The Crypto Daily – Movers and Shakers – 28/02/20

Bitcoin rose by 0.21% on Wednesday. Partially reversing a 5.51% slide on Wednesday, Bitcoin ended the day at $8,825.6.

A bearish start to the day saw Bitcoin slide to an early morning intraday low $8,555.0 before finding support.

Steering clear of the first major support level at $8,515.3, Bitcoin recovered to a late afternoon intraday high $8,975.0.

Falling well short of the first major resistance level at $9,248.5, Bitcoin fell back to sub-$8,700 levels before moving back into the green.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin struggling to break out from $10,000 levels.

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 a bullish day for the crypto majors.

Tron’s TRX, Ripple’s XRP, and Stellar’s Lumen led the way, with gains of 3.93%, 3.81%, and 3.06% respectively.

Binance Coin (+2.51%), Litecoin (+2.03%), and EOS (+2.31%) also found strong support.

Bitcoin Cash ABC (+1.87%), Bitcoin Cash SV (+1.68%), Cardano’s ADA (+1.33%), Ethereum (+1.72%), Monero’s XMR (+0.33%), and Tezos (+1.62%) trailed the front runners.

Through the first half of the week, the crypto total market cap rose to a Monday high $290.09bn before hitting a low Thursday low $241.84bn. At the time of writing, the total market cap stood at $254.27bn.

Bitcoin’s dominance rose to 64% levels before easing back. At the time of writing, Bitcoin’s dominance stood at 63.8%, which was still up from sub-63% levels seen on Monday.

Trading volumes recovered from sub-$160bn levels to hit a current week high $196.34bn on Thursday morning. At the time of writing, 24-hr volumes stood at $160.87bn.

This Morning

At the time of writing, Bitcoin was up by 0.65% to $8,883.3. A relatively bullish start to the day saw Bitcoin rise from an early morning low $8,792.2 to a high $8,908.3.

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

Elsewhere, it was a bullish start to the day for the majors. Binance Coin (+2.09%), Cardano’s ADA (+2.37%), and Ethereum (+2.35%) led the way early on.

Monero’s XMR trailed the back, up by just 1.04% at the time of writing.

BTC/USD 28/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the morning high $8,903 to bring the first major resistance level at $9,015.4 into play.

Support from the broader market would be needed, however, for Bitcoin to break back to $9,000 levels.

Barring a broad-based crypto recovery, the first major resistance level would likely pin Bitcoin back on the day.

In the event of a crypto rally, the second major resistance level at $9,205.2 and 38.2% FIB of $9,620 could come into play.

Failure to move back through the morning high $8,908.3 could see Bitcoin hit reverse.

A fall back through to sub-$8,790 levels would bring the first major support level at $8,595.4 into play.

Barring an extended crypto sell-off, however, Bitcoin should well steer clear of the second major support level at $8,365.2 and the 23.6% FIB of $8,200.

The Crypto Daily – Movers and Shakers – 26/02/20

Bitcoin slid by 3.58% on Tuesday. Following on from a 3.11% decline from Monday, Bitcoin ended the day at $9,327.5.

A bearish start to the day saw Bitcoin fall from an early morning high $9,674.9 to a mid-morning low $9,512.4 before finding support.

Steering clear of the first major support level at $9,402.87, Bitcoin recovered to a mid-day intraday high $9,691.9 before hitting reverse.

Falling short of the first major resistance level at $9,983.67, Bitcoin slid to a late intraday low $9,251.4.

Bitcoin fell through the first major support level at $9,402.87 and 38.2% FIB of $9,260.

Finding support late in the day, Bitcoin broke back through the 38.2% FIB to wrap up the day at $9,300 levels.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin struggling to break out from $10,000 levels.

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 bearish day for the crypto majors.

Tezos led the way down, sliding by 12.07%.

Binance Coin (-8.32%), Bitcoin Cash ABC (-6.21%), Bitcoin Cash SV (-7.17%), Ethereum (-7.17%), Litecoin (-6.08%), Ripple’s XRP (-6.65%), and Stellar’s Lumen (-6.47%) also saw heavy losses.

Things were not much better for the rest of the pack, however.

Cardano’s ADA (-5.29%), EOS (-1.25%), Monero’s XMR (-3.48%), and Tron’s TRX (-4.65%) were also in the deep red.

Through the start of the week, the crypto total market cap rose to a Monday high $285.11bn before hitting a low Wednesday low $260.40bn. At the time of writing, the total market cap stood at $262.08bn.

Bitcoin’s dominance was on the rise at the start of the week. At the time of writing, Bitcoin’s dominance stood at 64.2%, up from sub-63% levels earlier in the day on Monday.

Trading volumes recovered from sub-$160bn levels to hit a current week high $165.37 on Wednesday morning. At the time of writing, 24-hr volumes stood at $165.37bn.

This Morning

At the time of writing, Bitcoin was down by 1.22% to $9,213.4. A bearish start to the day saw Bitcoin fall from an early morning high $9,385.9 to a low $9,130.0.

Steering clear of the major resistance levels, Bitcoin fell through the 38.2% FIB of $9,260 and the first major support level at $9,155.30.

Elsewhere, it was another sea of red across the crypto-board.

Tron’s TRX and Bitcoin Cash SV led the way, with losses of 9.18% and 9.21% respectively.

Binance Coin (-4.64%), Cardano’s ADA (-5.91%), EOS (-4.96%), Litecoin (-4.04%), Ripple’s XRP (-4.73%), and Stellar’s Lumen (-5.00%) were also in the deep red.

Through the early part of the day, Monero’s XMR saw a modest loss of 2.48% relative to the rest of the pack.

BTC/USD 26/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,420 levels to bring the first major resistance level at $9,595.80 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through the 38.2% FIB of $9,260.0.

Barring a broad-based crypto rebound, resistance at $9,400 would likely leave Bitcoin short of the first major resistance level at $9,595.80.

Failure to move back through to $9,420 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low $9,130.0 would bring the second major support level at $8,983.10 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$9,000 levels.

The Crypto Daily – Movers and Shakers – 24/02/20

Bitcoin rallied by 3.33% on Sunday. Reversing a 0.31% fall from Saturday, Bitcoin ended the week up by 0.60% to $9,985.0.

A bullish start to the day saw Bitcoin rally from an early morning intraday low $9,660.0 to a late morning intraday high $10,001.0.

Steering clear of the major support levels, Bitcoin broke through the day’s major resistance levels.

A pullback to sub-$9,900 levels going into the afternoon saw Bitcoin fall back through the third major resistance level at $9,956.83.

Through the late part of the day, however, Bitcoin broke back through the third major resistance level to close out the week at $9,985.0.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin struggling to break out from $10,000 levels.

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 a bullish day for the crypto majors.

Monero’s XMR led the way, rallying by 8.13%, with Bitcoin Cash ABC (+7.93%) and EOS (+7.03%) close behind.

Tezos (+6.85%), Litecoin (+6.58%), and Tron’s TRX (+6.54%) also made solid gains.

Binance Coin (+4.23%), Bitcoin Cash SV (+5.50%), Cardano’s ADA (+5.85%), Ethereum (+5.17%), Ripple’s XRP (3.12%), and Stellar’s Lumen (+4.42%) trailed the front runners.

For a number of the majors, Sunday’s rally failed to reverse losses from earlier in the week.

Tron’s TRX led the way down, falling by 3.81%, with Monero’s XMR (-3.53%) close behind.

