Advertisement
Advertisement

The Crypto Daily – Movers and Shakers -01/03/20

By:
Bob Mason
Updated: Mar 1, 2020, 09:45 UTC

A bearish February comes to an end, with the bulls looking to make a move in the early hours of this morning. Bitcoin would need to eye $9,000 to support the pack.

Coins of crypto currency are presented on a dark background. Virtual money concept.

Bitcoin fell by 1.91% on Saturday. Following on from a 1.11% fall on Friday, Bitcoin ended the day at $8,561.5.

A relatively bullish start to the day saw Bitcoin strike a mid-morning intraday high $8,829.0 before hitting reverse.

Falling short of the first major resistance level at $8,939.17, Bitcoin slid to a final hour intraday low $8,557.3.

In spite of the reversal, Bitcoin steered clear of the first major support level at $8,495.97.

The bearish end to the month left Bitcoin down by 8.6% for the month of February.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin struggling to break out from $10,000 levels.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed day for the crypto majors.

Binance Coin bucked the trend on Saturday, gaining 1.10%.

It was a bearish end to the month for the rest of the pack, however.

Cardano’s ADA, Ethereum, and Monero’s XMR led the way down, with losses of 5.80%, 4.32%, and 4.15% on Saturday.

Bitcoin Cash ABC (-3.22%), Bitcoin Cash SV (-3.19%), Litecoin (-3.23%), Ripple’s XRP (-3.13%), Stellar’s Lumen (-3.21%), and Tron’s TRX (-3.54%) also saw heavy losses.

EOS and Tezos saw modest losses of 0.21% and 1.94% on the day.

It was also a mixed month for the crypto majors.

Binance Coin, Ethereum, and Tezos made gains in February, with Tezos surging by 65.6%. Binance Coin and Ethereum saw more modest gains of 5.37% and 20.92% respectively.

The rest of the pack saw red, however.

Bitcoin Cash SV and Bitcoin Cash ABC led the way down, with losses of 22.94% and 17.95% respectively.

Cardano’s ADA (-12.34%), EOS (-15.30%), Litecoin (-14.60%), and Tron’s TRX (-10.94%) also saw double-digit losses.

Monero’s XMR (-8.36%), Ripple’s XRP (-4.22%), and Stellar’s Lumen (-6.59%) saw more modest losses.

Through the current week, the crypto total market cap rose to a Monday high $290.09bn before hitting a low Friday low $241.74bn. At the time of writing, the total market cap stood at $247.29bn.

For February, the market cap managed to hit $307bn levels before easing back.

Bitcoin’s dominance rose to 64% levels in the week before easing back. At the time of writing, Bitcoin’s dominance stood at 63.8%, which was still up from sub-63% levels seen on Monday.

Trading volumes hit a current week high $196.34bn on Thursday before sliding back to sub-$130bn levels. At the time of writing, 24-hr volumes stood at $133.27bn.

This Morning

At the time of writing, Bitcoin was up by 1.33% to $8,675.3. A choppy start to the day saw Bitcoin fall to an early morning low $8,547.0 before striking a high $8,716.5.

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 (+4.06%) and Bitcoin Cash SV (+9.57%) led the way.

Cardano’s ADA and Monero’s XRM trailed the back, with early gains of 1.85% and 1.74% respectively.

BTC/USD 01/03/20

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $8,700 levels to bring the first major resistance level at $8,741.23 back into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,716.5.

Barring an extended crypto rally, the first major resistance level would likely pin Bitcoin back on the day.

In the event of a crypto rally, the second major resistance level at $8,920.97 and resistance at $9,000 could come into play.

Failure to move back through $8,700 levels could see Bitcoin hit reverse.

A fall back through to sub-$8,650 levels would bring the first major support level at $8,469.53 into play.

Barring an extended crypto sell-off, however, Bitcoin should well steer clear of the second major support level at $8,365.2 and the 23.6% FIB of $8,200.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

Did you find this article useful?

Advertisement