The Crypto Daily – The Movers and Shakers – September 6th, 2020
Bitcoin, BTC to USD, slid by 2.74% on Saturday. Partially reversing a 3.13% gain from Friday, Bitcoin ended the day at $10,196.9.
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It was a mixed start to the day. Bitcoin rose to an early morning intraday high $10,593.0 before hitting reverse.
Falling short of the first major resistance level at $10,764, Bitcoin slid to a late intraday low $9,925.5.
Bitcoin fell through the first major support level at $10,086 before finding late support.
Late in the day, Bitcoin moved back through the first major support level to wrap up the day at $10,190 levels.
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 Saturday.
Tron’s TRX and Ethereum tumbled by 15.96% and by 13.69% respectively to lead the way down.
Binance Coin (-7.32%), Cardano’s ADA (-11.59%), Ripple’s XRP (-6.62%), Stellar’s Lumen (-7.32%), and Tezos (-9.61%) also saw particularly heavy losses.
Bitcoin Cash ABC (-5.07%), EOS (-2.02%), Litecoin (-5.77%), and Monero’s XMR (-5.98%) saw relatively modest losses.
Bitcoin Cash SV bucked the trend on the day, rising by 0.25%.
In the current week, the crypto total market rose to a Tuesday high $379.05bn before sliding to a Saturday low $279.73bn. At the time of writing, the total market cap stood at $306.87bn.
Bitcoin’s dominance fell to a Wednesday low 58.79% before rising to a Saturday high 61.97%. At the time of writing, Bitcoin’s dominance stood at 61.36%.
This Morning
At the time of writing, Bitcoin was up by 0.23% to $10,220.0. A mixed start to the day saw Bitcoin fall to an early morning low $10,147.0 before rising to a high $10,225.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bianance Coin (-0.79%) and Tezos (-0.56%) saw red early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Bitcoin Cash SV was up by 2.24% to lead the way early on.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $10,239 pivot level to support a run at the first major resistance level at $10,551.
Support from the broader market would be needed, however, for Bitcoin to break back through to $10,500 levels.
Barring an extended crypto rally, the first major resistance level and Saturday’s high $10,593.0 would likely cap any upside.
In the event of a crypto breakout, the second major resistance level at $10,906 would likely come into play.
Failure to move through the $10,239 pivot would bring the first major support level at $9,884 into play.
Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,571.