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.

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.

Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 10/02/20

Litecoin

Litecoin rose by 0.51% Sunday. Following on from a 3.22% rally on Saturday, Litecoin ended the week up by 10.34% to $77.05.

A bullish start to the day saw Litecoin rally to a mid-morning intraday high $78.45. While falling short of the first major resistance level at $79.22, Litecoin broke through the 38.2% FIB of $78.0 before hitting reverse.

The reversal saw Litecoin slide to an early afternoon intraday low $75.00 before a late recovery.

While falling back through the 38.2% FIB, Litecoin steered clear of the first major support level at $72.83 before a late recovery back into the green.

At the time of writing, Litecoin was down by 0.38% to $76.76. A mixed start to the day saw Litecoin rise to an early morning high $77.50 before falling to a low $76.69.

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

LTC/USD 10/02/20 Daily Chart

For the day ahead

Litecoin would need to move back through to $76.85 levels to support another run at the first major resistance level at $78.67.

Support from the broader market would be needed, however, for Litecoin to breakout from the 38.2% FIB of $78 and Sunday’s high $78.45 levels.

Barring an extended crypto rally, the first major resistance level and 38.2% FIB of $78 would likely limit any upside.

In the event of another crypto breakout, the second major resistance level at $80.28 could come into play.

Failure to break back through to $76.85 levels could see Litecoin fall deeper into the red.

A fall back through the early morning low $76.30 would bring the first major support level at $75.22 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of the second major support level at $73.38.

Looking at the Technical Indicators

Major Support Level: $75.22

Major Resistance Level: $78.67

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rose by 2.38% on Sunday. Reversing a 0.94% fall from Saturday, Stellar’s Lumen ended the week up by 15.30% to $0.072936.

A bullish start to the day saw Stellar’s Lumen rally from an early intraday low $0.071239 to a mid-day intraday high $0.074067.

Steering clear of the major support levels, Stellar’s Lumen broke through the first major resistance level at $0.07290 before hitting reverse.

The reversal saw Stellar’s Lumen slide to sub-$0.072 levels before finding support from the broader market.

A late rally back through to $0.072 levels delivered the upside on the day.

At the time of writing, Stellar’s Lumen was up by 0.09% to $0.0730. A mixed start to the day saw Stellar’s Lumen rise from an early morning low $0.072964 to a high $0.073643 before easing back.

Stellar’s Lumen left the major support and resistance levels untested.

XLM/USD 10/02/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to move back through the morning high $0.073643 to support a run at the first major resistance level at $0.07426.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Sunday’s high $0.074067.

Barring an extended crypto rally, the resistance at $0.074 would likely leave Stellar’s Lumen short of the first major resistance level.

Failure to move back through the morning high $0.073643 could see Stellar’s Lumen hit reverse.

A fall back through to sub-$0.07275 levels would bring the first major support level at $0.07143 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.070 and the second major support level at $0.06992.

Looking at the Technical Indicators

Major Support Level: $0.06992

Major Resistance Level: $0.07426

23.6% FIB Retracement Level: $0.1051

38% FIB Retracement Level: $0.1433

62% FIB Retracement Level: $0.2050

Tron’s TRX

Tron’s TRX rose by 1.13% on Sunday. Reversing a 0.68% fall from Saturday, Tron’s TRX ended the week by up 15.55% to $0.022051.

A bullish start to the day saw Tron’s TRX rise to a late morning intraday high $0.022640 before hitting reverse.

Falling short of the first major resistance level at $0.02287, Tron’s TRX fell to an early afternoon intraday low $0.021316.

Steering clear of the first major support level at $0.02052, Tron’s TRX found support late in the day.

Tron’s TRX bounced back to $0.022 levels to close out the day in the green.

At the time of writing, Tron’s TRX was down by 1.03% to $0.021823. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.022113 to a low $0.021823.

Tron’s TRX left the major support and resistance levels untested early on.

TRX/USD 10/02/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to move back through to $0.022 levels to support a run at the first major resistance level at $0.02269.

Support from the broader market would be needed, however, for Tron’s TRX to break through Sunday’s high $0.02264.

Barring an extended crypto rally, the first major resistance at $0.02269 and Sunday high would likely limit any upside on the day.

Failure to move through to $0.022 levels could see Tron’s TRX struggle throughout the day.

A fall back through to sub-$0.02150 levels would bring the first major support level at $0.02136 into play.

Barring a crypto meltdown, however, Tron’s TRX should steer clear of sub-$0.021 levels and the second major support level at $0.02068.