Binance Coin (-1.93%), Bitcoin Cash ABC (-2.99%), Ripple’s XRP (-2.93%), and Stellar’s Lumen (-1.55%) also saw red.

It was a bullish week for the rest of the majors, however, with Tezos rallying by 8.6% to lead the way.

Bitcoin Cash SV (+3.65%), Cardano’s ADA (+0.40%), EOS (+0.33%), Ethereum (+6.54%), and Litecoin (+6.90%) also joined Bitcoin in the green.

Through the week, the crypto total market cap fell to a Monday low $273.33bn before hitting a Thursday high $297.79bn. On Thursday, the market cap fell back to sub-$275bn levels before support kicked in. At the time of writing, the total market cap stood at $283.65bn.

Bitcoin’s dominance held steady late in the week. At the time of writing, Bitcoin’s dominance stood at 62.8%, up from a week low 62.02% on Wednesday.

Trading volumes eased back from $196bn levels seen on Monday. At the time of writing, 24-hr volumes stood at $146.79bn.

This Morning

At the time of writing, Bitcoin was down by 2.21% to $9,764.6. A mixed start to the day saw Bitcoin rise to an early morning high $10,022.0 before sliding to a low $9,562.8.

Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $9,763.0.

Elsewhere, it was a sea of red across the crypto-board, with Tezos sliding by 7.10% to lead the way down.

Binance Coin saw modest losses relative to the pack, down by 1.8% at the time of writing.

BTC/USD 24/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,880 levels to bring the first major resistance level at $10,104.0 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $10,022.0.

Barring an extended crypto rally, the first major resistance level at $10,104.0 would likely cap any upside.

Failure to move back through to $9,880 levels could see Bitcoin fall deeper into the red.

A fall through to sub-$9,600.0 levels would bring the second major support level at $9,541.0 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$9,500.

The Crypto Daily – Movers and Shakers – 23/02/20

Bitcoin fell by 0.31% on Saturday. Partially reversing a 0.87% gain from Friday, Bitcoin ended the day at $9,663.0.

A bearish start to the day saw Bitcoin slide from an early intraday high $9,719.9 to a mid-morning intraday low $9,565.1.

Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $9,586.37.

Finding support through the rest of the day, however, Bitcoin bounced back to $9,700 levels before easing back at the day end.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin struggling to break out from $10,000 levels.

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.

Tezos led the way down on Saturday, sliding by 5.11%.

Bitcoin Cash ABC (-1.59%), Bitcoin Cash SV (-3.29%), Ethereum (-1.40%), Monero’s XMR (-1.62%), and Stellar’s Lumen (-1.53%) also saw relatively heavy losses.

Binance Coin (-0.99%), Cardano’s ADA (-0.61%), and Tron’s TRX (-0.41%) saw modest losses on the day.

EOS (+1.80%), Litecoin (+1.99%), and Ripple’s XRP (+0.36%) bucked the trend on the day.

Through the current week, the crypto total market cap fell to a low $273.33bn before hitting a Thursday high $297.79bn. On Thursday, the market cap fell back to sub-$275bn levels before support kicked in. At the time of writing, the total market cap stood at $282.49bn.

Bitcoin’s dominance held steady late in the week. At the time of writing, Bitcoin’s dominance stood at 62.8%, up from a current week low 62.02% from Wednesday.

Trading volumes continued to ease back from $196bn levels seen on Monday. At the time of writing, 24-hr volumes stood at $126.13bn.

This Morning

At the time of writing, Bitcoin was up by 1.42% to $9,799.9. A bullish start to the day saw Bitcoin rise from an early morning low $9,660.0 to a high $9,824.5.

Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $9,732.97 and second major resistance level at $9,802.93.

Elsewhere, it’s been a bullish start to the day for the majors.

Tezos led the way early on, rallying by 4.60%, with Tron’s TRX up by 3.26%

BTC/USD 23/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,800 levels to bring the third major resistance level at $9,956.83 back into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the second major resistance level.

Barring an extended crypto rally, the second major resistance level at $9,802.93 would likely continue to cap any upside.

In the event of another breakout, Bitcoin could eye a return to $10,000 levels.

Failure to move back through to $9,800 levels could see Bitcoin fall hit reverse.

A fall through the morning low $9,660.0 would bring the first major support level at $9,579.07 into play.

Barring a crypto sell-off, Bitcoin should steer clear of sub-$9,500 and the second major support level at $9,495.13.

The Crypto Daily – Movers and Shakers – 21/02/20

Bitcoin rose by 0.18% on Thursday. Following a 5.81% slide on Wednesday, Bitcoin ended the day at $9,608.1.

It was range-bound through most of the day, with Bitcoin moving within a $150 spread through the morning. In the late afternoon, Bitcoin fell to an intraday low $9,359.7 before striking an intraday high $9,699.9.

Steering clear of the major support and resistance levels, Bitcoin eased back to sub-$9,600 levels.

Bitcoin recovered to $9,600 levels, however, to close out the day in the green.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin struggling to break out from $10,000 levels.

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 a mixed day for the crypto majors.

Tezos led the way on Thursday, rising by 2.20%.

Cardano’s ADA (+1.59%), EOS (+0.85%), and Stellar’s Lumen (+1.04%) also joined Bitcoin in the green.

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

Bitcoin Cash ABC led the way down, falling by 1.92%.

Bitcoin Cash SV (-1.01%), Litecoin (-1.49%), Monero’s XMR (-1.47%), Ripple’s XRP (-1.25%), and Tron’s TRX (-1.54%) also saw relatively heavy losses.

Binance Coin (-0.98%), Ethereum (-0.43%) and Binance Coin (-0.98%) saw more modest losses on the day.

Through the current week, the crypto total market cap fell to a low $273.33bn before hitting a Tuesday high $297.09bn. On Thursday, the market cap fell back to a low $274.75bn before support kicked in. At the time of writing, the total market cap stood at $280.67bn.

Bitcoin’s dominance picked up on Thursday, following Bitcoin’s modest gain. At the time of writing, Bitcoin’s dominance stood at 62.8%, up from a current week low 62.02% from Wednesday.

While trading volumes eased back from $196bn levels seen on Monday, volumes hit $186bn levels on Thursday before falling back. At the time of writing, 24-hr volumes stood at $163.82bn.

This Morning

At the time of writing, Bitcoin was up by 0.93% to $9,697.5. A bullish start to the day saw Bitcoin rise from an early morning low $9,576.6 to a high $9,750.0

Steering clear of the major support levels, Bitcoin came within range of the first major resistance level at $9,752.1 early on.

Elsewhere, it was a bullish start to the day for the majors.

Litecoin led the way, rallying by 3.29%. Bitcoin Cash ABC (+2.29%), EOS (+2.45%), and Monero’s XMR (+2.10%) also found support early.

Binance Coin (+0.47%) and Tezos (+0.59%) trailed the back through the morning.

BTC/USD 21/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $9,700 levels to bring the first major resistance level at $9,752.1 back into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,7000 levels.

Barring an extended crypto rally, the first major resistance level at $9,752.1 would likely cap any upside.

In the event of another breakout, Bitcoin could test the second major resistance level at $9,896.1 before any pullback.

Failure to move back through to $9,700 levels could see Bitcoin fall hit reverse.

A fall through the morning low $9,576.6 to sub-$9,550 levels would bring the first major support level at $9,411.90 into play.

Barring a crypto sell-off, Bitcoin should steer clear of sub-$9,400 support levels.

The Crypto Daily – Movers and Shakers – 19/02/20

Bitcoin rallied by 4.86% on Tuesday. Reversing a 2.19% decline from Monday, Bitcoin ended the day at $10,184.0.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $9,637.9 before finding support.

