The Crypto Daily – Movers and Shakers -29/05/20

Bitcoin rallied by 4.11% on Thursday. Following on from a 4.12% breakout on Wednesday, Bitcoin ended the day at $9,589.3.

A mixed start to the day saw Bitcoin fall to a mid-morning intraday low $9,118.2 before making a move.

Steering clear of the first major support level at $8,946.67, Bitcoin rallied to a final hour intraday high $9,630.3.

Bitcoin broke through the first major resistance level at $9,349.47 and second major resistance level at $9,488.63 before easing back.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was also a bullish day for the majors on Thursday.

Cardano’s ADA surged by 17.71% to lead the way.

Binance Coin (+3.64%), Bitcoin Cash ABC (+3.34%), Ethereum (+5.77%), Monero’s XMR (+4.28%), Stellar’s Lumen (+4.92%), Tezos (+4.37%), and Tron’s TRX (+3.12%) also found strong support.

Bitcoin Cash SV (+1.17%), EOS (+1.67%), Litecoin (+2.05%), and Ripple’s XRP (+1.37%) trailed the front runners.

In the current week, the crypto total market cap fell to an early Monday low $238.04bn before rising to an early Friday high $263.53bn. At the time of writing, the total market cap stood at $261.58bn.

Bitcoin’s dominance fell to a Monday low 66.38% before a Thursday 69.54% spike. At the time of writing, Bitcoin’s dominance stood at 66.99%.

This Morning

At the time of writing, Bitcoin was down by 0.57% to $9,535.0. A mixed start to the day saw Bitcoin rise to an early morning high $9,618.8 before falling to a low $9,483.5.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA joined Bitcoin in the red, with a 0.46% loss at the time of writing.

It was a bullish start to the day for the rest of the pack, however.

EOS led the way early on, rallying by 1.49%.

BTC/USD 29/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$9,450 levels to bring the first major resistance level at $9,773.67 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $9,630.3.

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

In the event of another extended crypto rally, the second major resistance level at $9,958.03 and the 62% FIB of $10,034 would likely come into play.

Failure to avoid sub-$9,450 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low to sub-$9,450 levels would bring the first major support level at $9,261.57 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer well clear of the second major support level at $8,933.83.

Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 28/05/20

Litecoin

Litecoin rallied by 3.79% on Wednesday. Reversing a 1.61% decline from Tuesday, Litecoin ended the day at $43.87.

It was a bullish start to the day. Litecoin rallied from an early morning intraday low $42.23 to a late afternoon intraday high $43.98.

Litecoin broke through the first major resistance level at $42.98 and the second major resistance level at $43.66 before pulling back.

A late pullback saw Litecoin fall back through the second major resistance level to sub-$43.30 levels before finding late support.

A final hour rally saw Litecoin break back through the second major resistance level to wrap up the day at $43.8 levels.

At the time of writing, Litecoin was down by 0.41% to $43.69. A bearish start to the day saw Litecoin fall from an early morning high $43.86 to a low $43.65.

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

LTC/USD 28/05/20 Daily Chart

For the day ahead

Litecoin would need to avoid sub-$43.40 levels to bring the first major resistance level at $44.49 into play.

Support from the broader market would be needed, however, for Litecoin to breakout from Wednesday’s high $43.98.

Barring an extended crypto rally, Wednesday’s high would likely leave Litecoin short of the first major resistance level and.

Failure to avoid sub-$43.40 levels could see Litecoin fall deeper into the red.

A fall back through the morning low to sub-$43.40 would bring the first major support level at $42.74 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$42 and the second major support level at $41.61.

Looking at the Technical Indicators

Major Support Level: $42.74

Major Resistance Level: $44.49

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 1.59% on Wednesday. Partially reversing a 1.76% fall from Tuesday, Stellar’s Lumen ended the day at $0.066041.

It was a bullish start to the day. Stellar’s Lumen rallied from an early morning intraday low $0.064520 to a late morning intraday high $0.067666 before hitting reverse.

Stellar’s Lumen broke through the first major resistance level at $0.06619 and the second major resistance level at $0.06749.

The reversal saw Stellar’s Lumen slide back through the major resistance levels before finding late support to wrap up the day at $0.066 levels.

At the time of writing, Stellar’s Lumen was up by just 0.01% to $0.066050. There were no major movements within the 1st hour of the day.

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

XLM/USD 28/05/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to move back through to $0.06610 levels to bring the first major resistance level at $0.06763 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.067 levels.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $0.067666 would likely limit any upside.

Failure to move back through to $0.06610 levels could see Stellar’s Lumen hit reverse.

A fall through to sub-$0.065 levels would bring the first major support level at $0.06449 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer well clear of the second major support level at $0.06293.

Looking at the Technical Indicators

Major Support Level: $0.06449

Major Resistance Level: $0.06763

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 0.58% on Wednesday. Partially reversing a 0.74% decline from Tuesday, Tron’s TRX ended the day at $0.014710.

It was a bullish start to the day. Tron’s TRX rallied from an early morning low $0.014529 to a late morning intraday high $0.015041 before hitting reverse.

Tron’s TRX broke through the first major resistance level at $0.01479 and the second major resistance level at $0.01498.

The reversal saw Tron’s TRX slide through the major resistance levels to a late intraday low $0.014502 into the red.

Late in the day, however, Tron’s TRX moved back through to $0.01470 levels to end the day in the green.

In spite of the late pullback, Tron’s TRX steered clear of the first major support level at $0.01432.

At the time of writing, Tron’s TRX was down by 0.11% to $0.014694. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.014725 before falling to a low $0.014694.

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

TRX/USD 28/05/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to move through to $0.01480 levels to support a run at the first major resistance level at $0.01499.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.014725.

Barring a broad-based crypto rebound, the first major resistance level and Wednesday’s high $0.015041 would likely limit any upside.

Failure to move through to $0.01480 levels could see Tron’s TRX fall deeper into the red.

A fall through Wednesday’s low $0.014521 would bring the first major support level at $0.01447 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.014 levels. The second major support level at $0.01424 would likely limit any downside.

Looking at the Technical Indicators

Major Support Level: $0.01447

Major Resistance Level: $0.01499

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

Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 27/05/20

Litecoin

Litecoin fell by 1.61% on Tuesday. Partially reversing a 2.09% gain from Monday, Litecoin ended the day at $42.29.

A mixed start to the day saw Litecoin rose to an early morning intraday high $43.07 before hitting reverse.

Falling short of the first major resistance level at $43.59, Litecoin slid to a late afternoon intraday low $41.79.

Litecoin fell through the first major support level at $42.04 before recovering to wrap up the day at $42 levels.

At the time of writing, Litecoin was up by 0.33% to $42.43. A bullish start to the day saw Litecoin rise from an early morning low $42.23 to a high $42.60.

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

LTC/USD 27/05/20 Daily Chart

For the day ahead

Litecoin would need to avoid sub-$42.40 levels to bring the first major resistance level at $42.98 into play.

Support from the broader market would be needed, however, for Litecoin to breakout from the morning high $42.60.

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

Failure to avoid sub-$42.40 levels could see Litecoin hit reverse.

A fall back through the morning low $42.23 would bring the first major support level at $41.70 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $41.10.

Looking at the Technical Indicators

Major Support Level: $41.70

Major Resistance Level: $42.98

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen fell by 1.76% on Tuesday. Partially reversing a 3.26% rally from Monday, Stellar’s Lumen ended the day at $0.064880.

It was bearish through most of the day. Stellar’s Lumen fell from an early morning intraday low $0.066385 to a mid-afternoon intraday low $0.063970.

Stellar’s Lumen fell through the first major support level at $0.06447 before finding support late in the day.

The partial recovery saw Stellar’s Lumen briefly revisit $0.065 levels before easing back.

At the time of writing, Stellar’s Lumen was down by 0.55% to $0.064520. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.065225 before falling to a low $0.064520.

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

XLM/USD 27/05/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to move back through to $0.065 levels to bring the first major resistance level at $0.06619 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.065225.

