The Crypto Daily – Movers and Shakers -03/05/20
Bitcoin rose by 1.81% on Saturday. Following on from a 2.23% gain on Friday, Bitcoin ended the day at $8,982.3
A mixed start to the day saw Bitcoin fall to an early morning intraday low $8,756.2 before making a move.
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Steering clear of the first major support level at $8,609.53, Bitcoin rallied to a late afternoon intraday high $9,004.0.
Falling short of the first major resistance level at $9,053.03, Bitcoin briefly slid to sub-$8,900 levels and into the red.
Finding late support, however, Bitcoin broke back through to $8,900 levels to wrap up 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 $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 for the pack on Saturday.
Litecoin, Stellar’s Lumen, and Tron’ TRX led the way, with gains of 4.56%, 3.92%, and 3.05% respectively.
Bitcoin Cash ABC (+2.27%), EOS (+2.52%), Ethereum (+1.02%), Monero’s XMR (+1.93%), Ripple’s XRP (+2.80%), and Tezos (+1.16%) also found strong support.
Binance Coin and Bitcoin Cash SV trailed the back with more modest gains of 0.46% and 0.84% respectively.
Following a 7.17% breakout on Friday, Cardano’s ADA slipped by 0.08%, however, to buck the trend on the day.
Through the current week, the crypto total market cap rose from a Monday low $220.56bn to a Thursday high $263.29bn. At the time of writing, the total market cap stood at $255.17bn.
Bitcoin’s dominance recovered to 64% levels following Wednesday’s breakout before breaking through to 65% levels. At the time of writing, Bitcoin’s dominance stood at 65.6%.
24-hour trading volumes rose from sub-$130bn levels to a Thursday high $253.89bn before sliding back. At the time of writing, 24-hr volumes stood at $145.81bn.
This Morning
At the time of writing, Bitcoin was up by 1.87% to $9,150.0. A bullish start to the day saw Bitcoin rally from an early morning low $8,944.6 to a high $9,198.0.
Steering clear of the major resistance levels, Bitcoin broke through the first major resistance level at $9,072.13 and second major resistance level at $9,161.97.
Elsewhere, it was a bullish start to the day for the majors.
Bitcoin Cash ABC (+1.19%), Bitcoin Cash SV (+1.45%), Cardano’s ADA (+1.02%), EOS (+1.50%), Ethereum (+1.53%), and Tezos (+1.08%) led the way early on.
For the Bitcoin Day Ahead
Bitcoin would need to break back through the second major resistance level at $9,161.07 to bring $9,400 levels back into play.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,198.0.
Barring an extended crypto rally, the second major resistance level and resistance at $9,200 would likely pin Bitcoin back on the day.
In the event of another breakout, the third major resistance level at $9,409.77 would come into play.
Failure to break back through the second major resistance level could see Bitcoin struggle later in the day.
A fall back through to sub-$8,920 levels would bring the first major support level at $8,824.33 into play.
Barring a crypto meltdown, however, Bitcoin should clear of sub-$9,000 levels on the day.