Steering clear of the first major support level at $9,483.27, Bitcoin rallied to a late intraday high $10,275.0.

Bitcoin broke through the first major resistance level at $9,950.97 and the second major resistance level at $10,193.93.

It was a choppy end to the day, however. Bitcoin fell back through the second major support level to limit the upside on the day. Holding on to $10,000 levels was key for the week ahead, however.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin failing to break out from $10,000 levels.

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 a mixed day for the crypto majors.

Tezos (+8.25%), Litecoin (+5.41%), Ethereum (+5.63%), and EOS (+5.25%) led the way on the day.

Binance Coin (+2.68%), Bitcoin Cash ABC (+2.71%), Cardano’s ADA (+4.22%), Monero’s XMR (+4.90%), Ripple’s XRP (+3.77%), Stellar’s Lumen (+4.42%), and Tron’s TRX (+3.48%) also made strong gains.

Bitcoin Cash SV bucked the trend on the day, falling by 0.75%.

Through the start of the week, the crypto total market cap fell to a low $273.33bn before hitting a Tuesday high $297.09bn. At the time of writing, the total market cap stood at $295.57bn.

Bitcoin’s dominance continued to sit at sub-63% levels in the early part of the week. Bitcoin saw relatively modest gains after taking a hit on Monday. At the time of writing, Bitcoin’s dominance stood at 62.4%.

Trading volumes eased back from $196bn levels seen on Monday to sub-$180bn levels on Tuesday. At the time of writing, 24-hr volumes stood at $173.77bn.

This Morning

At the time of writing, Bitcoin was down by 0.34% to $10,149.0. A mixed start to the day saw Bitcoin fall from an early morning high $10,199.0 to a low $10,134.0.

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

Elsewhere, it was a mixed start to the day, with Bitcoin Cash SV rising by 0.13% to buck the trend once more.

With the rest of the pack in the red, Bitcoin Cash ABC, Tezos and Tron’s TRX led the way down, with losses of 1.57, 0.92%, and 0.81% respectively.

BTC/USD 19/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $10,200 levels to bring the first major resistance level at $10,426.70 into play.

Support from the broader market would be needed, however, for Bitcoin to break back out from Tuesday’s high $10,275.

Barring a broad-based crypto rebound, resistance at $10,200 would likely leave Bitcoin short of the first major resistance level.

In the event of another breakout, $10,500 levels could come back into play before any pullback. We would expect Bitcoin to fall well short of the second major support level at $10,669.4, however.

Failure to move through to $10,200 levels could see Bitcoin fall deeper into the red.

A fall through to sub-$10,030 levels would bring the first major support level at $9,789.6 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the sub-$9,700 levels on the day.

The Crypto Daily – Movers and Shakers – 17/02/20

Bitcoin rose by 0.26% on Sunday. Partially reversing a 4.2% slide from Saturday, Bitcoin ended the week down by 2.22% to $9,926.8.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $10,037.00 before hitting reverse.

Falling short of the first major resistance level at $10,249.27, Bitcoin tumbled to a late afternoon intraday low $9,651.30.

Bitcoin fell through the first major support level at $9,676.27 before recovering to $9,800 levels.

A late rebound was needed, however, to reverse losses from the day. Bitcoin struck a 2nd half of a day high $9,999.40 in the final hour before easing back.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, supported by last week’s loss.

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 a mixed day for the crypto majors.

Bitcoin Cash SV and EOS led the way down with losses of 8.44% and 7.68% respectively.

Binance Coin (-3.79%), Bitcoin Cash ABC (-4.22%), Cardano’s ADA (-4.44%), Ripple’s XRP (-4.76%), Stellar’s Lumen (-3.19%), and Tron’s TRX (-5.40%) also saw heavy losses.

Ethereum (-2.39%), Litecoin (-2.68%), and Monero’s XMR (-1.66%) saw relatively modest losses.

Tezos joined Bitcoin in the green on the day, rising by 1.09%.

It was also a mixed week for the majors, in the week ending 16th February.

Bitcoin Cash SV and EOS slid by 18.13% and 12.34% to lead the way down.

Binance Coin (-4.34%), Bitcoin Cash ABC (-7.75%), Cardano’s ADA (-0.80%), and Litecoin (-3.10%) also saw red.

It was a bullish week for the rest of the pack, however, with Tezos rallying by 22.37% to lead the way.

Ethereum (+12.98%), Monero’s XMR (+0.11%), Ripple’s XRP (+3.58%), Stellar’s Lumen (+2.79%), and Tron’s TRX (+1.13%) also saw green.

Through the week, the crypto total market cap rose from a Tuesday low $279.65bn to a Saturday week high $308.72bn. A bearish weekend led to a pullback to sub-$300bn levels, however. The total market cap fell to a Sunday week low $278.56bn before support kicked in. At the time of writing, the total market cap stood at $283.39bn.

Bitcoin’s dominance slipped back through the week from 63.7% to sub-62% levels before recovering. At the time of writing, Bitcoin’s dominance stood at 63.3%.

Trading volumes were on the rise, however, jumping to $195bn levels on Thursday before easing back. Volumes had stood at sub-$130bn levels in the early part of the week. At the time of writing, 24-hr volumes stood at $172.97bn.

This Morning

At the time of writing, Bitcoin was down by 0.77% to $9,849.90. A bearish start to the day saw Bitcoin fall from an early morning high $9,969.2 to a low $9,815.00.

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

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

Stellar’s Lumen (-4.47%), Tezos (-4.10%), and Tron’s TRX (-4.20%) led the way down early on.

Bitcoin Cash ABC (-3.25%), Bitcoin Cash SV (-3.50%), EOS (-3.13%), and Litecoin (-2.81%) also struggled.

Binance Coin (-2.03%), Ethereum (-2.02%), and Ripple’s XRP (-1.83%) saw modest gains relative to the rest of the pack early on.

BTC/USD 17/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,870 levels to bring the first major resistance level at $10,092.10 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $10,000 levels.

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

Failure to move back through to $9,870 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low $9,815.00 would bring the first major support level at $9,706.40 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the sub-$9,600 levels on the day.

The Crypto Daily – Movers and Shakers – 16/02/20

Bitcoin fell by 4.2% on Saturday. Reversing a 1.1% gain from Friday, Bitcoin ended the day at $9,900.9.

Bearish throughout the day, Bitcoin fell from an early morning intraday high $10,373.0 to a late afternoon intraday low $9,800.0.

Bitcoin fell through the first major support level at $10,166.33 and the second major support level at $9,997.67.

Steering clear of sub-$9,800 levels, Bitcoin bounced back to an afternoon high $10,087.0 before sliding back into the deep red.

The reversal saw Bitcoin fall back through the second major support level at $9,997.67.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, in spite of the current 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 a bearish day for the crypto majors.

Bitcoin Cash SV (-13.96%), Bitcoin Cash ABC (-11.63%), EOS (-11.38%), and Tron’s TRX (-10.56%) saw double digit percentage losses.

Binance Coin (-8.32%), Cardano’s ADA (-9.23%), Ethereum (-7.35%), Litecoin (-7.92%), Ripple’s XRP (-8.42%), and Stellar’s Lumen (-9.50%) also saw heavy losses.

Monero’s XMR fell by 6.65%, faring better than the pack on the day.

Through the current week, the crypto total market cap fell to a Tuesday low $279.65bn before rising to a Thursday high $308.04bn. At the time of writing, the total market cap stood at $295.21bn.

