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The Crypto Daily – Movers and Shakers – 14/02/20

Bitcoin fell by 1.12% on Thursday. Reversing a 0.89% gain from Wednesday, Bitcoin ended the day at $10,222.0.

A bullish start to the day saw Bitcoin rally to a mid-morning high $10,480.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $10,452.67 before sliding to a late morning intraday low $10,058.0.

Bitcoin fell through the first major support level at $10,230.67 and the second major support level at $10,123.33.

Finding support in the early afternoon, Bitcoin bounced back to an early afternoon intraday high $10,491.0.

Bitcoin broke back through the first major resistance level at $10,452.67 before sliding back into the red.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, the upward trend.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was another mixed day for the crypto majors.

Binance Coin and Tezos led the way down, with losses of 6.74% and 5.76% on Thursday.

Bitcoin Cash SV (-1.89%), Litecoin (-1.01%), and Monero’s XMR (-3.02%) also joined Bitcoin in the red.

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

Ripple’s XRP led the way, rallying by 7.40%, with Stellar’s Lumen up by 3.16%.

Bitcoin Cash ABC (+0.16%), Cardano’s ADA (+0.49%), EOS (+0.42%), Ethereum (+0.67%), and Tron’s TRX (+0.09%) saw modest gains on Thursday.

Through the current week, the crypto total market cap fell to a Tuesday low $279.65bn before rising to an early Thursday high $308.04bn. At the time of writing, the total market cap stood at $300.81bn.

Bitcoin’s dominance slipped further back through the week, falling from 63.3% to 61.8% at the time of writing.

Trading volumes were on the rise, however, jumping to $195bn levels on Thursday before easing back. Volumes had stat at sub-$130bn levels in the early part of the week. At the time of writing, 24-hr volumes stood at $187.47bn.

This Morning

At the time of writing, Bitcoin was down by 0.31% to $10,190.0. A bearish start to the day saw Bitcoin fall from an early morning high $10,236.4 to a low $10,173.0.

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

Elsewhere, Binance Coin and Stellar’s Lumen bucked the trend early on, rising by 0.28% and by 1.62% respectively.

It was bearish for the rest of the pack, however. Ripple’s XRP and EOS fell by 1.25% and 1.15% to lead the way down.

BTC/USD 14/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $10,260 levels to bring the first major resistance level at $10,456.0 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $10,400 levels.

Barring another broad-based crypto rally, the first major resistance level at $10,456.0 would likely leave Bitcoin short of $10,500 levels.

In the event of another breakout, Bitcoin would eye a breakout from the second major resistance level at $10,690.0.

Failure to move back through to $10,400 levels could see Bitcoin fall deeper into the red.

A fall back through to sub-$10,100 levels would bring the first major support level at $10,023.0 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the sub-$10,000 levels on the day.