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

Failure to move back through to $0.065 levels could see Stellar’s Lumen fall deeper into the red.

A fall through to sub-$0.064 levels would bring the first major support level at $0.06377 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of the second major support level at $0.06266.

Looking at the Technical Indicators

Major Support Level: $0.06377

Major Resistance Level: $0.06619

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 fell by 0.74% on Tuesday. Partially reversing a 3.83% rally from Monday, Tron’s TRX ended the day at $0.01460.

It was a bearish start to the day. Tron’s TRX fell from an early morning intraday high $0.014709 to a mid-afternoon intraday low $0.014241.

Tron’s TRX fell through the first major support level at $0.01431 before finding support late in the day.

The late recovery saw Tron’s TRX move back through the first major support level to wrap up the day at $0.01460 levels

At the time of writing, Tron’s TRX was down by 0.35% to $0.014549. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.014625 to a low $0.014549.

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

TRX/USD 27/05/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to avoid sub-$0.01450 levels to support a run at the first major resistance level at $0.01479.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Tuesday’s high $0.014709.

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

Failure to avoid sub-$0.01450 levels could see Tron’s TRX fall deeper into the red.

A fall through to sub-$0.01450 levels would bring the first major support level at $0.01432 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.014 levels. The second major support level at $0.01405 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $0.01432

Major Resistance Level: $0.01479

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 -27/05/20

Bitcoin fell by 0.62% on Tuesday. Partially reversing a 2.20% gain from Monday, Bitcoin ended the day at $8,845.5.

A mixed start to the day saw Bitcoin rise to a late morning intraday high $9,013.3 before hitting reverse.

Falling short of the first major resistance level at $9,037.13, Bitcoin slid to a late afternoon intraday low $8,704.9.

Steering clear of the first major support level at $8,693.43, Bitcoin recovered to $8,800 levels to limit the loss on the day.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was another mixed day for the majors on Tuesday.

Monero’s XMR rose by 0.24% to buck the trend.

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

Bitcoin Cash SV slid by 2.57% to lead the way down.

Binance Coin (-1.04%), Ethereum (-1.58%), Litecoin (-1.61%), Ripple’s XRP (-1.20%), Stellar’s Lumen (-1.76%), and Tezos (-1.54%) also struggled.

Bitcoin Cash ABC (-0.18%), Cardano’s ADA (-0.69%), EOS (-0.76%), and Tron’s TRX (-0.74%) saw relatively modest losses on the day.

Early in the week, the crypto total market cap fell to an early Monday low $238.04bn before rising to a Tuesday high $247.84bn. At the time of writing, the total market cap stood at $243.55bn.

Bitcoin’s dominance fell to a Monday low 66.38% before rising to a Tuesday high 66.86%. At the time of writing, Bitcoin’s dominance stood at 66.57%.

This Morning

At the time of writing, Bitcoin was down by 0.24% to $8,824.0. A mixed start to the day saw Bitcoin rise to an early morning high $8,896.5 before falling to a low $8,822.7.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA and Monero’s XMR led the way down, with losses of 0.87% and 0.53% respectively.

Ethereum (+0.28%), Litecoin (+0.17%), and Ripple’s XRP (+0.49%) bucked the trend early on.

BTC/USD 27/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $8,860 levels to bring the first major resistance level at $9,004.23 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,896.5.

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

In the event of an extended crypto rally, the second major resistance level at $9,162.97 would likely come into play.

Failure to move back through to $8,860 levels could see Bitcoin fall deeper into the red.

A fall back through the morning $8,822.2 would bring the first major support level at $8,695.83 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,546.17.

Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 26/05/20

Litecoin

Litecoin rose by 2.09% on Monday. Partially reversing 4.08% slide from Sunday, Litecoin ended the day at $42.96.

A bearish start to the day saw Litecoin fall to an early morning intraday low $41.76 before finding support.

Steering clear of the first major support level at $41.21, Litecoin rose to a late morning intraday high $43.31.

Falling short of the first major resistance level at $43.73, Litecoin fell back to $42 levels going into the afternoon.

A late afternoon return to $43 levels was brief, with Litecoin wrapping up the day at $42 levels.

At the time of writing, Litecoin was down by 0.79% to $42.62. A mixed start to the day saw Litecoin rise to an early morning high $43.07 before falling to a low $42.35.

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

LTC/USD 26/05/20 Daily Chart

For the day ahead

Litecoin would need to move back through to $42.70 levels to bring the first major resistance level at $43.59 into play.

Support from the broader market would be needed, however, for Litecoin to breakout from Monday’s high $43.31.

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

Failure to move back through to $42.70 levels could see Litecoin fall deeper into the red.

A fall back through the morning low $42.35 would bring the first major support level at $42.04 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $41.13.

Looking at the Technical Indicators

Major Support Level: $42.04

Major Resistance Level: $43.59

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rallied by 3.26% on Monday. Partially reversing a 4.74% slide from Sunday, Stellar’s Lumen ended the day at $0.066044.

A bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.063783 before making a move.

Steering clear of the first major support level at $0.06249, Stellar’s Lumen rose to an early evening intraday high $0.066240 before.

Falling short of the first major resistance level at $0.06684 Stellar’s Lumen wrapped up the day at $0.066 levels.

At the time of writing, Stellar’s Lumen was up by 0.52% to $0.066385. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.066042 to a high $0.066385.

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

XLM/USD 26/05/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to avoid sub-$0.06540 levels to bring the first major resistance level at $0.06693 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.066385.

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

Failure to avoid sub-$0.06540 levels could see Stellar’s Lumen give up Monday’s gains.

A fall through to sub-$0.06540 levels would bring the first major support level at $0.06447 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of the second major support level at $0.06290.

Looking at the Technical Indicators

Major Support Level: $0.06447

Major Resistance Level: $0.06693

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 rallied by 3.83% on Monday. Partially reversing a 5.15% slide from Sunday, Tron’s TRX ended the day at $0.014710.

A bearish start to the day saw Tron’s TRX fall to an early morning intraday low $0.014117 before finding support.

Steering clear of the first major support level at $0.01383, Tron’s TRX rose to a final hour intraday high $0.014710.

In spite of the support throughout the day, Tron’s TRX came up short of the first major resistance level at $0.01493.

At the time of writing, Tron’s TRX was down by 1.01% to $0.014561. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.014709 to a low $0.014561.

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

TRX/USD 26/05/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to avoid sub-$0.01450 levels to support a run at the first major resistance level at $0.01491.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Monday’s high $0.014710.

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

Failure to avoid sub-$0.01450 levels could see Tron’s TRX fall deeper into the red.

A fall through to sub-$0.01450 levels would bring the first major support level at $0.01431 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01392.

Looking at the Technical Indicators

Major Support Level: $0.01431

Major Resistance Level: $0.01491

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

How to Invest in Cryptocurrencies: The Complete Guide for 2020

Seasoned investors continue to cross over from the more mature asset classes and regulators have eased off on the Crypto assault that led to the 2018 slump.

With Bitcoin and the broader market sitting at more than 50% below their all-time highs, there is still plenty of incentive to enter the crypto sphere.

For many, however, the crypto market may seem like a maze. There are a tremendous number of exchanges and brokers and that is before considering regulations imposed by regulators in recent years.

Investing in cryptocurrencies requires a level of due diligence not too dissimilar to the research involved in other more mature asset classes.

The volatility and sizeable returns on offer have certainly allowed investors to dream. After all, Bitcoin has yielded a mass number of Bitcoin millionaires, more commonly known as whales.

So, how do we invest in cryptocurrencies?

While there are multiple considerations, some are more important than others when looking to enter the crypto market.

Just jumping in on a whim that the majors will reach historical highs is a dangerous game. This is no dissimilar to jumping into the equity markets when they are sitting at record highs.

There is one material difference, however. The regulatory landscape has materially changed since late 2017. For this very reason, investors may continue to face plenty of uncertainty before the market can find a return to the hay days.

Understanding the key drivers and market characteristics are therefore particularly important.

Basic Essentials

In this guide, you will learn the key preparations that you need in order to build your cryptocurrency portfolio.