Bitcoin’s dominance slipped back through the week from 63.7% to 61.6% at the time of writing.

Trading volumes were on the rise, however, jumping to $195bn levels on Thursday before easing back. Volumes had stood at sub-$130bn levels in the early part of the week. At the time of writing, 24-hr volumes stood at $172.87bn.

This Morning

At the time of writing, Bitcoin was up by 0.88% to $9,988.1. A bullish start to the day saw Bitcoin rise from an early morning low $9,860.00 to a high $10,037.0.

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

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

Bitcoin Cash ABC (+3.21%), Cardano’s ADA (+3.23%), Litecoin (+4.00%), and Tron’s TRX (+3.38%) led the way early on.

Binance Coin (+2.26%), Bitcoin Cash SV (+2.25%), Ethereum (+2.50%), Ripple’s XRP (+2.42%), Stellar’s Lumen (+2.17%), and Tezos (+3.00%) also found strong support.

EOS trailed the pack, up by just 1.17% at the time of writing.

BTC/USD 16/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $10,025 levels to bring the first major resistance level at $10,249.27 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning nigh $10,037.0.

Barring an extended crypto rally, resistance at $10,000 would likely leave Bitcoin short of the first major resistance level.

In the event of another breakout, Bitcoin the first major resistance level would likely pin Bitcoin back from a return to $10,400 levels.

Failure to move back through to $10,025.00 levels could see Bitcoin hit reverse.

A fall back through the morning low $9,960.00 would bring the first major support level at $9,676.27 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the sub-$9,800 levels on the day.

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.

Fed Fuelled Interest for Crypto Hint Working on the Blockchain

Thus, Ethereum (ETH) has grown by 30% in the last seven days. Other coins have also been growing steadily in price. Altcoins are growing faster than the benchmark cryptocurrency, which leads to a decline in the BTC domination index, which dropped to 61.7% – the lowest in the last seven months.

It’s interesting to see what contributed to the $500 sharp rebound of the benchmark cryptocurrency.

Crypto community agrees that the main driver was the speech of the Fed governor. Market participants have concluded that the US Federal Reserve perceives cryptocurrencies as a severe threat to the status of the dollar as a global reserve currency. Besides, in Powell’s speech, there may have been hints of creating its rival to the Chinese digital yuan, which again would be logical, after the strict steps of regulators against Libra and TON.

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However, in the last few hours, we are witnessing that the growth momentum is gradually fading. Also, we still do not see any manifestations of the FOMO syndrome, which is typical for cryptocurrencies, with a jump of tens of per cent, as was the case after the general secretary of the Communist Party of China announced its work at the blockchain project.

The reaction is now more muted while further attempts of bears to push Bitcoin below the threshold could turn into painful profit-taking. This assumption got support by the Crypto Fear & Greed Index, which is currently at “greed” level 65. These are the highs from the August 2019. The RSI is also in the overbought zone. These are symptoms of overheating in the market. Without any external impulses, the cooling might be swift.

In a broad time frame, the intentions of central banks to launch digital analogues of national currencies may become a favourable scenario for existing cryptocurrencies. Participants believe that the spread of the national “crypto” at the system level will increase demand and institutional investors’ confidence in the current leaders of the sector.

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However, there is another position: central banks and governments are in a hurry to lead the new trend to oust as many competitors as possible from the market. Under this scenario, we will soon get a rules tightening for the conversion of cryptocurrencies into fiat, as this is the primary weapon of central banks in a decentralized environment.

Sadly, the truth is that without the opportunity to use the exchange for traditional money, cryptocurrencies will quickly start to lose their attractiveness.

This article was written by FxPro

The Crypto Daily – Movers and Shakers – 12/02/20

Bitcoin rallied by 4.01% on Tuesday. Reversing a 2.96% slide from Monday, Bitcoin ended the day at $10,247.0.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $9,720.0 before making a move.

Steering clear of the first major support level at $9,639.13, Bitcoin rallied to a late afternoon intraday high $10,316.0.

Bitcoin broke through the first major resistance level at $10,124.13 to visit $10,300 levels for the 1st time since September.

A late pullback saw Bitcoin fall back to $10,190 levels before wrapping up the day at $10,200 levels.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, in spite of 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 a bullish day for the crypto majors.

Tezos led the way, rallying by 11.47%.

Cardano’s ADA (+7.57%), EOS (+7.12%), Ethereum (+6.78%), and Monero’s XMR (+6.37%) also made solid gains.

Bitcoin Cash ABC (+4.02%), Bitcoin Cash SV (+4.72%), and Stellar’s Lumen (+4.94%) weren’t far behind.

Binance Coin (+2.50%), Litecoin (+3.80%), Ripple’s XRP (+2.75%), and Tron’s TRX (+3.1%) trailed the pack on the day.

Through the start of the week, the crypto total market cap fell to a Tuesday low $279.65bn before rising to an early Wednesday high $296.27. At the time of writing, the total market cap stood at $296.27bn.

Bitcoin’s dominance slipped further back through the start of the week to 63.1% at the time of writing.

Trading volumes also picked up, rising to $145bn levels on Monday. At the time of writing, 24-hr volumes stood at $138.83bn.

This Morning

At the time of writing, Bitcoin was up by 0.2% to $10,268.0. A bullish start to the day saw Bitcoin rise from an early morning low $10,246.0 to a high $10.314.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin was down by 0.38% to buck the trend early on.

It was a bullish start for the rest of the pack, with Ethereum up by 2.15% to lead the way. Stellar’s Lumen (+1.16%) and Bitcoin Cash SV (+1.01%) also found strong support early on.

BTC/USD 12/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $10,300 levels to bring the first major resistance level at $10,468.67 into play.

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

Barring another broad-based crypto rally, resistance at $10,400 would likely leave Bitcoin short of the first major resistance level.

In the event of another breakout, Bitcoin would eye a breakout from $10,500 levels before any pullback.

Failure to move back through to $10,300 levels could see Bitcoin hit reverse

A fall back through the morning low $10,246 to sub-$10,095 levels would bring the first major support level at $9,872.67 into play.

Barring a crypto sell-off, however, Bitcoin should steer clear of the sub-$9,800 levels on the day.

What Does 2020 Have in Store for the Blockchain?

2018 and 2019 could be described as years in which there was a redefinition of blockchain technology and to what uses it should be channelled to. The decline of the market in 2018 as well as the rollercoaster ride of 2019 gave room for real-life use cases for blockchain technology to come to the fore.

So what does 2020 have in store for the blockchain? We can expect to see the following:

1. Greater Regulation

A bill has been submitted to the US Congress seeking to provide a proper regulatory framework for cryptocurrencies and other digital assets, with legal backing. Harnessing the full potential of the blockchain and cryptocurrencies is only possible when this industry is regulated just enough to root out the bad guys, but not too much as to stifle innovation.

Many countries may perhaps be waiting to see what model of regulation the US brings to the table. Successful deployment of a regulatory framework in the US could spur a slew of similar actions across the globe.

2. Greater Institutional Footprint

If blockchain assets and other digital currencies are brought into regulation in the US, this may finally give the confidence to other institutional players to bring money into the market, knowing that they have a cover for their humongous investments. Enterprise adoption is going to increase and we will see further deepening of the cryptocurrency market as well as adoption of more real life use cases for blockchain projects.

