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The Crypto Daily – Movers and Shakers – 02/02/20

It’s a bearish start to the day. A Bitcoin move back through to $9,400 levels would signal a crypto market rebound.
Bob Mason
Closeup hand holding bitcoin over the Cryptocurrency trading scr

Bitcoin rose by 0.43% on Saturday. Partially reversing a 1.53% fall from Friday, Bitcoin ended the day at $9,408.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $9,476.4 before hitting reverse.

Falling short of the first major resistance level at $9,518.1, Bitcoin slid to a mid-day intraday low $9,318.0.

Steering clear of the 38.2% FIB of $9,260.0 and the first major support level at $9,218.5, Bitcoin recovered to an afternoon high $9,444.3 before easing back.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, in spite of the January rally.

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 bullish day for the crypto majors.

Cardano’s ADA and Litecoin led the way on the day, rallying by 4.07% and 4.02% respectively.

Bitcoin Cash SV (+2.72%), Ethereum (+2.10%), and Tron’s TRX (+2.59%) also found strong support.

Bitcoin Cash ABC (+1.41%), EOS (+0.11%), Monero’s XMR (+1.46%), Ripple’s XRP (+0.71%), and Stellar’s Lumen (+1.63%) trailed the front runners.

Binance Coin bucked the trend, closing out the day flat.

Through the current week, the crypto total market cap rose from a Monday low $237.76bn to a late Thursday high $263.46bn. At the time of writing, the total market cap stood at $257.55bn.

Bitcoin’s dominance fell back to sub-66% levels after the modest gain from Saturday before rising back to 66% levels this morning.

Trading volumes also picked up, rising from sub-$80bn levels last Sunday to $127bn levels on Friday before easing back. At the time of writing, 24-hr volumes stood at $99.60bn.

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This Morning

At the time of writing, Bitcoin was down by 0.62% to $9,350.1. A bearish start to the day saw Bitcoin fall from an early morning high $9,410.5 to a low $9,350.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was also a bearish start to the day for the cryptos.

Bitcoin Cash SV (-1.70%) and Litecoin (-1.60%) led the way down early on.

Monero’s XMR (-0.90%) and Stellar’s Lumen (-0.96%) saw modest losses relative to the rest of the pack.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,400 levels to support a run at the first major resistance level at $9,483.60

Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $9,476.4.

Barring another broad-based crypto rally, the first major resistance level would likely leave Bitcoin short of Saturday’s high $9,519.9.

In the event of another breakout, the second major resistance level at $9,559.2 will likely come into play.

Failure to move back through to $9,400 levels could see Bitcoin fall deeper into the red.

A fall through the morning low $9,350.0 would bring the first major support level at $9,325.2 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of the 38.2% FIB of $9,260 and second major support level at $9.242.4.

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