The Crypto Daily – Movers and Shakers -19/05/20

Bitcoin rose by 0.48% on Monday. Following on from a 3.01% rally on Sunday, Bitcoin ended the day at $9,714.8.

It was a particularly bullish start to the day. Bitcoin rallied from an early morning low $9,329.7 to an early morning intraday high $9,944.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $9,924.57 before sliding to a late morning intraday low $9,450.0.

Steering clear of the first major support level at $9,370.77, Bitcoin found support in the 2nd half of the day.

The recovery saw Bitcoin strike an afternoon high $9,731.7 before easing back.

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 the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish start to the week.

Bitcoin Cash SV (+6.93%), Cardano’s ADA (+6.02%), and Tezos (+4.88%) led the way.

Binance Coin (+2.09%), Bitcoin Cash ABC (+2.44%), Ethereum (+3.76%), Litecoin (+3.73%), Monero’s XMR (+2.55%), Ripple’s XRP (+2.02%), and Tron’s TRX (+2.26%) also made solid gains.

EOS (+1.73%) and Stellar’s Lumen (+1.86%) trailed the front runners on the day.

At the start of the week, the crypto total market cap rose to a Monday high $268.43bn before falling to a low $257.27bn. At the time of writing, the total market cap stood at $262.14bn.

Bitcoin’s dominance struck a Monday high 68.31% before falling back to a low 67.52%. At the time of writing, Bitcoin’s dominance stood at 67.71%.

This Morning

At the time of writing, Bitcoin was down by 0.67% to $9,649.9. A bearish start to the day saw Bitcoin fall from an early morning high $9,726.5 to a low $9,622.3.

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

Elsewhere, it was also a bearish start to the day.

Bitcoin Cash SV was down by 1.43% to lead the way down.

BTC/USD 19/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $9,700 levels to bring the first major resistance level at $9,955.87 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $9,944.0.

Barring an extended crypto rally, the first major resistance level would likely limit any upside.

In the event of rebound, the 62% FIB of $10,034 would likely come into play.

Failure to move through to $9,700 levels could see Bitcoin fall deeper into the red.

A fall back through to sub-$9,600 levels would bring the first major support level at $9,461.87 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,208.93.

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