3. The Death of More ICOs of Yesteryears

Many more of the much-hyped ICOs of 2017 and 2018 that were on one form of life support or another may finally be killed off this year as disillusioned investors jettison whatever they can of their battered holdings in order to recover some of their investment. Many of those ICOs were simply riding the moving horse. With that horse starting to tire, it became aware of all the deadweight and started to throw them off its back. This is exactly what has happened to all the deadbeat ICOs which had no real product, no value to add, but only served as a way for the founders to make money off gullible people who could not predict what would happen down the road.

4. More Funding for Viable Blockchain Projects

Ripple was able to raise an additional $200m in December 2019 despite the underwhelming performance of its token in the market. The reason is simple: it has a working product which is gathering loads of attention from the relevant market and more players in that sector are signing up. Projects which have great use case scenarios will keep attracting more funding and more clientele. It will only be a matter of time before the boys are separated from the men.

5. Bitcoin to Continue Its Market Domination

Bitcoin looks good to continue its dominance in the cryptocurrency market. According to TradingBeasts cryptocurrency guide for novice traders, it still commands the market capitalization, the trading volumes and market interest all across the world to maintain this position. Mention some other cryptocurrency in some parts of the world and many would draw blank; mention Bitcoin and the lights come on.

We expect this to continue in 2020. This will be more pronounced in countries whose national currencies would struggle in the face of economic turmoil. In these areas, Bitcoin would become the new safe haven asset, which only serves to continue Bitcoin’s market domination.

6. Launch of a Few National Cryptocurrencies

Some countries are in the stage of conceptualization, or are already in advanced stages of development of their national cryptocurrencies. Examples of countries that are considering launching digital versions of their national currencies include Switzerland and China, although the latter continues to keep mum over such a development. 2020 may also see more countries opening discussions and consultations to kickstart the digitalization of their national countries. However, these discussions seem to be well pronounced in Europe, less so in Asia and virtually non-existent in Africa and Latin America. Will the lagging countries be open to the idea? 2020 will tell.

7. The Make or Break Year for Libra

Libra is yet to take off the blocks and already the project has started to face hitches with stiff opposition from the US, France and a few other countries. Some of its consort partners have also pulled out of the project. 2020 will determine if this project will take off or if Mark Zuckerberg and his team will decide to either kill off the project or replace it with something that is more agreeable to regulators and finance ministers.

So these are the events we think will shape the blockchain industry in 2020.

The Crypto Daily – Movers and Shakers – 10/02/20

Bitcoin rallied by 2.77% on Sunday. Following on from a 0.73% gain on Saturday, Bitcoin ended the week up by 8.53% to $10,151.0.

A bullish start to the day saw Bitcoin rally from an early morning intraday low $9,871.1 to a mid-morning intraday high $10,165.0.

Bitcoin broke through the first major resistance level at $9,979.4 and the second major resistance level at $10,081.6.

A mid-afternoon pullback saw Bitcoin fall back through the major resistance levels before bouncing back.

The late bounce back saw Bitcoin break back through the first and second major resistance levels to wrap up the day at $10,100 levels.

Bitcoin steered well clear of the major support levels throughout the day.

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

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 a bullish end to the week for the crypto majors.

Tezos and Binance Coin led the way with rallies of 15.04% and 11.87% respectively.

Bitcoin Cash SV (+4.15%), EOS (+5.22%), and Monero’s XMR (+8.63%) also made strong gains.

Bitcoin Cash ABC (+0.79%), Cardano’s ADA (+3.36%), Ethereum (+2.44%), Litecoin (+0.51%), Ripple’s XRP (+1.92%), Stellar’s Lumen (+2.38%), and Tron’s TRX (+1.13%) saw more modest gains.

For the week, Binance Coin and Tezos led the way, with gains of 32.74% and 37.82% respectively. In the week, Tezos returned to the top 10 by market cap.

Bitcoin Cash ABC (+19.80%), Bitcoin Cash SV (+26.6%), EOS (+18.38%), Ethereum (+21.56%), Monero’s XMR (+17.28%), Stellar’s Lumen (+15.30%), and Tron’s TRX (+15.55%) also made particularly strong gains.

Cardano’s ADA (11.48%), Litecoin (+10.34%), and Ripple’s XRP (+12.30%) trailed the pack in the week.

Through the current week, the crypto total market cap rose from a Tuesday low $254.52bn to a Sunday high $289.97bn. At the time of writing, the total market cap stood at $290.50bn.

Having fallen back from 66% levels, Bitcoin’s dominance slipped further back to sub-64% levels over the weekend. More marked gains across the broader market pinned Bitcoin back. At the time of writing, Bitcoin’s dominance stood at 63.6%.

Trading volumes were on the up, rising to $146bn levels on Thursday before easing back. At the time of writing, 24-hr volumes stood at $132.73bn.

This Morning

At the time of writing, Bitcoin was down by 0.06% to $10,145.0. A bearish start to the day saw Bitcoin fall from an early morning high $10,187.0 to a low $10,129.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-1.03%) and Monero’s XMR (-1.17%) led the way down.

Binance Coin (-0.38%), Bitcoin Cash ABC (-0.73%), Cardano’s ADA (-0.62%), EOS (-0.30%), Ethereum (-0.23%), Ripple’s XRP (-0.10%) and Tron’s TRX (-0.24%) also saw red.

Litecoin (+0.17%), Stellar’s Lumen (+0.83%), and Tezos (+0.81%) bucked the trend early on.

BTC/USD 10/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the morning high $10,187.0 to bring the first major resistance level at $10,253.63 into play.

Support from the broader market would be needed, however, for Bitcoin to break through to $10,200 levels.

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

In the event of another breakout, the second major resistance level at $10,356.27 and $10,500 levels could come into play.

Failure to move back through the morning high $10,287.0 could see Bitcoin fall deeper into the red.

A fall back through the morning low $10,129.0 to sub-$10,062 levels would bring the first major support level at $9,959.73 into play.

Barring a crypto sell-off, however, Bitcoin should steer clear of the sub-$9,900 on the day.

The Crypto Daily – Movers and Shakers – 09/02/20

Bitcoin rose by 0.73% on Saturday. Following on from a 0.62% gain on Friday, Bitcoin ended the day at $9,877.2.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $9,657.8 before making a move.

Bitcoin fell through the first major support level at $9,706.07 before rallying to a late intraday high $9,920.8.

The rally saw Bitcoin break through the first major resistance level at $9,882.17 to hit $9,900 levels for the 1st time since late October.

Coming within range of the second major resistance level at $9,959.13, Bitcoin eased back to sub-$9,900 late in the day.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, in spite of the current week gains.

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 a mixed day for the crypto majors.

Bitcoin Cash SV led the way with a 13.43% surge.

EOS (+3.64%), Litecoin (+3.22%), and Tezos (+4.85%) also made solid gains on the day.

Bitcoin Cash ABC (-1.66%), Cardano’s ADA (+0.67%), Ethereum (+0.07%), and Monero’s XMR (+1.56%) also ended the day in the green.

Binance Coin (-1.00%), Ripple’s XRP (-0.75%), and Stellar’s Lumen (-0.94%) end the day in the red, however.

Through the current week, the crypto total market cap rose from a Tuesday low $254.52bn to an early Sunday high $286.16bn. At the time of writing, the total market cap stood at $285.90bn.

Having fallen back from 66% levels, Bitcoin’s dominance slipped further back to sub-64% levels going into Sunday. More marked gains across the broader market pinned Bitcoin back on the day. At the time of writing, Bitcoin’s dominance stood at 63.8%.

Trading volumes also picked up, rising to $146bn levels on Thursday before easing back. At the time of writing, 24-hr volumes stood at $134.90bn.

