The Crypto Daily – Movers and Shakers -21/05/20

Bitcoin slid by 2.74% on Wednesday. Reversing a 0.56% gain from Tuesday, Bitcoin ended the day at $9,502.0.

A mixed start to the day saw Bitcoin rise to a mid-morning intraday high $9,842.7 before hitting reverse.

Falling short of the first major resistance level at $9,945.67, Bitcoin slid to a mid-afternoon intraday low $9,301.0.

The reversal saw Bitcoin slide through the first major support level at $9,525.47 before finding support.

Late in the day, Bitcoin broke back through the first major support level to $9,590 levels before sliding back.

The pullback saw Bitcoin fall back through the first major support level to end the day in the deep red.

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 mixed day on Wednesday.

Stellar’s Lumen (+1.59%), Bitcoin Cash SV (+0.89%) and Cardano’s ADA (+0.19%) bucked the trend on the day.

It was a bearish day for the rest, however, with Monero’s XMR sliding by 3.51% to lead the way down.

Binance Coin (-1.74%), Bitcoin Cash ABC (-2.69%), Litecoin (-3.41%), Ripple’s XRP (-1.67%), and Tron’s TRX (-3.36%) weren’t far behind.

Tezos saw a more modest 0.44S% loss on the day.

In the current week, the crypto total market cap rose to a Monday high $268.43bn before falling to a Wednesday low $248.75bn. At the time of writing, the total market cap stood at $258.04bn.

Bitcoin’s dominance rose to a Monday high 68.31% before falling to a Wednesday low 67.25%. At the time of writing, Bitcoin’s dominance stood at 67.64%.

This Morning

At the time of writing, Bitcoin was up by 0.06% to $9,507.6. A mixed start to the day saw Bitcoin rise to an early morning high $9,564.1 before falling to a low $9,420.0.

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

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

Cardano’s ADA (-1.50%) and Stellar’s Lumen (-1.72%) saw heavy losses early on.

Binance Coin (-0.39%), Ethereum (-0.11%), Litecoin (-0.27%), Monero’s XRM (-0.05%), Tezos (-0.76%), and Tron’s TRX (-0.22%) also saw red.

Bitcoin Cash ABC (+0.10%), Bitcoin Cash SV (+0.90%), EOS (+0.03%), and Ripple’s XRP (-0.05%) found early support.

BTC/USD 21/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,550 levels to bring the first major resistance level at $9,796.13 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,564.1.

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

In the event of an extended crypto rally, the 62% FIB of $10,034 and the second major resistance level at $10,090.27 would likely come into play.

Failure to move back through to $9,550 levels could see Bitcoin fall back into the red.

A fall back through to sub-$9,500 levels would bring the first major support level at $9,254.43 into play.

Barring an eextended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,006.87.

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