Before making an investment, deciding on the source of funds would certainly be step 1.

In spite of the current interest rate environment, it is recommended that you avoid funding the portfolio with debt.

Credit Card or Bank Account – Investors will, therefore, need to decide on cash or credit card. As an investor, you can either fund your crypto trading account with a debit/credit card or by funding with a bank transfer.

It is worth noting, however, that certain jurisdictions have banned the funding of crypto exchanges with credit cards. Some banks have even taken a step further and banned the transfer of fiat money to such exchanges.

Nonetheless, the simplest method to fund a crypto exchange account is with a credit/debit card. This does tend to come with higher fees and caps on transfer amounts, however.

Fiat to Bitcoin Exchange

First, you need to decide on which cryptocurrency or cryptocurrencies that you wish to trade.

You would then need to identify the exchanges that have the largest trading volumes for the chosen cryptocurrencies.

One consideration here is your source of funds. Not all exchanges allow fiat money deposits. A vast majority of exchanges restrict deposits to Bitcoin.

Carrying out the necessary research on the most appropriate exchange is important. If you are looking for an exchange that accommodates the purchase of Bitcoin with fiat money:

Coinbase is popular and easy to use, with a strong global presence. The exchange has the necessary security measures as well as delivering adequate liquidity for trading.

When searching for the right exchange, it is worth noting that each has its pros and cons. The important thing is to identify the exchange that, first and foremost, delivers on your personal requirements.

Other popular exchanges include:

These crypto exchanges not only cater to Bitcoin investors and traders but altcoins in general.

It’s also worth considering exchanges that offer a wider choice of cryptocurrencies and altcoins. This would allow you to diversify your investments and gain exposure to the broader crypto market.

We recommend that you use Coingecko to research the respective cryptocurrencies and volumes across the exchanges.

Bitcoin to Crypto Exchange

The next exchanges that you should look into are the ones you will be using for the Altcoins. Many of the smaller coins, my market cap, are generally not supported by larger exchanges. Generally speaking, the only way to buy those smaller coins is by buying them using Bitcoins or Ethereum.

On most exchanges, you need to deposit Bitcoins as you cannot buy coins directly from the exchange. This is why it’s crucial that you have a Fiat to Bitcoin Exchange first.

You can buy Altcoins from Binance, BitTrex, Kucoin, and Kraken.

Choose the Right Wallet

The next step in the crypto investment journey is to select the appropriate crypto wallets. It is essential to have your crypto wallet before buying any cryptocurrencies. You will need wallets to store your coins within your secure personal wallets.

While exchanges allow investors to hold purchases coins within assigned exchange wallets, it’s recommended that you withdraw your cryptos and hold them in private wallets. This protects you and your investments from hackers and theft. It is also worth noting that wallet compatibility also needs to be considered.

Crypto wallets to choose from include but are not limited to:

Before Getting Started

Prior to deciding on the most suitable crypto exchanges and wallets to support your trading activity, you need a trading strategy. As part of your strategy build, there are a number of factors to keep in mind:

  • Only invest in what you can afford to lose
  • Do not take a loan to invest
  • Do your own research, monitor the news wires, and view technical analysis on the respective cryptos that you decide to go with. FX Empire covers the largest cryptos, with exchanges also providing technical analysis to their users free of cost.
  • Set realistic expectations, don’t be greedy, and know when to accept a loss. (It is easy to be influenced by the news wires and overzealous analysts talking of the next crypto boom or doom. It is best to block out such noise.

Forming a Crypto Trading Strategy

While identifying the most appropriate wallets and exchanges are vital, formulating a trading strategy is undoubtedly the most important pre-investment step for a prospective trader.

Key Decisions:

  • Cryptocurrency selection – A blend of the largest cryptos along with medium-sized to small cryptos by market cap is recommended. This also addresses any liquidity issues for the overall portfolio.
  • Worth noting – A certain cryptocurrencies may have values that exceed the intended investment size. In such instances, identifying an exchange that offers CFDs or partial investment of a crypto coin is important.
  • Trader durations – For traders with adequate time to trade, a short, medium, and longer-term trading strategy would make sense.
    • Smaller size, more volatile, coins increase earnings potential intraday. These should ideally form no more than 20% of the total investment pool.
    • The Largest coins should form longer-term strategies. With adequate research, however, smaller coins may also form part of this strategy.
    • For the more medium-term strategies, which would be anything beyond intraday but less than a month, a blended portfolio is recommended. This can comprise of small, medium, and large-cap coins.
  • In any trading strategy -using risk management tools and indicators is recommended. While there are fees incurred for using stop loss and trade profit, using these would protect your downside.

80/20 Rule

When considering crypto market volatility and the rise and fall of the smaller coins, an 80/20 blend of large-cap to mid to small-cap would be recommended.

This would provide the opportunity to make sizeable gains any sudden surge in the small to mid-cap cryptos, whilst also holding the more stable coins. Do note that stable is a relative term in the crypto market. Even Bitcoin can see sizeable swings on a given day…

Does the Number of Coins Matter?

It ultimately boils down to the investment strategy that you build. With a blended portfolio, 1 Bitcoin may make up your large-cap portfolio, or 20 Litecoin for instance. It is important to focus on the blend rather than the actual number of coins that make up each component of the portfolio.

Recommendations

Below is a range of cryptos to consider the different components of your portfolio. This is not a comprehensive breakdown of the broader market and there may be coins that are more to your liking. As always, carry out the necessary research before hitting the buy or sell order…

Large Caps

Tezos, Ripple, Bitcoin, Ethereum, EOS, Cardano, Bitcoin Cash SV, Bitcoin Cash ABC, and Binance Coin.

Mid-Caps

Zcash, VeChain, True USD, Tron’s TRX, Qtum, OmiseGo, OKB, NEO, Ethereum Classic, Dogecoin, DASH, and Cosmos. These have been selected based on 24-hour volumes and have market caps of between $100m and $1bn.

Low Caps

This will consist of cryptos with a market cap of less than $100m and will likely have lower trading volumes. That means less liquidity, which is why this component should form a lower proportion of the portfolio.

Unibright, Theta Fuel, Status, MCO, Matic Network, IOST, HyperCash, BitTorrent, and ABBC Coin.

Next Steps

Once you have built your strategy, selected your cryptos, opened your trading accounts, and set up your wallets, it’s time to trade.

While you may be able to have a better sense of when to enter more mature markets, such as the global equity market, it’s less simple to pick the right entry point in the crypto world.

Other than entering at an all-time high, there’s no hard and fast rule other than waiting for any sell-off to flatten out.

Once you start trading, remain disciplined, and ensure you run your risk parameters each day.

These will include your charts that should have your support and resistance levels embedded.

And remember, not every trade will yield a return, so don’t panic should your first trade take a hit.

The Crypto Daily – Movers and Shakers -25/05/20

Bitcoin slid by 5.08% on Sunday. Reversing a 0.15% gain from Saturday, Bitcoin ended the week down by 9.91% to $8,710.10.

A bullish start to the day saw Bitcoin rise to a mid-morning intraday high $9,300.0 before hitting reverse.

Bitcoin came up against the first major resistance level at $9,295.47 before falling to a late afternoon low $8,859.2.

The reversal saw Bitcoin fall through the first major support level at $9,064.27 and the second major support level at $8,952.93.

Finding late support, Bitcoin briefly recovered to a high $9,075 before a final hour sell-off.

The sell-off saw Bitcoin slide back through the first major support level and second major support level to an intraday low $8,688.0.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was also a bearish end to the week on Sunday.

Cardano’s ADA slid by 6.80% to lead the way down.

Bitcoin Cash ABC (-5.47%), Litecoin (-4.08%), Monero’s XMR (-4.06%), Stellar’s Lumen (-4.74%), Tezos (-4.31%), and Tron’s TRX (-5.15% weren’t far behind.

Binance Coin (-3.09%), Bitcoin Cash SV (-3.77%), EOS (-2.84%), Ethereum (-3.38%), and Ripple’s XRP (-3.27%) saw relatively modest losses on the day.