This Morning

At the time of writing, Bitcoin was up by 1.98% to $10,073.0. A particularly bullish start to the day saw Bitcoin rally from an early morning low $9,871.1 to a high $10,109.0.

Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $9,979.4 and second major resistance level at $10,081.6.

Elsewhere, it was a sea of green across the crypto board.

Bitcoin Cash SV and Binance Coin led the way early with gains of 8.30% and 6.56% respectively.

Litecoin and Tezos trailed the pack early, with gains of just 0.73% and 0.37% respectively.

BTC/USD 09/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to break back through the second major resistance level at $10,081.6 to target $10,500 levels.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $10,109.0.

Barring an extended rally through the day, Bitcoin would likely fall short of the third major resistance level at $10,344.60.

In the event of another breakout, resistance at $10,500 would likely limit the upside on the day.

Failure to move back through the second major resistance level could see Bitcoin give up the early gains.

A fall back through the first major resistance level to sub-$9,820 levels would bring the first major support level at $9,716.4 into play.

Barring a crypto sell-off, however, Bitcoin should steer clear of the sub-$9,900 on the day.

The Crypto Daily – Movers and Shakers – 07/02/20

Bitcoin rose by 1.38% on Thursday. Following on from a 4.51% rally on Wednesday, Bitcoin ended the day at $9,744.9.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $9,547.0 before making a move.

Steering well clear of the first major support level at $9,284.17, Bitcoin rallied to an early afternoon intraday high $9,860.0.

The rally saw Bitcoin break through the first major resistance level at $9,835.37 before briefly sliding back sub-$9,600 levels.

Bitcoin broke back through the first major resistance level before easing back to sub-$9,800 levels late in the day.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, in spite of the current week gains.

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 a mixed day for the crypto majors.

Bitcoin Cash ABC and Bitcoin Cash SV fell by 2.35% and by 0.19% to buck the trend on the day. The losses came off the back of a breakout on Wednesday.

It was bullish for the rest of the pack, however.

Binance Coin and Tron’s TRX led the way with gains of 7.00% and 8.62% respectively.

Ethereum (+4.38%) and Stellar’s Lumen (+2.24%) also found strong support, while the rest of the pack trailed.

Cardano’s ADA (+0.93%), EOS (+1.12%), Litecoin (+1.18%), Monero’s XMR (+0.15%), Ripple’s XRP (+1.84%), and Tezos (+0.97%) saw more modest gains on the day.

Through the current week, the crypto total market cap rose from a Tuesday low $254.52bn to a Thursday high $277.94bn. At the time of writing, the total market cap stood at $276.36bn.

Having fallen back from 66% levels, Bitcoin’s dominance slipped further back on Thursday. More marked gains across the broader market pinned Bitcoin back on the day. At the time of writing, Bitcoin’s dominance stood at 64.2%.

Trading volumes picked up, rising to $146bn levels on Thursday. At the time of writing, 24-hr volumes stood at $136.97bn.

This Morning

At the time of writing, Bitcoin was up by 0.29% to $9,772.9. A relatively bullish start to the day saw Bitcoin rise from an early morning low $9,744.9 to a high $9,781.3.

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

Elsewhere, it was a mixed start to the day.

Ethereum led the way, rising by 1.12%, whilst Bitcoin Cash ABC (-0.47%) and Bitcoin Cash SV (-0.23%) continued to decline.

Binance Coin (-0.28%) and Ripple’s XRP (-0.34%) were also in the red early on.

BTC/USD 07/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $8,000 levels to support a run at the first major resistance level at $9,887.6.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $9,860.0.

Barring another broad-based crypto rally, the first major resistance level at $9,887.6 and Thursday’s high would likely cap any upside.

In the event of another breakout, $10,000 levels and the second major resistance level at $10,030.30 would likely come into play.

Failure to move back through to $9,800 levels could see Bitcoin hit reverse.

A fall back through to sub-$9,717 levels would bring the first major support level at $9,574.6 into play.

Barring a crypto sell-off, however, Bitcoin should steer clear of the sub-$9,500 on the day.

In the event of a sell-off, the second major support level at $9,404.30 should limit any downside.

BTC is Ceding Ground to Stablecoins as the Settlement Currency for Crypto Derivatives

However, there is one area, where stablecoins are stealing a march on bitcoin – settlement of crypto derivatives.

For the uninitiated, derivatives are financial products that derive their value from an underlying asset or a group of underlying assets. In the case of crypto derivatives, these underlying assets are cryptocurrencies or crypto-assets. The currency in which profit/ loss of a derivative contract is denominated is referred to as the settlement currency.

Derivatives are currently the most exciting area of crypto trading and have seen remarkable growth in the last 12 to 18 months. This growth is being led by new entrants which are shaking up several aspects of derivatives trading, including settlement currency. The incumbents, namely BitMex and Deribit have preferred BTC settled contracts. Deribit now also offers futures and options on ETH that are settled in ETH. However, the broader market is quickly moving towards stablecoin settlement.

New Derivatives Exchanges are Driving Stablecoin Settlement

Delta Exchange, which is a relatively new entrant in the crypto derivatives space, has been pioneering stablecoin settled futures. Delta launched its first USDC settled futures contract back in January 2019. Considering that USDC was fairly new then, the choice of USDC over the much more established USDT was a bold one. This bet on USD paid off as both volumes on Delta Exchange and USDC market cap grew rapidly in 2019. Encouraged by the response of traders, Delta Exchange went on to list USDC settled futures and perpetual swaps on several leading altcoins.

With the trader demand for stablecoin settled futures clearly established, other derivative exchanges have started to follow suit. The most notable among these is Binance. The exchange launched its futures trading platform in the 4th quarter of 2019 and has selected USDT as the quoting currency for the entire platform. Given Binance’s reach, this will give a big fillip to the market share of stablecoin settled derivatives.

Why Traders Prefer Stablecoin Settlement

Trader’s preference for stablecoin pairs has been clearly visible in spot markets. In fact, having USDT pairs on altcoins was one of the key reasons behind Binance’s strong growth in 2017. Even now, for most cryptocurrencies, the trading volume in USDT pairs is higher than that in BTC pairs.

Focusing on derivatives trading, stablecoin settlement is preferred by traders for primarily three reasons:

  • Ease of understanding: Stablecoin settlement makes trading crypto futures quite similar to trading futures on stocks in traditional financial markets. A trader bets up on the $ price of a crypto-asset/ stocks and keeps USDT/ USD as collateral. If she is right (wrong), her USDT/ USD increases (decreases). Compare this to a BTC settled futures on BTC. A trader has to bet upon the price of bitcoin while keeping BTC as collateral. It requires some mental gymnastics to wrap your head around this.
  • Protection of collateral against market moves: Let’s continue with the BTC-settled BTC futures example. Consider a trader that believes bitcoin price is about to go down and takes a short position in BTC futures. For this, she is required to keep some BTC as collateral. If the trader is proven right and bitcoin price actually goes down, the following happens: (a) she makes profit on her short futures position, but (b) the $ value of her BTC collateral also goes down. So, in this case, the trader ends up with lesser money in dollar-terms. She could have avoided this hit if she had the option of keeping collateral in a stablecoin.
  • BTC price of altcoins is hard to predict: Bitcoin is quite volatile. The volatility in altcoin prices is even higher. This makes predicting prices of altcoins in BTC-terms incredibly difficult. Let’s explore this in detail. When the market is bullish, both BTC and altcoins go up in $-terms. However, in the early parts of a rally, BTC price tends to go up more than altcoin prices. This means that BTC prices of altcoins actually go down. Given these dynamics, traders find it easier to trade futures where prices are in USD or a USD-pegged stablecoin (e.g. USDC and USDT).

