The Crypto Daily – Movers and Shakers -14/05/20

Bitcoin rallied by 5.68% on Wednesday. Following on from a 3.00% gain on Tuesday, Bitcoin ended the day at $9,312.0.

A bullish day saw Bitcoin rally from an early intraday low $8,799.5 to a late intraday high $9,408.0.

Bitcoin broke through the first major resistance level at $9,010.80 and second major resistance level at $9,210.20.

In spite of a late pullback, Bitcoin managed to wrap up the day at $9,300 levels.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Wednesday.

Ethereum and Monero’s XMR led the way, rallying by 5.26% and 5.25% respectively.

Bitcoin Cash ABC (+3.48%), EOS (+3.77%), Tron’s TRX (+3.41%) weren’t far behind.

Binance Coin (+2.72%), Bitcoin Cash SV (+0.91%), Cardano’s ADA (+2.34%), Litecoin (+2.41%), Ripple’s XRP (+2.53%), and Tezos (+2.43%) trailed the front runners.

Stellar’s Lumen bucked the trend on the day, with a 0.71% loss.

Through the current week, the crypto total market cap rose from a Monday low $229.41bn to a Wednesday high $253.29bn. At the time of writing, the total market cap stood at $252.57bn.

Bitcoin’s dominance visited sub-67% levels before recovering. At the time of writing, Bitcoin’s dominance stood at 67.6%.

24-hour trading volumes rose to an early Monday high $206.86bn before easing back to sub-$140bn levels. Interest picked up on Wednesday, however, with volumes returning to $140bn levels. At the time of writing, 24-hr volumes stood at $144.10bn.

This Morning

At the time of writing, Bitcoin was 0.59% to $9,366.9. A bullish start to the day saw Bitcoin rise from an early morning low $9,311.9 to a high $9,393.0.

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

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

Bitcoin Cash SV led the way, with a 0.85% gain early on.

BTC/USD 14/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to break back through to $9,400 levels to bring the first major resistance level at $9,546.83 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $9,408.0.

Barring a broad-based crypto rally, the first major resistance level would likely pin Bitcoin back on the day.

In the event of rebound, the second major resistance level at $9,781.67 would likely come into play.

Failure to break back through to $9,400 levels could see Bitcoin hit reverse.

A fall through to sub-$9,170 levels would bring the first major support level at $8,938.33 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $8,564.67.

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