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The Crypto Daily – Movers and Shakers -08/03/20

It’s another bearish start to the day, with support levels in play. Failure to find support by late morning could bring heavier losses later in the day.
Bob Mason
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Bitcoin fell by 2.85% on Saturday. Reversing a 1.00% gain from Friday, Bitcoin ended the day at $8,919.0.

Range-bound through the morning, Bitcoin rose to an afternoon intraday high $9,241.5 before hitting reverse.

Coming within range of the first major resistance level at $9,249.77, Bitcoin slid to a late afternoon intraday low $8,867.4.

Bitcoin fell through the first major support level at $9,061.37 and the second major support level at $8,942.13.

Late on, Bitcoin briefly broke back through the second major support level before wrapping up the day at sub-$8,920 levels.

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 bearish day for the crypto majors.

Bitcoin Cash SV, Tezos, and Tron’s TRX led the way down, with losses of 6.78%, 6.06%, and 7.37% respectively.

Binance Coin (-5.14%), Bitcoin Cash ABC (-5.60%), Cardano’s ADA (-5.93%), EOS (-5.13%) and Stellar’s Lumen (-5.10%) also saw heavy losses.

Ethereum (-3.17%), Litecoin (-4.40%), Monero’s XMR (-4.76%), and Ripple’s XRP (-3.54%) saw relatively modest losses on the day.

Through the current week, the crypto total market cap rose to from a Monday low $243.1bn to a Saturday high $264.66bn. At the time of writing, the total market cap stood at $251.05bn.

Bitcoin’s dominance fell back from 64% levels in the week as the broader market found support. At the time of writing, Bitcoin’s dominance stood at 63.6%, the upside coming from the Saturday sell-off.

Trading volumes hit an early Tuesday high $187.15bn before falling back to sub-$130bn levels. At the time of writing, 24-hr volumes stood at $135.19bn.

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This Morning

At the time of writing, Bitcoin was down by 1.78% to $8,760.1. Another bearish start to the day saw Bitcoin fall from an early morning high $8,919.0 to a low $8,750.0.

Bitcoin fell through the first major support level at $8,777.10 early on in the day.

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

Binance Coin and Tezos led the way down with losses of 4.31% and 4.65% respectively.

EOS and Ripple’s XRP saw relatively modest losses of 1.21% and 1.95% at the time of writing.

BTC/USD 08/03/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to break back through the first major support level and move through to $9,000 levels to support a run at the first major resistance level at $9,151.2.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,000 levels.

Barring a broad-based crypto rebound, resistance at $9,000 would likely limit any upside on the day once more.

In the event of a breakout, expect the 38.2% FIB of $9,260 would likely come into play before any pullback.

Failure to break back through the first major support level could see Bitcoin fall deeper into the red

A fall back through the morning low $8,750.0 would bring the second major support level at $8,635.20 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the sub-$8,600 levels on the day.

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