The Crypto Daily – Movers and Shakers -02/03/20It’s a bullish start to the day after a particularly bearish week. Bitcoin will need to target $9,000 levels to restore confidence.
Bitcoin slipped by 0.05% on Sunday. Following on from a 1.91% slide on Saturday. Bitcoin ended the week down by 14.3% at $8,556.7.
A choppy start to the day saw Bitcoin fall from an early morning high $8,716.5 to $8,550 levels before striking a mid-day intraday high $8,775.0.
Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $8,741.23.
Hitting reverse through the afternoon, Bitcoin fell to a late afternoon intraday low $8,460.
Finding support at the first major support level at $8,469.53, Bitcoin managed to reverse the losses from the day.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin having struggled 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.
Bitcoin Cash SV and Bitcoin Cash ABC bucked the trend on Sunday, with gains of 8.01% and 0.89% respectively.
It was a bearish start to the month for the rest of the pack, however.
Tezos slid by 4.35% to lead the way down.
Binance Coin (-1.72%), Cardano’s ADA (-3.03%), Monero’s XMR (-2.06%), and Stellar’s Lumen (-1.50%) also saw heavy losses.
EOS (-0.03%), Ethereum (-0.05%), Litecoin (-0.76%), Ripple’s XRP (-0.95%), Tron’s TRZ (-0.64%) saw modest losses on the day.
It was a bearish week for the pack, however, with all the majors seeing heavy losses.
Litecoin (-27.77%), Tezos (-25.79%), Cardano’s ADA (-25.94%), Monero’s XMR (-24.18%), Stellar’s Lumen (-23.21%), Tron’s TRX (-22.70%), Bitcoin Cash ABC (-22.48%), Bitcoin Cash SV (-22.47%), and Ethereum (-21.13%) all saw particularly heavy losses.
Binance Coin (-17.5%), EOS (-19.66%), and Ripple’s XRP (-19.78%) saw relatively modest losses in the week.
Through the week, the crypto total market cap rose to a Monday high $290.09bn before hitting a Sunday low $240.85bn. At the time of writing, the total market cap stood at $246.41bn.
Bitcoin’s dominance rose to 64.% levels before easing back. At the time of writing, Bitcoin’s dominance stood at 64.0%, which was still up from sub-63% levels seen on Monday. The rise came off the back of heavier losses for the rest of the crypto majors on Sunday.
Trading volumes hit a week high $196.34bn on Thursday before sliding back to sub-$130bn levels. At the time of writing, 24-hr volumes stood at $128.81bn.
At the time of writing, Bitcoin was up 1.16% to $8,655.6. A bullish start to the day saw Bitcoin rise from an early morning low $8,524.6 to a high $8,700.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bullish start to the day for the major cryptos.
Cardano’s ADA and Binance Coin were up by 2.26% and by 2.00% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move back through to $8,700 levels to bring the first major resistance level at $8,734.47 back into play.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,700.0.
Barring a broad-based crypto recovery, 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 $8,912.23 and $9,000 levels could come into play.
Failure to move back through $8,700 levels could see Bitcoin hit reverse.
A fall back through to sub-$8,600 levels would bring the first major support level at $8,419.47 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer well clear of sub-$8,400 support levels and the 23.6% FIB of $8,200.