Sunday’s sell-off delivered mixed results for the week, however.

Cardano’s ADA and Tezos bucked the trend, with gains of 0.20% and 0.81% respectively, Monday through Sunday.

It was a week in the red for the rest of the majors, however.

Bitcoin Cash ABC and Stellar’s Lumen led the way down, with losses of 7.72% and 7.04% respectively.

EOS (-4.92%), Monero’s XMR (-6.72%), Ripple’s XRP (-4.45%), and Tron’s TRX (-5.43%) weren’t far behind.

Binance Coin (-1.90%), Bitcoin Cash SV (-2.71%), Ethereum (-3.58%) and Litecoin (-3.75%) saw relatively modest losses for the week.

In the week, the crypto total market cap rose to a Monday low $268.50bn before falling to a Sunday low $239.63bn. At the time of writing, the total market cap stood at $242.29bn.

Bitcoin’s dominance rose to a Monday high 68.31% before falling to a Sunday low 66.51%. At the time of writing, Bitcoin’s dominance stood at 66.64%.

This Morning

At the time of writing, Bitcoin was up by 0.83 to $8,782.2. A mixed start to the day saw Bitcoin fall to an early morning low $8,620.0 before striking a high $8,808.7.

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

Elsewhere, it was a mixed start to the day.

Tron’s TRX (+1.57%), Tezos (+1.20%), Ethereum (+1.06%), Bitcoin Cash ABC (+1.23%), and Binance Coin (+1.11%) led the way early on.

Monero’s XMR was down by 0.15%, however, to buck the trend.

BTC/USD 25/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $8,900 levels to bring the first major resistance level at $9,110.73 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,808.7.

Barring an extended crypto rebound, the first major resistance level would likely limit any upside.

In the event of an extended crypto rally, Bitcoin could revisit $9,300 levels before any pullback. We would expect Bitcoin to come up short of the second major resistance level at $9,511.37, however.

Failure to move through to $8,900 levels could see Bitcoin hit reverse.

A fall back through the morning low $8,620.0 would bring the first major support level at $8,498.73 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,287.37.

Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 25/05/20

Litecoin

Litecoin slid by 4.08% on Sunday. Following on from a 0.77% decline on Saturday, Litecoin ended the week down by 3.75% to $42.06.

 

A bullish start to the day saw Litecoin rise to a mid-morning intraday high $44.56 before hitting reverse.

 

Coming up against the first major resistance level at $44.53, Litecoin slid to a late afternoon low $42.50.

 

Litecoin fell through the first major support level at $43.46 and second major support level at $43.04.

 

Finding support late on, Litecoin briefly recovered to $43.45 levels before a final house sell-off.

 

Litecoin slid back through the second major support level to an intraday low $42.02.

 

At the time of writing, Litecoin was up by 1.05% to $42.50. A bullish start to the day saw Litecoin rise from an early morning low $41.76 to a high $42.70

 

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

 

LTC/USD 25/05/20 Daily Chart

For the day ahead

Litecoin would need to move back through to $43 levels to bring the first major resistance level at $43.73 into play.

 

Support from the broader market would be needed, however, for Litecoin to breakout from the morning high $42.70.

 

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

 

Failure to move back through to $43 levels could see Litecoin fall back into the red.

 

A fall back through the morning low $41.76 would bring the first major support level at $41.21 into play.

 

Barring another extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $40.37.

Looking at the Technical Indicators

Major Support Level: $41.21

Major Resistance Level: $43.73

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen slid by 4.74% on Sunday. Following on from a 1.28% loss on Saturday, Stellar’s Lumen ended the week down by 7.04% to $0.064001.

 

A bullish start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.068167 before hitting reverse.

 

Falling short of the first major resistance level at $0.06856 Stellar’s Lumen fell to a late afternoon low $0.065418.

 

The reversal saw Stellar’s Lumen fall through the first major support level at $0.06629 before briefly recovering to $0.066 levels.

 

A final hour sell-off, however, saw Stellar’s Lumen slide to an intraday low $0.063814. Stellar’s Lumen slid through the first major support level at $0.06629 and second major support level at $0.06537.

 

At the time of writing, Stellar’s Lumen was up by 1.18% to $0.064755. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.063783 to a high $0.064896.

 

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

 

XLM/USD 25/05/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to move back through to $0.06530 levels to bring the first major resistance level at $0.06684 into play.

 

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.064896.

 

Barring a broad-based crypto rebound, the first major resistance level and Sunday’s high $0.068167 would likely limit any upside.

 

Failure to move through to $0.06530 levels could see Stellar’s Lumen hit reverse.

 

A fall through to sub-$0.064 levels would bring the first major support level at $0.06249 into play.

 

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of the second major support level at $0.06097.

Looking at the Technical Indicators

 Major Support Level: $0.06249

Major Resistance Level: $0.06684

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 slid by 5.15% on Sunday. Reversing a 0.95% gain from Saturday, Tron’s TRX ended the week down by 5.43% to $0.014200.

A bullish start to the day saw Tron’s TRX rise to a mid-morning intraday high $0.015300 before hitting reverse.

Falling short of the first major resistance level at $0.01546, Tron’s TRX fell to a late afternoon low $0.014464.

Tron’s TRX fell through the first major support level at $0.01469 before briefly recovering to $0.01470 levels.

A late sell-off, however, saw Tron’s TRX slide to an intraday low $0.014200. Tron’s TRX fell through the first major support level at $0.01469 and second major support level at $0.01438.

At the time of writing, Tron’s TRX was up by 1.80% to $0.014456. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.014117 to a high $0.014456.

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

TRX/USD 25/05/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to move back through to $0.01460 levels to support a run at the first major resistance level at $0.01493.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.014456.

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

Failure to move through to $0.01460 levels could see Tron’s TRX hit reverse.

A fall through the morning low $0.014117 would bring the first major support level at $0.01383 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.014 levels.

Looking at the Technical Indicators

 Major Support Level: $0.01383

Major Resistance Level: $0.01493

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 -24/05/20

Bitcoin rose by 0.15% on Saturday. Following on from a 1.14% gain on Friday, Bitcoin ended the day at $9,175.6.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $9,304.0 before hitting reverse.

Coming within range of the first major resistance level at $9,309.13, Bitcoin slid to a midday intraday low $9,072.8.

Steering clear of the first major support level at $8,975.53, Bitcoin briefly revisited $9,200 levels before easing back.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Saturday.

Monero’s XMR and Tron’s TRX rose by 0.33% and by 0.95% respectively to join Bitcoin in the green.

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

Bitcoin Cash SV (-1.51%), Cardano’s ADA (-1.52%), EOS (-1.04%), Stellar’s Lumen (-1.28%), and Tezos (-1.41%) led the way down.

Binance Coin (-0.66%), Bitcoin Cash ABC (-0.12%), Ethereum (-0.31%), Litecoin (-0.77%), and Ripple’s XRP (-0.90%) saw modest losses on the day.

In the current week, the crypto total market cap rose to a Monday low $268.43bn before falling to a Thursday low $239.96bn. At the time of writing, the total market cap stood at $251.93bn.

Bitcoin’s dominance rose to a Monday high 68.31% before falling to a Friday low 66.90%. At the time of writing, Bitcoin’s dominance stood at 67.01%.

This Morning

At the time of writing, Bitcoin was up by 0.04 to $9,179.3. A mixed start to the day saw Bitcoin fall to an early morning low $9,131.3 before striking a high $9,206.3.

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

Elsewhere, it was a bullish start to the day.

Tezos was up by 1.34% early in the morning to lead the majors.

BTC/USD 24/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $9,200 levels to bring the first major resistance level at $9,295.47 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,206.3.

Barring an extended crypto rebound, the first major resistance level and Saturday’s high $9,304.0 would likely limit any upside.

In the event of an extended crypto rally, the second major resistance level at $9,415.33 would likely come into play.

Failure to move through to $9,200 levels could see Bitcoin hit reverse.

A fall back through the morning low $9,131.3 would bring the first major support level at $9,064.27 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,952.93.