Looking at the Technical Indicators

Major Support Level: $0.02136

Major Resistance Level: $0.02269

23.6% FIB Retracement Level: $0.0322

38.2% FIB Retracement Level: $0.0452

62% FIB Retracement Level: $0.0663

Please let us know what you think in the comments below

Thanks, Bob

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.

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.

The Crypto Daily – Movers and Shakers – 03/02/20

Bitcoin fell by 0.61% on Sunday. Reversing a 0.43% gain from Saturday, Bitcoin ended the week up 8.47% to $9,352.2.

A bearish start to the day saw Bitcoin slide to an early morning intraday low $9,165.0.

Bitcoin fell through the 38.2% FIB of $9,260 and the major support level at $9,218.5 before making a move.

Through the morning, Bitcoin bounced back to a mid-day intraday high 9,501.0. A late in the day sell-off, however, saw Bitcoin fall back to sub-$9,400 levels and into the red.

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

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 led the way, rallying by 3.93% and by 3.59% respectively.

Binance Coin (+0.99%), EOS (+1.65%), Ethereum (+2.62%), Monero’s XMR (+2.90%) and Tron’s TRX (+0.25%) also saw green.

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

Bitcoin Cash ABC (-0.15%), Bitcoin Cash SV (-0.25%), Cardano’s ADA (+0.53%), and Litecoin (-1.23%) joined Bitcoin in the red.

It was a bullish week for the majors, however.

Cardano’s ADA (+24.55%) and Litecoin (+24.48%) led the way.

Bitcoin Cash ABC (+8.58%), EOS (+15.80%), Ethereum (+12.36%), Monero’s XMR (+16.57%), and Tron’s TRX (+13.03%) also made solid gains.

Binance Coin (+5.43%), Bitcoin Cash SV (+1.30%), Ripple’s XRP (+8.54%), and Stellar’s Lumen (+8.67%) trailed the front runners in the week.

Through the current week, the crypto total market cap rose from a Monday low $237.76bn to a Sunday high $263.75bn. At the time of writing, the total market cap stood at $260.11bn.

Bitcoin’s dominance fell back to sub-66% levels after Sunday’s loss as the broader market saw green.

Trading volumes picked up, rising from sub-$80bn levels to $127bn levels on Friday before easing back. At the time of writing, 24-hr volumes stood at $115.18bn.

This Morning

At the time of writing, Bitcoin was up by 0.19% to $9,369.9. A mixed start to the day saw Bitcoin fall to an early morning low $9,307.5 before striking a high $9,389.4.

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

Elsewhere, it was a bullish start to the day, with Ripple’s XRP up by 1.27% to lead the way early on.

BTC/USD 03/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,400 levels to support a run at the first major resistance level at $9,514.0.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,500 levels.

Barring another broad-based crypto rally, the first major resistance level and Sunday’s high $9,501.3 would likely cap any upside.

In the event of another breakout, the second major resistance level at $9,675.8 would likely come into play.

Failure to move back through to $9,400 levels could see Bitcoin fall back into the red.

A fall back through to sub-$9,340.0 levels would bring the first major support level at $9,177.7 into play.

Barring another crypto sell-off, however, Bitcoin should steer clear of sub-$9,200 levels. The 38.2% FIB of $9,260 should limit any downside on the day.

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

Bitcoin rose by 0.43% on Saturday. Partially reversing a 1.53% fall from Friday, Bitcoin ended the day at $9,408.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $9,476.4 before hitting reverse.

Falling short of the first major resistance level at $9,518.1, Bitcoin slid to a mid-day intraday low $9,318.0.

Steering clear of the 38.2% FIB of $9,260.0 and the first major support level at $9,218.5, Bitcoin recovered to an afternoon high $9,444.3 before easing back.

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

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.

Cardano’s ADA and Litecoin led the way on the day, rallying by 4.07% and 4.02% respectively.

Bitcoin Cash SV (+2.72%), Ethereum (+2.10%), and Tron’s TRX (+2.59%) also found strong support.

Bitcoin Cash ABC (+1.41%), EOS (+0.11%), Monero’s XMR (+1.46%), Ripple’s XRP (+0.71%), and Stellar’s Lumen (+1.63%) trailed the front runners.

Binance Coin bucked the trend, closing out the day flat.

Through the current week, the crypto total market cap rose from a Monday low $237.76bn to a late Thursday high $263.46bn. At the time of writing, the total market cap stood at $257.55bn.

Bitcoin’s dominance fell back to sub-66% levels after the modest gain from Saturday before rising back to 66% levels this morning.