Conclusion

In mature asset classes, the sizes of derivatives trading is typically 4-5x of spot trading. The rapid growth of crypto derivatives suggests that the same relationship will likely get established for cryptocurrencies too. As crypto derivatives grow and mature, standardisation and a move towards established practices from traditional financial markets is natural. We believe stablecoin-settlement is part of this process. Introduction of more complex derivatives such as options and interest rate swaps is only likely to accelerate this trend. That said, it remains to be seen whether Delta Exchange can continue to innovate in stablecoin-settled derivatives and manage to stay ahead of its peers.

Market Recovery Fits Right in Bitcoin’s Plans

Bitcoin grew by more than 4% and traded close to $9,650 by 10:00 GMT on Thursday. Almost all altcoins have also moved to a steady upward trend. Especially worth mentioning is Ethereum (ETH), which has added 9% in the last 24 hours, reaching $208, having crossed the round mark. Bitcoin Cash (BCH) also shows an impressive growth of almost 14% to $440.

As the crypto market grows, many analysts, including Josh Rager, announce a change of trend, and the new altcoin season. There is every reason for that, especially given the price dynamics related to the coronavirus and traditional market. At the beginning of the next bullish spiral, the crypto community linked this growth to the virus, geopolitics, overbought stocks, tying to gold dynamics, and other factors.

So what do we see now? Panic around the epidemic has eased: Chinese scientists are actively convincing the international community that they have taken control of the situation and developed a vaccine. This news provoked further stock growth; oil bounced back while gold declined. Besides, there is extremely positive news about US-China trade war. In theory, all this could lead to a reversal of the Bitcoin and the entire market to a decline.

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So how could Bitcoin get a significant impulse on the background of the coronavirus spreading? It is quite possible to assume a scenario where the epidemic spreads to many countries of the world, provoking governments to close borders. This would immediately lead to a breakdown of all established supply chains and a drop in trade volumes.

The end of broad free trade between countries could cause restrictions on capital movements, as panic provokes asset flight. In that case, Bitcoin and other cryptocurrencies could indeed be considered beneficiaries of the “feast at a time of plague”.

Nevertheless, the situation is improving, and we see active growth. All this suggests that Bitcoin for investors is in a border zone. It’s not a traditional risk asset, as its volatility is still off the charts compared to popular currencies and equities; and yet, it’s not a safe-haven.

Most likely, we are witnessing a situation where investors, investing in stocks against the backdrop of growing optimism, diversify some funds towards Bitcoin. The first cryptocurrency, in its turn, is pulling the rest of the crypto market upwards.

We can assume that BTC will follow the sentiment of large investors, receiving impulses depending on the general direction of the market. Price dynamics can be heated up by the participants of the crypto market themselves, who, however, probably, no longer have the same driving force, which once pushed the rate to $20,000.

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This article was written by FxPro

The Crypto Daily – Movers and Shakers – 05/02/20

Bitcoin fell by fell by 1.20% on Tuesday. Following on from a 0.47% decline on Monday, Bitcoin ended the day at $9,197.4.

A relatively bullish start to the day saw Bitcoin rise to an early morning intraday high $9,359.8 before hitting reverse.

Falling short of the first major resistance level at $9,522.77, Bitcoin fell to a mid-day intraday low $9,112.5.

The reversal saw Bitcoin fall through the 38.2% FIB of $9,260 and the first major support level at $9,201.67.

Finding support through the 2nd half of the day, Bitcoin hit a high $9,246.8 before falling back to sub-$9,200 levels.

The partial recovery saw Bitcoin briefly break back through the first major support level.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, supported by Bitcoin’s bearish start to the week.

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 a mixed day for the crypto majors.

Ripple’s XRP and Stellar’s Lumen rallied by 4.88% and by 3.99% to lead the way, with EOS rising by 0.46% to join the pair in the green.

It was a bearish day for the rest of the majors, however, with Bitcoin Cash SV sliding by 3.56% to lead the way down.

Binance Coin (-1.74%), Bitcoin Cash ABC (-1.55%), Cardano’s ADA (-1.95%), Litecoin (-2.51%), and Monero’s XMR (-2.38%) also saw heavy losses.

Ethereum and Tron’s TRX saw modest losses of 0.62% and 0.60% on the day.

Through the start of the week, the crypto total market cap rose to a Monday high $265.13bn before falling to a Tuesday low $254.52bn. At the time of writing, the total market cap stood at $258.68bn.

Having fallen back from 66% levels, Bitcoin’s dominance slipped further back to sub-65% levels following Tuesday’s loss. At the time of writing, Bitcoin’s dominance stood at 64.7%.

Trading volumes picked up, rising to $122bn levels on Tuesday before easing back. At the time of writing, 24-hr volumes stood at $107.30bn.

This Morning

At the time of writing, Bitcoin was up by 0.21% to $9,216.6. A mixed start to the day saw Bitcoin rise to an early morning high $9,247.9 before falling to a low $9,180.2.

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

Elsewhere, it was a mixed start to the day.

Ripple’s XRP continued to find support, rallying by 2.24%, while Binance Coin led the way, up by 2.96% at the time of writing.

Bitcoin Cash SV continued to struggle, however, falling by 0.97%.

EOS (-0.81%), Ethereum (-0.04%), and Monero’s XMR (-0.23%) joined Bitcoin Cash SV in the red early on.

BTC/USD 05/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,225 levels to support a run at the first major resistance level at $9,333.97.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,300 levels.

Barring another broad-based crypto rally, the first major resistance level and Tuesday’s high $9,359.8 would likely limit any upside.

In the event of another breakout, the second major resistance level at $9,470.53 and $9,500 levels would likely come into play.

Failure to move back through to $9,225 levels could see Bitcoin fall back into the red.

A fall back through the morning low $9,180.2 would bring the first major support level at $9,086.67 into play.

Barring another crypto sell-off, however, Bitcoin should steer clear of the sub-$9,000 and the second major support level at $8,975.93.

Bitcoin Holds its Ground

The main point in recent dynamic weekend is its ability to stay above $9,000 and come close to the critical resistance level at $9,500.

The Greed and Fear Index is now at the “Greed” level, showing approximately the same values during the week and quite accurately reflecting what is happening in the market.

The RSI on the daily chart stabilised after drop from overbought levels. This dynamic once again confirms the positive market fundamentals, because even after the decline, we did not see a massive drawdown of the cryptocurrency quotes.

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Whale alert Telegram channel shows a transfer of almost $500 million between unknown wallets. Such a transfer also indicates the existence of deepwater currents that can form the basis for future dynamics.

Bitcoin showed minimal fluctuations during the weekend, while altcoins moved up confidently. The dominance index dropped to 65.3%, fall short of a few percents to December 2017 levels: the time when the altcoin season began, marking the start of the decline in the BTC Dominance index to 33%.

So now we’re witnessing signs of the altcoin season coming back, no matter how ridiculous this statement was just in the recent past. Speculative interest may indeed create an upward impulse for the altcoins, but only the emergence of fundamental reasons for growth can provide this sector with a strong rebound.

We don’t want to sound overly optimistic, but the Glassnodes research shows another important bullish signal for the crypto sector as a whole in the form of growth of the bitcoin user base. It’s a tremendous job to systematise such large-scale data arrays with significant adjustments in the calculation.