The Crypto Daily – Movers and Shakers -23/05/20

Bitcoin rose by 1.14% on Friday. Partially reversing a 4.68% slide from Thursday, Bitcoin ended the day at $9,162.4.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $8,935.4 before finding support.

Steering clear of the first major support level at $8,726.9, Bitcoin bounced back to a late afternoon intraday high $9,269.0.

Falling short of the first major resistance level at $9,475.7, Bitcoin eased back to sub-$9,200 levels late on.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Friday.

Cardano’s ADA rallied by 8.20% to lead the way.

EOS (+5.24%), Ethereum (+4.39%), Tezos (+6.07%), and Tron’s TRX (+4.67%) also found strong support.

Binance Coin (+3.17%), Bitcoin Cash ABC (+3.26%), Litecoin (+3.66%), Monero’s XMR (+2.37%), Ripple’s XRP (+3.30%), and Stellar’s Lumen (+2.31%) trailed the front runners.

Bitcoin Cash SV saw a modest gain of 1.48% on the day.

In the current week, the crypto total market cap rose to a Monday high $268.43bn before falling to a Thursday low $239.96bn. At the time of writing, the total market cap stood at $253.79bn.

Bitcoin’s dominance rose to a Monday high 68.31% before falling to a Friday low 66.90%. At the time of writing, Bitcoin’s dominance stood at 67.03%.

This Morning

At the time of writing, Bitcoin was up by 0.89% to $9,243.5. A bullish start to the day saw Bitcoin rise from an early morning low $9,162.3 to a high $9,266.7.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+1.05%), Bitcoin Cash ABC (+0.87), and Ethereum (+0.84%) led the way early on.

Bitcoin Cash SV (-0.31%) and Tezos (-0.15%) bucked the trend at the start of the day.

BTC/USD 23/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$9,200 levels to bring the first major resistance level at $9,309.13 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Friday’s high $9,269.0.

Barring an extended crypto rebound, the first major resistance level would likely limit any upside.

In the event of an extended crypto rally, the second major resistance level at $9,455.87 would likely come into play. Resistance at $9,500 may limit any upside, however.

Failure to avoid sub-$9,200 levels could see Bitcoin hit reverse.

A fall back through to sub-$9,120 levels would bring the first major support level at $8,975.53 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,788.67.

The Crypto Daily – Movers and Shakers -22/05/20

Bitcoin slid by 4.68% on Thursday. Following on from a 2.74% fall on Wednesday, Bitcoin ended the day at $9,057.1.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $9,564.1 before hitting reverse.

Falling short of the first major resistance level at $9,796.13, Bitcoin slid to a late intraday low $8,815.3.

Bitcoin slid through the first major support level at $9,254.43 and second major support level at $9,006.87 before finding support.

Late in the day, Bitcoin broke back through the second major support level to $9,150 levels before easing back.

In spite of the late pullback saw Bitcoin steered clear of the second major support level.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Thursday.

Cardano’s ADA slid by 8.18% to lead the way down.

Bitcoin Cash ABC (-5.01%), EOS (-5.18%), Ethereum (-5.40%), Stellar’s Lumen (-5.98%), Tezos (-6.30%), and Tron’s TRX (-5.35%) also saw particularly heavy losses.

Binance Coin (-4.80%), Litecoin (-3.46%), Monero’s XMR (-4.70%), and Ripple’s XRP (-3.51%) weren’t far behind.

Bitcoin Cash SV saw a relatively modest 1.93% decline to

In the current week, the crypto total market cap rose to a Monday low $268.43bn before falling to a Thursday low $239.96bn. At the time of writing, the total market cap stood at $245.55bn.

Bitcoin’s dominance rose to a Monday high 68.31% before falling to a Wednesday low 67.25%. At the time of writing, Bitcoin’s dominance stood at 67.45%.

This Morning

At the time of writing, Bitcoin was down by 0.59% to $9,004.0. A bearish start to the day saw Bitcoin fall from an early morning high $9,060.2 to a low $8,975.0

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

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

Bitcoin Cash SV and Cardano’s ADA led the way down, with losses of 1.26% and 1.04% respectively.

BTC/USD 22/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,150 levels to bring the first major resistance level at $9,475.7 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,060.2.

Barring an extended crypto rebound, the first major resistance level would likely limit any upside.

In the event of a broad-based crypto rally, resistance at $9,500 would likely leave Bitcoin short of the second major resistance level at $9,894.3.

Failure to move back through to $9,150 levels could see Bitcoin spend a 3rd consecutive day in the red.

A fall back through Thursday’s low $8,815.3 would bring the first major support level at $8,726.9 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,396.7.

Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 21/05/20

Litecoin

Litecoin slid by 3.41% on Wednesday. Reversing a 0.97% gain from Tuesday, Litecoin ended the day at $44.21.

A bullish start to the day saw Litecoin rise to an early morning intraday high $46.20 before easing back.

Coming within range of the first major resistance level at $46.24, Litecoin slipped back to a morning low $45.20 before steadying.

Steering clear of the major support levels, Litecoin recovered to an afternoon high $45.90 before hitting reverse.

The reversal saw Litecoin slide to a mid-afternoon intraday low $42.94.

Litecoin fell through the first major support level at $44.68 and the second major support level at $43.59.

Finding late support, Litecoin broke back through the second major support level to wrap up the day at $44 levels.

At the time of writing, Litecoin was down by 0.41% to $44.03. A mixed start to the day saw Litecoin rise to an early morning high $44.63 before falling to a low $43.72.

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

LTC/USD 21/05/20 Daily Chart

For the day ahead

Litecoin would need to move back through to $44.50 levels to bring the first major resistance level at $45.96 into play.

Support from the broader market would be needed, however, for Litecoin to breakout from the morning high $44.63.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $46.20 would likely limit any upside.

Failure to move back through to $44.50 levels could see Litecoin fall deeper into the red.

A fall back through the morning low $43.72 would bring the first major support level at $42.70 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$42 support levels.

Looking at the Technical Indicators

Major Support Level: $42.70

Major Resistance Level: $45.96

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 1.59% on Wednesday. Reversing a 0.64% fall from Tuesday, Stellar’s Lumen ended the day at $0.070978.

A mixed start to the day saw Stellar’s Lumen rise to an early afternoon intraday high $0.072218 before hitting reverse.

Stellar’s Lumen broke through the first major resistance level at $0.07032 and the second major resistance level at $0.07094.

The reversal saw Stellar’s Lumen slide to a mid-afternoon intraday low $0.067646 before finding support.

Stellar’s Lumen fell through the first major support level at $0.06890 and the second major support level at $0.06811.

Finding late support, Stellar’s Lumen broke back through the major support levels to wrap up the day in the green.

The recovery also saw Stellar’s Lumen break back through the first and second major resistance levels.

At the time of writing, Stellar’s Lumen was down by 1.72% to $0.069760. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.071649 before falling to a low $0.069760.

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

XLM/USD 21/05/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to move back through to $0.07030 levels to bring the first major resistance level at $0.07292 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Wednesday’s high $0.072218.

Barring a broad-based crypto rebound, resistance at $0.072 would likely leave Stellar’s Lumen short of the first major resistance level.

Failure to move through to $0.07030 levels could see Stellar’s Lumen fall deeper into the red.

A fall through to sub-$0.069 levels would bring the first major support level at $0.06834 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of the second major support level at $0.06571.

Looking at the Technical Indicators

Major Support Level: $0.06834

Major Resistance Level: $0.07292

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 slid by 3.36% on Wednesday. Reversing a 2.29% rally from Tuesday, Tron’s TRX ended the day at $0.014980.

A bearish start to the day saw Tron’s TRX slide from an early morning intraday high $0.015501 to a mid-afternoon intraday low $0.014634.

Tron’s TRX slid through the first major support level at $0.01521 and the second major support level at $0.01483.

Finding support late in the day, Tron’s TRX recovered to $0.015 levels before easing back.

While breaking back through the second major support level, Tron’s TRX came up short of the first major support level at the day end.

