Cryptocurrencies are back in vogue, attracting traders and posting wide daily ranges. The story of the week has been Bitcoin’s return to $5000 ― it now appears that the other coins are anxious to get in on the action.

The past 24-hours on cryptocurrency exchanges have continued the early-April trend of robust price action. Here is a quick look at the daily performance of the leading coins:

Coin                                      Gain/Loss          Key Number

Bitcoin (BTC)                            -2.94%                   $5000

Bitcoin Cash (BCH)               -12.48%                    $300

Ethereum (ETH)                     -9.22%                     $150

Litecoin (LTC)                        -10.24%                      $85

Ripple (XRP)                           -8.09%                   $0.3350

The table above illustrates the current degree of correlation between the leading cryptos. All of these markets are taking their cues from Bitcoin and $5000 ― BTC headed south and the rest soon followed.

Bitcoin Falls Below $5000, Cryptocurrencies Sell-Off

Following a Spike High above $5300, April Bitcoin futures have fallen back below the $5000 handle. Price action is very similar on the cash markets, with BTC holding firm around $4950.

Here are the key levels to watch in this market:

• Resistance(1): Spike High, $5325
• Support(1): 38% Retracement, $4760

Bottom Line: Until proven otherwise, the daily uptrend in Bitcoin must be respected. Until elected, I will be buying BTC on the cash markets at $4765. With an initial stop at $4689, this trade is worth $75 per BTC on a slightly sub-1:1 risk vs reward management plan.