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The company’s analysis also takes into account those balances that are now zero, although they used to have funds previously. It was no surprise to see that in the historical perspective, the growth of bitcoin associated with the growth of the user base.

In particular, the historic 2017 rally coincided with an influx of new users. The same was true for the 2019 rally. At the moment, the company’s analysts also record an increase in the number of active users, which, together with all other indicators, maybe a sign of a positive outlook.

However, especially in moments of widespread enthusiasm, we should be cautious about the market prospects at a time when the whole crypto community will start to predict a new historic rally. There is always a chance that it will happen. But you have to understand that it may stop and reverse at the most unpredictable moment.

The market is now ruled by institutional investors who did not buy Bitcoin for $20K, like most new retail investors. Therefore, one should focus on the moment of general euphoria and the return of unshakable faith in the market’s prospects as an impulse for sale.

This article was written by FxPro

Top 5 Potentially Profitable Cryptocurrencies in 2020: Investment Advice

Cryptocurrency is a potentially great digital asset for investment. Some cryptocurrencies have better options for investment in 2020. Do you want to know what digital currencies are worth investing your money in the next 12 months? Read the following recommendations.

Factors to consider when choosing a cryptocurrency for investing in 2020

Despite the international trend of cryptocurrency devaluation in 2019, some coins still possess a very good potential for making quick and long-term ROI. Do not pay attention only to the current rate of cryptocurrencies because this index is the most volatile and may change drastically within a few weeks (take, for instance, the dramatic drop of Bitcoin price in 2018). On the contrary, consider the following factors and indicators:

  • Market capitalization – the value of all issued digital coins of the particular cryptocurrency. High market cap means a large volume of the crypto coins participating in active transactions, which means an enhanced interest of investors;
  • Liquidity level – the higher it is, the faster a cryptocurrency can be sold at the market price. The most popular cryptocurrencies – Ethereum, Bitcoin and Ripple – have a high liquidity rate. Trading activity on exchanges indicates the number of transactions with certain cryptos made over a certain period. This indicator shows an actual demand in particular cryptocurrencies among traders;

Check the current top 10 cryptocurrencies with the highest market cap (January 28, 2020):

Source: https://coinmarketcap.com/

Rules to learn before investing in cryptocurrencies in 2020

According to AMarkets expert Artem Deev, the following recommendations will help to minimize risks and increase ROI for cryptocurrency investors this year:

  • Diversify your investments – never invest money in one asset. New traders and investors make this mistake repeatedly and, as a result, lose all money after the first failing deal. Diversify your investment portfolio. At least one of the chosen cryptocurrencies will bring profits and you will be able to minimize losses;
  • Do not blindly trust one source of data – always use a few sources (chats, forums, expert opinion, financial analysis, brokers);
  • Learn and observe – it is the only way to pick the best cryptocurrencies and the entry point to this extremely volatile market;

Top 5 cryptocurrencies to invest in 2020:

1. Bitcoin

In May 2020, the first and major cryptocurrency developers will offer 50% reduced rewards – 6.25 BTC instead of 12.5 BTC for each verified block. However, apart from that, Bitcoin is likely to bring the dominance index to 65-70% compared to other altcoins. In such a way, it can become the cryptocurrency with the largest market capitalization. These factors may significantly affect the growth of its price in 2020. Active use of Lightning Network may also change the BTC ecosystem. It will enable the implementation of Bitcoin in decentralized applications, micropayments, and e-commerce platforms. The current Bitcoin price (January 28, 2020) is $8 994,85.

2. Ethereum

Unlike Bitcoin, Ethereum is based on practical smart contracts used by many projects for the digitalization of transactions. The currency value may increase due to the increasing demand for its blockchain and functions, rather than a deficit of the asset as it happens with BTC right now. A major role in the success or failure of this currency will depend on upcoming fork updates and rapid implementation of the Proof-of-Stake algorithm. The approval by regulatory organizations and community decision to de-list ETH from the list of altcoins may also affect its price growth in 2020. The current ETH price is $171,38.

3. NEO

The NEO project is often included in different cryptocurrency investment ratings for the next year. This cryptocurrency breaks many stereotypes, including being the first open-source token originated from China. It claims to transform the traditional financial system by combining digital and real assets. Its unique Superconduct trading mechanism allows users to trust the funds through a decentralized platform. So, NEO’s appliance is beyond doubt, as its rapid demand growth. NEO may even hold an ICO, but so far it is trading at the level of $11,14 USD per token. The current NEO price is $11,14.

4. EOS

Chinese experts, according to CoinTelegraph, really like to include EOS to the list of the most promising cryptocurrencies for the next few years. Even if you don’t know much about crypto coins, it is definitely worth your investment in 2020. If Twitter, Uber, and Amazon ever move to a blockchain, the core of their work will definitely be EOS. The EOS system is free of Ethereum problems with scalability and it is ready to replace other competitive blockchains. If Ethereum fails, EOS can level up to 100 USD per token. EOS achievements become possible thanks to the consensus algorithm of delegated proof of ownership (DPoS) and an infinite number of similar blockchains. The current EOS price is $3,94.

5. Ripple

Some experts call XRP the “king of banking infrastructure”. The successful partnership with major financial market players made the Ripple ecosystem a breakthrough in the crypto industry. Take the latest integration with Western Union and the potential replacement of SWIFT to accelerate and reduce the cost of large money transfers between counterparties. However, do not expect huge profits with XRP in 2020, it is good for long-term investment. Even with the most optimistic approach, XRP price is unlikely to rise above 0.7 USD in the next couple of years. The current XRP price is $0,233759.

Source: https://i0.wp.com/www.tekedia.com/wp-content/uploads/2019/12/coins.jpg?resize=775%2C450&ssl=1

Cheap but potentially good for investment cryptocurrencies in 2020

Besides the obvious choices of popular cryptocurrencies, one of AMarkets experts – Basil Gamov – recommends to take a closer look at cheap but potentially great cryptocurrencies to invest in the next 12 months:

1) Chainlink (LINK) – appeared in 2017 in the USA. These crypto coins developed a technology that forms channels between different data providers employing smart blockchain technology. Chainlink allows all network operators, like information providers, to earn their token LINK. From an investment point of view, Chainlink has great potential. This is the list of partners who also believe in this crypto coin’s future: Dapps Inc, Google Cloud, ETHA, ConsenSys. The price (January 28, 2020) is $2,62. The market cap is $917 350 826.

2) Basic Attention Token (BAT) is another functional type of tokens based on the Ethereum blockchain. It is used only in the Brave browser. The cryptocurrency was launched in 2015. Developers offer a various concept of interaction for all network participants. Browser users pick to choose ads or not and can monitor the token’s price in real-time via Brave. The token has a very active and massive affiliate program, has the support of the Tor browser and DuckDuckGo search engine. The current token price is $0,218456. The market cap is $311 019 624.

3) Synthetix Network Token (SNX) is a potentially interesting platform network based on the ERC20 token. It helps to create synthetic assets (Synths) for tracking the value of physical assets. People can create and support their Synths and make money with them, without actually being the owners of these assets. The token appeared in 2017 and back then it was called Havven. The current token price is $1,19. The market cap is $193 220 205.

Final thoughts

Sure, you are free to pick any cryptocurrency to invest in 2020. Remember to diversify and work with reliable exchange services and brokers to protect your investment deals from any fraud. Make sure to include crypto coins into your asset portfolio as soon as possible while top currencies like Bitcoin and Ethereum are still hot for investment.