At the time of writing, Tron’s TRX was down by 0.22% to $0.014947. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.015049 before falling to a low $0.014790.

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

TRX/USD 21/05/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to move back through to $0.01505 levels to support a run at the first major resistance level at $0.01544.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.015049.

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

Failure to move through to $0.01505 levels could see Tron’s TRX slide deeper into the red.

A fall through the morning low $0.014790 would bring the first major support level at $0.01458 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01417.

Looking at the Technical Indicators

Major Support Level: $0.01458

Major Resistance Level: $0.01544

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

Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 20/05/20

Litecoin

Litecoin rose by 0.97% on Tuesday. Following on from a 3.73% rally on Monday, Litecoin ended the day at $45.76.

A bearish start to the day saw Litecoin slide to an early morning intraday low $44.07 before finding support.

Steering clear of the first major support level at $43.48, Litecoin rebounded to a late morning intraday high $45.63.

Falling short of the first major resistance level at $47.34, Litecoin fell back to $44.50 levels before finding late support.

Late in the day, Litecoin recovered to $45 levels to end the day in the green.

At the time of writing, Litecoin was up by 0.28% to $45.89. A mixed start to the day saw Litecoin fall to an early morning low $45.63 before striking a high $46.20.

Steering clear of the major support levels, Litecoin came up against the first major resistance level at $46.24.

LTC/USD 20/05/20 Daily Chart

For the day ahead

Litecoin would need to move back through to $46 levels to bring the first major resistance level at $46.24 back into play.

Support from the broader market would be needed, however, for Litecoin to take a run at the second major resistance level at $46.71

Barring an extended crypto rally, the first major resistance level and morning high would likely limit any upside.

Failure to move back through to $46 levels could see Litecoin hit reverse.

A fall back through the morning low to sub-$45.15 levels would bring the first major support level at $44.68 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$44 levels.

Looking at the Technical Indicators

Major Support Level: $44.68

Major Resistance Level: $46.24

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen fell by 0.64% on Tuesday. Partially reversing a 1.86% gain from Monday, Stellar’s Lumen ended the day at $0.069698.

A bearish start to the day saw Stellar’s Lumen slide from an intraday high $0.07015 an early morning intraday low $0.068734.

Stellar’s Lumen fell through the first major support level at $0.06880 before briefly recovering to $0.0699 levels.

At the time of writing, Stellar’s Lumen was up by 0.15% to $0.069806. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.069865 before falling to a low $0.069806.

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

XLM/USD 20/05/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to move back through to $0.070 levels to bring the first major resistance level at $0.07032 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Tuesday’s high $0.070150.

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

Failure to move through to $0.070 levels could see Stellar’s Lumen fall back into the red.

A fall through to sub-$0.06950 levels would bring the first major support level at $0.06890 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.068 support levels.

The second major support level at $0.06811 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.06890

Major Resistance Level: $0.07032

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 rallied by 2.29% on Tuesday. Following on from a 2.26% gain on Monday, Tron’s TRX ended the day at $0.015590.

A bearish start to the day saw Tron’s TRX slide to an early morning intraday low $0.015021 before making a move.

Finding support at the first major support level at $0.015050, Tron’s TRX rallied to a late intraday high $0.015474.

In spite of the breakout, Tron’s TRX came up short of the first major resistance level at $0.01562 on the day.

At the time of writing, Tron’s TRX was down by 1.55% to $0.015348. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.015501 to a low $0.015300.

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

TRX/USD 20/05/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to move back through to $0.01540 levels to support a run at the first major resistance level at $0.01578.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Tuesday’s high $0.01559.

Barring an extended crypto rebound, the first major resistance level would likely limit any upside.

Failure to move through to $0.01540 levels could see Tron’s TRX slide deeper into the red.

A fall through the morning low $0.015300 would bring the first major support level at $0.01521 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01483.

Looking at the Technical Indicators

Major Support Level: $0.01521

Major Resistance Level: $0.01578

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 -20/05/20

Bitcoin rose by 0.56% on Tuesday. Following on from a 0.48% gain on Monday, Bitcoin ended the day at $9,769.4.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $9,457.8.

Bitcoin fell through the first major support level at $9,461.87 before rallying to a late morning intraday high $9,878.0.

Falling short of the first major resistance level at $9,955.87, Bitcoin slid back to $9,550 levels and into the red.

Finding support late in the day, however, Bitcoin broke back through to $9,700 levels to end the day in the green.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Tuesday.

Binance Coin, Cardano’s ADA, and Tezos rallied by 3.61%, 4.75%, and by 3.19% to lead the way.

Bitcoin Cash ABC (+0.18%), Litecoin (+0.97%), and Tron’s TRX (+2.29%) also found support on the day.

Bitcoin Cash SV (-1.59%), EOS (-0.28%), Ethereum (+0.07%), Monero’s XMR (-0.10%), Ripples XRP (-0.19%), and Stellar’s Lumen (0.64%) struggled, however.

In the current week, the crypto total market cap rose to a Monday low $268.43bn before falling to a Tuesday low $257.06bn. At the time of writing, the total market cap stood at $264.80bn.

Bitcoin’s dominance rose from a Monday low 67.61% to a Tuesday high 67.96% before easing back. At the time of writing, Bitcoin’s dominance stood at 67.89%.

This Morning

At the time of writing, Bitcoin was down by 0.01% to $9,768.6. A mixed start to the day saw Bitcoin fall to an early morning low $9,753.5 before striking a high $9,791.3.

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

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

Bitcoin Cash ABC (-0.62%), Cardano’s ADA (-0.30%), Ethereum (-0.09%), and Tron’s TRX (-1.22%) saw red early on.

Bitcoin Cash SV led the rest of the majors, however, with a 1.28% gain.

BTC/USD 20/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$9,700 levels to bring the first major resistance level at $9,945.67 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $9,878.0.

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

In the event of an extended crypto rally, the 62% FIB of $10,034 and the second major resistance level at $10,121.93 would likely come into play.

Failure to avoid sub-$9,700 levels could see Bitcoin fall deep into the red.

A fall back through to sub-$9,700 levels would bring the first major support level at $9,525.47 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,281.53.

Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 19/05/20

Litecoin

Litecoin rallied by 3.73% on Monday. Following on from a 1.11% gain on Sunday, Litecoin ended the day at $45.33.

A bullish start to the day saw Litecoin surge from an intraday low $43.64 to a mid-morning intraday high $47.50.

Litecoin broke through the major resistance levels before sliding back to $44.57 by late morning.

The reversal saw Litecoin fall back through the third major resistance level at $46.60 and second major resistance level at $45.18.

Finding support going into the after, Litecoin broke back through the second major resistance level at $45.18.

At the time of writing, Litecoin was down by 0.77% to $44.98. A bearish start to the day saw Litecoin fall from an early morning high $45.35 to a low $44.75.

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

LTC/USD 19/05/20 Daily Chart

For the day ahead

Litecoin would need to move through to $45.50 levels to bring the first major resistance level at $47.34 into play.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $45.35.

Barring an extended crypto rally, the first major resistance level and morning high would likely limit any upside.

Failure to move through to $45.50 levels could see Litecoin fall deeper into the red.

A fall back through the morning low $44.75 would bring the first major support level at $43.48 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$43 levels.

Looking at the Technical Indicators

Major Support Level: $43.48

Major Resistance Level: $47.34

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 1.86% on Monday. Following on from a 1.51% gain on Sunday, Stellar’s Lumen ended the day at $0.70128.

A bullish morning saw Stellar’s Lumen rally from an intraday low $0.068782 to an early morning intraday high $0.071421.

Stellar’s Lumen broke through the first major resistance level at $0.07102 before hitting reverse.

The reversal saw Stellar’s Lumen fall back to $0.069 levels by late morning before finding support.

Through the 2nd half of the day, Stellar’s Lumen broke back through the first major resistance level at $0.070102 to wrap up the day in the green.

At the time of writing, Stellar’s Lumen was down by $0.90% to $0.069499. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.070150 to a low $0.069499.

