The Crypto Daily – Movers and Shakers -24/03/20

Bitcoin rallied by 11.54% on Monday. Reversing a 6.15% slide from Sunday, Bitcoin ended the day at $6,491.5.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $5,677.0 before making a move.

Steering clear of the first major support level at $5,580.1, Bitcoin rallied to an early afternoon intraday high $6,664.3.

Bitcoin broke through the first major resistance level at $6,235.5 and the second major resistance level at $6,650.9.

Of greater significance was a move through the 23.6% FIB of $6,300 before sliding back to sub-$6,200 levels.

Finding support late in the day, however, Bitcoin broke back through the first major resistance level and 23.6% FIB to wrap up the day at $6,400 levels.

The near-term bearish trend, formed at late June’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 top 10 cryptos, it was a bullish start to the week.

Monero’s XMR, Tezos, and Ethereum led the way, with gains of 17.81%, 13.92%, and 12.01% respectively.

Binance Coin (+9.69%), Bitcoin Cash ABC (+9.83%), Litecoin (+10.38%), and Tron’s TRX (+10.63%) also saw solid gains.

Bitcoin Cash SV (+7.74%), Cardano’s ADA (+8.52%), EOS (+7.50%), Ripple’s XRP (+7.77%), and Stellar’s Lumen (+8.24%) trailed the front runners.

Through the start of the week, the crypto total market cap rose from a Monday low $163.00bn to an early Tuesday high $187.61bn. At the time of writing, the total market cap stood at $181.47bn.

Bitcoin’s dominance hit 66% levels on Monday before falling to 62% levels. At the time of writing, Bitcoin’s dominance stood at 65.7%.

Trading volumes jumped from $130bn levels to $153bn levels on Monday before easing back. At the time of writing, 24-hr volumes stood at $151.44bn.

This Morning

At the time of writing, Bitcoin was up by 1.84% to $6,610.9. A bullish start to the day saw Bitcoin rise from an early morning low $6,487.7 to a high $6,696.3.

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

Elsewhere, it was a mixed start to the day, with Bitcoin Cash SV rallying by 3.6% to lead the way.

Ethereum (-0.53%), Monero’s XMR (-0.11%), and Tezos (-0.41%) saw red to buck the trend early on.

BTC/USD 24/03/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $6,700 levels to support a run at the first major resistance level at $6,878.2.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $6,696.3.

Barring an extended crypto rally, resistance at $6,700 would likely leave Bitcoin short of the first major resistance level.

Failure to move back through the morning high $6,696.3 to $6,700 levels could see Bitcoin hit reverse.

A fall back through the morning low $6,484.7 would bring the 23.6% FIB of $6,300 into play.

Barring a broad-based crypto sell-off, however, Bitcoin should steer clear of the first major support level at $5,890.9.

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