The Crypto Daily – Movers and Shakers – 03/02/20

Bitcoin fell by 0.61% on Sunday. Reversing a 0.43% gain from Saturday, Bitcoin ended the week up 8.47% to $9,352.2.

A bearish start to the day saw Bitcoin slide to an early morning intraday low $9,165.0.

Bitcoin fell through the 38.2% FIB of $9,260 and the major support level at $9,218.5 before making a move.

Through the morning, Bitcoin bounced back to a mid-day intraday high 9,501.0. A late in the day sell-off, however, saw Bitcoin fall back to sub-$9,400 levels and into the red.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact in spite of last week’s gain.

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.

Ripple’s XRP and Stellar’s Lumen led the way, rallying by 3.93% and by 3.59% respectively.

Binance Coin (+0.99%), EOS (+1.65%), Ethereum (+2.62%), Monero’s XMR (+2.90%) and Tron’s TRX (+0.25%) also saw green.

It was a bearish day for the rest of the pack, however.

Bitcoin Cash ABC (-0.15%), Bitcoin Cash SV (-0.25%), Cardano’s ADA (+0.53%), and Litecoin (-1.23%) joined Bitcoin in the red.

It was a bullish week for the majors, however.

Cardano’s ADA (+24.55%) and Litecoin (+24.48%) led the way.

Bitcoin Cash ABC (+8.58%), EOS (+15.80%), Ethereum (+12.36%), Monero’s XMR (+16.57%), and Tron’s TRX (+13.03%) also made solid gains.

Binance Coin (+5.43%), Bitcoin Cash SV (+1.30%), Ripple’s XRP (+8.54%), and Stellar’s Lumen (+8.67%) trailed the front runners in the week.

Through the current week, the crypto total market cap rose from a Monday low $237.76bn to a Sunday high $263.75bn. At the time of writing, the total market cap stood at $260.11bn.

Bitcoin’s dominance fell back to sub-66% levels after Sunday’s loss as the broader market saw green.

Trading volumes picked up, rising from sub-$80bn levels to $127bn levels on Friday before easing back. At the time of writing, 24-hr volumes stood at $115.18bn.

This Morning

At the time of writing, Bitcoin was up by 0.19% to $9,369.9. A mixed start to the day saw Bitcoin fall to an early morning low $9,307.5 before striking a high $9,389.4.

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

Elsewhere, it was a bullish start to the day, with Ripple’s XRP up by 1.27% to lead the way early on.

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 $9,514.0.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,500 levels.

Barring another broad-based crypto rally, the first major resistance level and Sunday’s high $9,501.3 would likely cap any upside.

In the event of another breakout, the second major resistance level at $9,675.8 would likely come into play.

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

A fall back through to sub-$9,340.0 levels would bring the first major support level at $9,177.7 into play.

Barring another crypto sell-off, however, Bitcoin should steer clear of sub-$9,200 levels. The 38.2% FIB of $9,260 should limit any downside on the day.