The Crypto Daily – Movers and Shakers -04/06/20

Bitcoin rose by 1.57% on Wednesday. Partially reversing a 6.84% slide from Tuesday, Bitcoin ended the day at $9,676.6.

A mixed start to the day saw Bitcoin slide to an early morning intraday low $9,400 before finding support.

Steering clear of the first major support level at $9,034.0, Bitcoin rallied to a midday intraday high $9,640.8.

Falling well short of the first major resistance level at $10,136.0, Bitcoin fell back to $9,500 levels and into the red.

Finding late support, however, Bitcoin broke back through to $9,600 levels to end the day in the green.

The near-term bullish trend remained intact, in spite of Tuesday’s pullback.

For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

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

Bitcoin Cash SV bucked the trend, falling by 0.68%.

It was a bullish day for the rest of the pack, however…

Cardano’s ADA surged by 8.66% to lead the way on the day.

Stellar’s Lumen and Tezos rallied by 4.69% and 5.11% also found strong support.

Ethereum (+2.90%), Litecoin (+2.37%), and Tron’s TRX (+3.21) weren’t far behind.

Binance Coin (+1.85%), Bitcoin Cash ABC (+0.33%), EOS (+0.67%), Monero’s XMR (+0.36%), and Ripple’s XRP (+0.59%) saw modest gains.

Through the current week, the crypto total market cap rose to a Monday high $285.71bn before sliding to a Tuesday low $255.98bn. At the time of writing, the total market cap stood at $269.91bn.

Through the current week, Bitcoin’s rose to a Monday high 67.13% before falling to a Tuesday low 65.64%. At the time of writing, Bitcoin’s dominance stood at 65.69%.

This Morning

At the time of writing, Bitcoin was down by 0.32% to $9,645.5. A mixed start to the day saw Bitcoin rise to an early morning high $9,683.9 before falling to a low $9,608.9.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.22%), Bitcoin Cash SV (-0.22%), and Tezos (-0.37%) joined Bitcoin in the red.

It was a bullish start to the day for the rest of the majors, however.

Cardano’s ADA led the way, rallying by 4.54%, with Stellar’s Lumen up by 2.48% at the time of writing.

BTC/USD 04/06/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$9,570 levels to bring the first major resistance level at $9,744.93 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $9,683.9.

Barring another broad-based crypto rally, the first major resistance level would likely limit any upside.

In the event of an extended crypto rally, Bitcoin could eye the third major resistance level at $10,054.07 before any pullback.

Failure to avoid sub-$9,570 levels could see Bitcoin struggle later in the day.

A fall back through the morning low to sub-$9,570 levels would bring the first major support level at $9,504.13 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,331.67.

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