Trading volumes also picked up, rising from sub-$80bn levels last Sunday to $127bn levels on Friday before easing back. At the time of writing, 24-hr volumes stood at $99.60bn.

This Morning

At the time of writing, Bitcoin was down by 0.62% to $9,350.1. A bearish start to the day saw Bitcoin fall from an early morning high $9,410.5 to a low $9,350.0.

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

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

Bitcoin Cash SV (-1.70%) and Litecoin (-1.60%) led the way down early on.

Monero’s XMR (-0.90%) and Stellar’s Lumen (-0.96%) saw modest losses relative to the rest of the pack.

BTC/USD 02/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,400 levels to support a run at the first major resistance level at $9,483.60

Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $9,476.4.

Barring another broad-based crypto rally, the first major resistance level would likely leave Bitcoin short of Saturday’s high $9,519.9.

In the event of another breakout, the second major resistance level at $9,559.2 will likely come into play.

Failure to move back through to $9,400 levels could see Bitcoin fall deeper into the red.

A fall through the morning low $9,350.0 would bring the first major support level at $9,325.2 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of the 38.2% FIB of $9,260 and second major support level at $9.242.4.

The Crypto Daily – Movers and Shakers – 01/02/20

Bitcoin fell by 1.53% on Friday. Partially reversing a 2.23% gain from Thursday, Bitcoin ended the month up 29.95% to $9,367.4.

A bearish start to the day saw Bitcoin slide from an early morning intraday high $9,519.9 to an early afternoon intraday low $9,220.3.

Steering clear of the major resistance levels, Bitcoin fell through the 38.2% FIB of $9,260 and the first major support level at $9,240.33.

Finding support in the 2nd half of the day, Bitcoin broke back through the first major support level and 38.2% FIB to wrap up January at $9,300 levels.

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

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 down, sliding by 8.26%.

Bitcoin Cash ABC (-4.78%), Cardano’s ADA (-4.08%), EOS (-3.77%), Monero’s XMR (-3.88%), and Tron’s TRX (-4.06%) also saw heavy losses.

Binance Coin (-1.78%), Ethereum (-2.59%), Ripple’s XRP (-1.45%), and Stellar’s Lumen (-3.11%) saw relatively modest losses.

Litecoin bucked the trend on the day, eking out a 0.18% gain.

For the month, however, it was a particularly bullish start to the year…

Bitcoin Cash SV led the way, surging by 183%.

Bitcoin Cash ABC (+83.7%), Cardano’s ADA (+64.8%), EOS (+60.5%), Litecoin (+65.4%) also made solid gains.

Binance Coin (+33.6%), Ethereum (+39.8%), Ripple’s XRP (+39.8%), Stellar’s Lumen (+35.1%), and Tron’s TRX (+39.8%) trailed the front runners.

Through the current week, the crypto total market cap rose from a Monday low $237.76bn to a late Thursday high $263.46bn. At the time of writing, the total market cap stood at $257.42bn.

Bitcoin’s dominance returned to 66% levels on Friday, with heavier losses seen across the broader market.

Trading volumes also picked up, rising from sub-$80bn levels on Sunday to $127bn levels on Friday before easing back. At the time of writing, 24-hr volumes stood at $114.11bn.

This Morning

At the time of writing, Bitcoin was up by 0.19% to $9,385.1. A mixed start to the day saw Bitcoin fall to an early morning low $9,357.6 before striking a high $9,385.5.

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

Elsewhere, it was a mixed start to the day for the cryptos.

EOS led the way early, rising by 0.98%.

Bitcoin Cash SV (+0.06%), Cardano’s ADA (+0.23%), Ethereum (+0.17%), and Litecoin (+0.12%) also joined Bitcoin in the green.

It was a bearish start for the rest, however, with Monero’s XMR falling by 0.58% to lead the way down.

BTC/USD 01/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,400 levels to support a run at the first major resistance level at $9,518.10.

Support from the broader market would be needed, however, for Bitcoin to break through to $9,500 levels.

Barring another broad-based crypto rally, the first major resistance level and Friday’s high $9,519.9 would likely cap any upside.

In the event of another breakout, the second major resistance level at $9,668.8 will likely come into play.

Failure to move back through to $9,400 levels could see Bitcoin fall back into the red.

A fall through the morning low $9,381.0 to sub-$9,370 levels would bring the first major support level at $9,218.5 into play.

Barring a crypto meltdown, however, the 38.2% FIB of $9,260 and first major support level should limit any downside on the day.