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

XLM/USD 19/05/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to move back through to $0.07010 levels to bring the first major resistance level at $0.07144 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.0710 levels.

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

Failure to move through to $0.07010 levels could see Stellar’s Lumen fall deeper into the red.

A fall through to sub-$0.06920 levels would bring the first major support level at $0.06880 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.068 support levels.

Looking at the Technical Indicators

Major Support Level: $0.06880

Major Resistance Level: $0.07144

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 rallied by 2.26% on Monday. Following on from a 0.34% gain on Sunday, Tron’s TRX ended the day at $0.015356.

A bullish start to the day saw Tron’s TRX rally to a mid-morning intraday high $0.015571 before hitting reverse.

Tron’s TRX broke through the major resistance levels before sliding to a late morning intraday low $0.015005.

Tron’s TRX fell back through the major resistance levels before striking a late afternoon high $0.015393.

The rebound saw Tron’s TRX break back through the first major resistance level at $0.01513 and the second major resistance level at $0.01526.

While easing back late in the day, Tron’s TRX avoided a pullback through the second major resistance level.

At the time of writing, Tron’s TRX was down by 1.15% to $0.015179. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.015241 to a low $0.015179.

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

TRX/USD 19/05/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to move through to $0.01530 levels to support a run at the first major resistance level at $0.01562.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Monday’s high $0.015571.

Barring an extended crypto rebound, the first major resistance level, and Monday’s high would likely limit any upside.

Failure to move through to $0.01530 levels could see Tron’s TRX slide deeper into the red.

A fall through the morning low to sub-$0.01515 levels would bring the first major support level at $0.01505 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01474.

Looking at the Technical Indicators

Major Support Level: $0.01505

Major Resistance Level: $0.01562

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

Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 18/05/20

Litecoin

Litecoin rose by 1.11% on Sunday. Following on from a 1.33% gain on Saturday, Litecoin ended the week up by 3.78% to $43.69.

A bullish morning saw Litecoin rally from an intraday low $43.09 to a mid-day intraday high $44.50.

Litecoin broke through the first major resistance level at $43.93 to come up against the second major resistance level at $44.60.

A bearish 2nd half of the day saw Litecoin fall back through to $43 levels to limit the upside on the day. The reversal also saw Litecoin fall back through the first major resistance level at $43.93.

At the time of writing, Litecoin was up by 1.51% to $44.35. A bullish start to the day saw Litecoin rise from an early morning low $43.64 to a high $44.52.

Litecoin broke through the first major resistance level at $44.43 early on.

LTC/USD 18/05/20 Daily Chart

For the day ahead

Litecoin would need to move back through the first major resistance level to bring the second major resistance level at $45.18 into play.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $44.52.

Barring an extended crypto rally, the first major resistance level and morning high would likely limit any upside.

Failure to move through the first major resistance level could see Litecoin struggle later in the day.

A fall back through to sub-$43.80 levels would bring the first major support level at $43.01 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear the second major support level at $42.34.

Looking at the Technical Indicators

Major Support Level: $43.01

Major Resistance Level: $44.43

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 1.51% on Sunday. Following on from a 1.85% gain on Saturday, Stellar’s Lumen ended the week up by 6.23% to $0.068994.

A bullish morning saw Stellar’s Lumen rally from an intraday low $0.067968 to an early afternoon intraday high $0.071519.

Stellar’s Lumen broke through the first major resistance level at $0.06889 and the second major resistance level at $0.06966.

Falling short of the third major resistance level at $0.07156, Stellar’s Lumen slid back to sub-$0.069 levels.

The pullback saw Stellar’s Lumen fall back through the second major resistance level before steadying.

At the time of writing, Stellar’s Lumen was up by 1.46% to $0.069999. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.068782 to a high $0.069999.

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

XLM/USD 18/05/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to move back through to $0.070 levels to bring the first major resistance level at $0.07102 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from $0.07050 levels.

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

Failure to move through to $0.070 levels could see Stellar’s Lumen fall into the red.

A fall through to sub-$0.06950 levels would bring the first major support level at $0.06747 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.067 support levels.

Looking at the Technical Indicators

Major Support Level: $0.06747

Major Resistance Level: $0.07102

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 0.34% on Sunday. Following on from a 0.76% gain from Saturday, Tron’s TRX ended the week up by 4.93% to $0.014993.

A relatively bullish start to the day saw Tron’s TRX rise to a mid-day intraday high $0.015154.

Tron’s TRX broke through the first major resistance level at $0.01513 before hitting reverse.

The reversal saw Tron’s TRX slide to a late intraday low $0.014918. In spite of the reversal, Tron’s TRX steered well clear of the first major support level at $0.01477.

At the time of writing, Tron’s TRX was up by 1.06% to $0.015151. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.015016 to a high $0.015151.

Tron’s TRX broke through the first major resistance level at $0.01513 early on.

TRX/USD 18/05/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to avoid sub-$0.015 levels to support a run at the second major resistance level at $0.01526.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the first major resistance level at $0.01513.

Barring an extended crypto rebound, the first major resistance level and Sunday’s high $0.015154 would likely limit any upside.

Failure to avoid sub-$0.015 levels could see Tron’s TRX struggle later in the day.

A fall through the morning low to sub-$0.015 levels would bring the first major support level at $0.01489 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01479.

Looking at the Technical Indicators

Major Support Level: $0.01489

Major Resistance Level: $0.01513

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 -18/05/20

Bitcoin rallied by 3.01% on Sunday. Following on from a 0.86% gain on Saturday, Bitcoin ended the week up by 10.86% to $9,668.2.

It was a bullish start to the day. Bitcoin rallied from an early morning intraday low $9,329.7 to a mid-afternoon intraday high $9,883.5 before hitting reverse.

Bitcoin broke through the first major resistance level at $9,571.33 and the second major resistance level at $9,754.67.

A late pullback saw Bitcoin fall through the second major resistance level to $9,601.9 before finding support.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed end to the week.

Ethereum led the rest of the pack, rallying by 3.27%.

Binance Coin (+1.31), Bitcoin Cash ABC (+0.90%), Bitcoin Cash SV (+1.12%), Cardano’s ADA (+0.41%), Litecoin (+1.11%), Ripple’s XRP (+0.79%), Stellar’s Lumen (+1.51%), and Tron’s TRX (+0.34%) also saw green.

Monero’s XMR (-0.14%) and Tezos (-0.49%) bucked the trend on the day, with relatively minor losses.

It was a bullish week for the majors, however. Ethereum and Monero’s XMR rallied by 10.34% and by 10.58% to lead the way.

Binance Coin (+5.79%), Cardano’s ADA (+7.33%), EOS (+6.99%), Stellar’s Lumen (+6.23%) also found strong support.

Bitcoin Cash ABC (+2.44%), Bitcoin Cash SV (+3.48%), Litecoin (+3.78%), Ripple’s XRP (+2.07%), Tezos (+2.45%), and Tron’s TRX (+4.93%) trailed the front runners.

Through the week, the crypto total market cap rose from a Monday low $229.41bn to a Thursday high $265.28bn. At the time of writing, the total market cap stood at $265.59bn.

Bitcoin’s dominance visited sub-67% levels before recovering. At the time of writing, Bitcoin’s dominance stood at 67.5%.

24-hour trading volumes rose to an early Monday high $206.86bn before easing back to sub-$140bn levels. Interest picked up on mid-week, however, with volumes revisiting $190bn levels before easing back. At the time of writing, 24-hr volumes stood at $129.67bn.

This Morning

At the time of writing, Bitcoin was up by 0.74% to $9,740.1. A bullish start to the day saw Bitcoin rise from an early morning low $9,668.1 to a high $9.774.8.

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

Elsewhere, it was also a bullish start to the day for the majors. Binance Coin led the way early on, with a 1.51% gain.

BTC/USD 18/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$9,630 levels to bring the first major resistance level at $9,924.57 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Sunday’s high $9,883.5.

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

In the event of rebound, the 62% FIB of $10,034 and the second major resistance level at $10,180.93 would likely come into play.

