The Crypto Daily – Movers and Shakers -31/03/20

Bitcoin rallied by 8.74% on Monday. Reversing a 5.71% slide from Sunday, Bitcoin ended the day at $6,407.6.

Bullish throughout the day, Bitcoin rallied from an early morning intraday low $5,880.9 to a late intraday high $6,636.0.

Bitcoin broke through the first major resistance level at $6,150.93 and the second major resistance level at $6,409.17.

Of greater significance, however, was a breakthrough and hold above the 23.6% FIB of $6,300.

A late pullback limited the upside on the day, however.

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 also a bullish start the week.

Bitcoin Cash SV and Tezos led the way, surging by 12.88% and by 9.83% respectively.

Binance Coin (+7.79%), Bitcoin Cash ABC (+7.09%), Cardano’s ADA (+6.03%), Ethereum (+6.34%), Stellar’s Lumen (+6.03%), and Tron’s TRX (+7.55%) also found strong support.

EOS (+5.27%), Litecoin (+5.09%), Monero’s XMR (+5.79%), and ripple’s XRP (+5.22%) trailed the pack.

Through the start of the week, the crypto total market cap rose from a Monday low $168.04bn to a Tuesday high $182.23bn. At the time of writing, the total market cap stood at $181.21bn.

Bitcoin’s dominance continued to sit at sub-66% levels following last week’s pullback. At the time of writing, Bitcoin’s dominance stood at 65.3%.

24-hour trading volumes recovered from sub-$100bn levels seen on Sunday to hit $121bn levels on Tuesday morning. At the time of writing, 24-hr volumes stood at $120.91bn.

This Morning

At the time of writing, Bitcoin was up 1.07% to $6,476.0. A bullish start to the day saw Bitcoin rise from an early morning low $6,407.6 to a high $6,536.0.

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

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

Bitcoin Cash ABC (-0.91%), EOS (-0.27%), Litecoin (-0.18%), Tezos (-0.49%), and Tron’ TRX (-0.41%) saw red early on.

Binance Coin (+1.07%), Bitcoin Cash SV (+0.57%), Cardano’s ADA (+0.70%), Ethereum (+0.45%), Monero’s XMR (+0.45%), Ripple’s XRP (+0.73%), and Stellar’s Lumen (+0.71%) joined Bitcoin in the green.

BTC/USD 31/03/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $6,500 levels to bring the first major resistance level at $6,735.43 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $6,636.0.

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

Failure to move back through to $6,500 levels could see Bitcoin hit reverse.

A fall back through to the morning low to sub-$6,310 levels would bring the first major support level at $5,890.33 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$6,00 levels. The 23.6% FIB of $6,300 should limit any downside.

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