260, the first major support level at $9,155.30, and the second major support level at $8,983.10.

Steering clear of the third major support level at $8,542.60, Bitcoin recovered to $8,800 levels to limit the loss on the day.

In spite of the recovery, however, Bitcoin failed to break back through the second major support level.

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 yet another bearish day for the crypto majors.

Bitcoin Cash SV (-13.58%), Cardano’s ADA (-12.39%), EOS (-13.10%), Litecoin (-14.81%), and Tron’s TRX (-13.26%) saw the heaviest losses on the day.

Binance Coin (-7.88%), Bitcoin Cash ABC (-8.85%), Ethereum (-9.25%), Monero’s XMR (-7.56%), Ripple’s XRP (-9.15%), and Stellar’s Lumen (-7.57) also saw heavy losses.

Tezos saw a modest loss on the day, falling by just 1.79%.

Through the first half of the week, the crypto total market cap rose to a Monday high $285.11bn before hitting a Thursday low $241.84bn. At the time of writing, the total market cap stood at $245.37bn.

Bitcoin’s dominance was on the rise in the week. At the time of writing, Bitcoin’s dominance stood at 64.5%, up from sub-63% levels earlier in the day on Monday.

Trading volumes recovered from sub-$160bn levels to hit a current week high $196.34bn on Thursday morning. At the time of writing, 24-hr volumes stood at $192.17bn.

This Morning

At the time of writing, Bitcoin was down by 1.06% to $8,719.4. A bearish start to the day saw Bitcoin fall from an early morning high $8,810.0 to a low $8,555.0.

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

Elsewhere, it was a mixed start to the day for the majors.

Bitcoin Cash ABC (+0.58%), Bitcoin Cash SV (+2.86%), EOS (+1.03%), Ripple’s XRP (+0.53%), Tezos (+1.78%), and Tron’s TRX (+1.83%) found early support.

It was bearish for the rest of the pack, however, with Stellar’s Lumen (-1.98%) Ethereum (-1.93%, and Monero’s XMR (-2.13%) leading the way down.

BTC/USD 27/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $8,950 levels to bring the first major resistance level at $9,248.50 into play.

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

Barring a broad-based crypto recovery, resistance at $9,000 would likely pin Bitcoin back on the day.

In the event of a crypto rally, the first major resistance level at $9,248.50 and 38.2% FIB of $9,260 would likely cap any upside.

Failure to move back through to $8,950 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low $8,555.0 would bring the first major support level at $8,515.3 back into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,217.4 and the 23.6% FIB of $8,200.

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