The Crypto Daily – Movers and Shakers – September 7th, 2020
Bitcoin, BTC to USD, rose by 0.71% on Sunday. Partially reversing a 2.74% slide from Saturday, Bitcoin ended the week down by 12.39% to $10,276.
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It was a mixed start to the day. Bitcoin fell to an early morning intraday low $10,031.0 before making a move.
Steering clear of the first major support level at $9,884, Bitcoin struck a late intraday high $10,365.1.
Falling short of the first major resistance level at $10,551, Bitcoin eased back to wrap up the day at sub-$10,300.
The near-term bullish trend remained intact, in spite of the latest pullback to sub-$10,000. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day for the majors on Sunday.
Bitcoin Cash ABC and EOS ended the day down by 0.79% and by 1.16% respectively to buck the trend.
It was a bullish end to the week for the rest of the majors, however.
Binance Coin surged by 18.99% to lead the way.
Cardano’s ADA (+3.10%), Ethereum (+5.23%), Monero’s XMR (+2.81%), Stellar’s Lumen (+2.59%), Tezos (+2.75%), and Tron’s TRX (+5.39%) also found strong support.
Bitcoin Cash SV (+0.01%), Litecoin (+0.15%), and Ripple’s XRP (+1.15%) trailed the front runners.
For the week ending 6th September, it was also a mixed bag for the majors.
Tron’s TRX rallied by 16.44% to buck the trend.
It was a bearish week for the rest of the majors.
Tezos (-24.62%), Litecoin (-23.85%), Stellar’s Lumen (-21.20%), and Cardano’s ADA (-20.98%) led the way down.
Bitcoin Cash ABC (-19.22%), Bitcoin Cash SV (-17.39%), Ethereum (-17.75%), Monero’s XMR (-16.73%), and Ripple’s XRP (-15.34%) also saw heavy losses.
Binance Coin (-1.90%) and EOS (-10.64%) saw relatively modest losses in the week.
In the current week, the crypto total market rose to a Tuesday high $379.05bn before sliding to a Saturday low $293.54bn. At the time of writing, the total market cap stood at $314.76bn.
Bitcoin’s dominance fell to a Wednesday low 58.79% before rising to a Saturday high 62.01%. At the time of writing, Bitcoin’s dominance stood at 60.41%.
This Morning
At the time of writing, Bitcoin was up by 0.53% to $10,330. A mixed start to the day saw Bitcoin fall to an early morning low $10,267.0 before striking a high $10,330.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bullish start to the day.
At the time of writing, Stellar’s Lumen was up by 2.17% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $10,224 pivot level to support a run at the first major resistance level at $10,417.
Support from the broader market would be needed, however, for Bitcoin to break out from Sunday’s high $10,365.1.
Barring an extended crypto rally, the first major resistance level and Sunday’s high would likely cap any upside.
In the event of a crypto breakout, the second major resistance level at $10,558 would likely come into play.
Failure to avoid a fall through the $10,224 pivot would bring the first major support level at $10,083 into play.
Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,890.