Failure to avoid sub-$9,630 levels could see Bitcoin struggle at the start of the week.

A fall back through to sub-$9,600 levels would bring the first major support level at $9,370.77 into play.

Barring a crypto sell-off, however, Bitcoin should steer clear of sub-$9,000 levels. The second major support level at $9,073.33 would likely limit any downside.

The Crypto Daily – Movers and Shakers -17/05/20

Bitcoin rose by 0.86% on Saturday. Partially reversing a 4.90% slide from Friday, Bitcoin ended the day at $9,388.0.

A bullish start to the day saw Bitcoin rise from an intraday low $9,222.0 to an early morning intraday high $9,580.0.

Falling short of the first major resistance level at $9,730.0, Bitcoin fell back to sub-$9,300 levels by the late afternoon.

The visit into the red was brief, however, with support from the broader market kicking in late in the day.

Bitcoin broke back through to $9,400 levels before easing back in the final hour.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Saturday.

Monero’s XMR and Tezos led the way, with gains of 4.22% and 5.78% respectively.

Binance Coin (+2.42%), Cardano’s ADA (+1.81%), EOS (+1.90%), Ethereum (+3.02%), Stellar’s Lumen (+1.85%) also found strong support.

Bitcoin Cash ABC (+0.26%), Bitcoin Cash SV (+0.89%), Litecoin (+1.33%), Ripple’s XRP (+0.81%), and Tron’s TRX (+0.76%) trailed the front runners.

Through the current week, the crypto total market cap rose from a Monday low $229.41bn to a Thursday high $265.28bn. At the time of writing, the total market cap stood at $260.41bn.

Bitcoin’s dominance visited sub-67% levels before recovering. At the time of writing, Bitcoin’s dominance stood at 67.3%.

24-hour trading volumes rose to an early Monday high $206.86bn before easing back to sub-$140bn levels. Interest picked up on mid-week, however, with volumes revisiting $190bn levels before sliding back. At the time of writing, 24-hr volumes stood at $118.41bn.

This Morning

At the time of writing, Bitcoin was up by 1.44% to $9,523.1. A mixed start to the day saw Bitcoin fall to an early morning low $9,329.7 before striking a high $9,581.7.

Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $9,571.33 early on.

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

Bitcoin Cash SV led the way, with a 0.82% gain, while EOS and Monero’s XRM bucked the trend, with losses of 0.05% and 0.49% respectively.

BTC/USD 17/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$9,500 levels to break back through the first major resistance level at $9,571.33.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,581.7.

Barring an extended crypto rebound, the first major resistance level and Saturday’s high $9,580 would likely limit any upside.

In the event of an extended rally, the second major resistance level at $9,754.67 would likely come into play before any pullback.

Failure to break back through the first major resistance level could see Bitcoin hit reverse.

A fall back through to sub-$9,400 levels would bring the first major support level at $9,213.33 into play.

Barring a crypto sell-off, however, Bitcoin should steer clear of sub-$9,000 levels. The second major support level at $9,038.67 would likely limit any downside.

The Crypto Daily – Movers and Shakers -16/05/20

Bitcoin slid by 4.90% on Friday. Reversing a 5.14% rally from Thursday, Bitcoin ended the day at $9,311.2.

A mixed start to the day saw Bitcoin slide from an intraday high $9,848.9 to an early morning low $9,260.0.

Bitcoin fell through the first major support level at $9,391.9 before recovering to $9,800 levels.

The recovery was brief, however. Through the 2nd half of the day, Bitcoin slid to a late intraday low $9,130.2.

Bitcoin fell back through the first major support level to wrap up the day in the deep red.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Friday.

Binance Coin (-4.33%), Bitcoin Cash SV (-4.39%), Ethereum (-4.28%) and Monero’s XMR (-4.15%) led the way down.

Bitcoin Cash ABC (-2.91%), Litecoin (-2.98%), Ripple’s XRP (-3.13%), Stellar’s Lumen (-3.00%), Tezos (-2.51%), and Tron’s TRX (-3.39%) weren’t far behind.

Cardano’s ADA and EOS saw more modest losses of 1.49% and 1.73% respectively.

Through the current week, the crypto total market cap rose from a Monday low $229.41bn to a Thursday high $265.28bn. At the time of writing, the total market cap stood at $256.87bn.

Bitcoin’s dominance visited sub-67% levels before recovering. At the time of writing, Bitcoin’s dominance stood at 67.2%.

24-hour trading volumes rose to an early Monday high $206.86bn before easing back to sub-$140bn levels. Interest picked up on mid-week, however, with volumes revisiting $190bn levels. At the time of writing, 24-hr volumes stood at $148.96bn.

This Morning

At the time of writing, Bitcoin was up by 0.56% to $9,363.6. A mixed start to the day saw Bitcoin fall to an early morning low $9,222.0 before striking a high $9,417.0.

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

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

Bitcoin Cash ABC and Monero’s XRM led the way with gains of 1.35% and 1.31% respectively.

BTC/USD 16/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $9,430 levels to bring the first major resistance level at $9,730.0 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,417.0.

Barring an extended crypto rebound, the first major resistance level and Friday’s high $9,848.9 would likely limit any upside.

In the event of rebound, the 62% FIB of $10,034 could come into play before any pullback.

Failure to break back through to $9,430 levels could see Bitcoin hit reverse.

A fall back through the morning low $9,222.0 would bring the first major support level at $9,011.3 into play.

Barring a crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,711.4.

The Crypto Daily – Movers and Shakers -15/05/20

Bitcoin rallied by 5.14% on Thursday. Following on from a 5.68% breakout on Wednesday, Bitcoin ended the day at $9,791.0.

A mixed start to the day saw Bitcoin fall to an early morning low $9,266.2 before making a move.

Steering clear of the first major support level at $8,938.33, Bitcoin rallied to a late morning intraday high $9,938.7.

Bitcoin broke through the first major resistance level at $9,564.83 and the second major resistance level at $9,781.67.

Pinned back by resistance at $10,000, Bitcoin fell back through the major resistance levels before a late recovery.

The late recovery saw Bitcoin break back through the first and second major resistance levels to wrap up the day at $9,790 levels.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was another mixed day on Thursday.

EOS rallied by 4.01% to lead the rest of the majors.

Bitcin Cash ABC (+2.08%), Bitcoin Cash SV (+1.49%), Ethereum (+1.74%), Litecoin (+1.73%), and Tron’s TRX (+1.45%) also found strong support.

Binance Coin (+0.86%), Monero’s XMR (+0.35%), and Ripple’s XRP (+0.96%) trailed the front runners.

Cardano’s ADA (-1.22%), Stellar’s Lumen (-0.96%), and Tezos (-0.22%) bucked the trend on the day.

Through the current week, the crypto total market cap rose from a Monday low $229.41bn to a Thursday high $265.28bn. At the time of writing, the total market cap stood at $260.67bn.

Bitcoin’s dominance visited sub-67% levels before recovering. At the time of writing, Bitcoin’s dominance stood at 67.5%.

24-hour trading volumes rose to an early Monday high $206.86bn before easing back to sub-$140bn levels. Interest picked up on mid-week, however, with volumes returning to $190bn levels on Thursday. At the time of writing, 24-hr volumes stood at $183.73bn.

This Morning

At the time of writing, Bitcoin was down by 3.09% to $9,488.6. A bearish start to the day saw Bitcoin fall from an early morning high $9,848.9 to a low $9,260.0.

Bitcoin fell through the first major support level at $9,391.90 before finding support.

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

Litecoin was down by 1.91% to lead the rest of the pack into the red early on.

BTC/USD 15/05/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to break back through to $9,665 levels to bring the first major resistance level at $10,064.40 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $9,938.7.

Barring a broad-based crypto rebound, however, resistance at $10,000 would likely leave Bitcoin short of the major resistance levels.

In the event of rebound, the second major resistance level at $10,337.8 could come into play.

Failure to break back through to $9,665 levels could see Bitcoin fall deeper into the red.

A fall back through the first major support level would bring the second major support level at $8,992.8 into play.

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