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The Crypto Daily – Movers and Shakers – 09/02/20

Bitcoin makes a return to $10,000, with the bulls eyeing $10,500 for the next breakout target.
Bob Mason
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Bitcoin rose by 0.73% on Saturday. Following on from a 0.62% gain on Friday, Bitcoin ended the day at $9,877.2.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $9,657.8 before making a move.

Bitcoin fell through the first major support level at $9,706.07 before rallying to a late intraday high $9,920.8.

The rally saw Bitcoin break through the first major resistance level at $9,882.17 to hit $9,900 levels for the 1st time since late October.

Coming within range of the second major resistance level at $9,959.13, Bitcoin eased back to sub-$9,900 late in the day.

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

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 led the way with a 13.43% surge.

EOS (+3.64%), Litecoin (+3.22%), and Tezos (+4.85%) also made solid gains on the day.

Bitcoin Cash ABC (-1.66%), Cardano’s ADA (+0.67%), Ethereum (+0.07%), and Monero’s XMR (+1.56%) also ended the day in the green.

Binance Coin (-1.00%), Ripple’s XRP (-0.75%), and Stellar’s Lumen (-0.94%) end the day in the red, however.

Through the current week, the crypto total market cap rose from a Tuesday low $254.52bn to an early Sunday high $286.16bn. At the time of writing, the total market cap stood at $285.90bn.

Having fallen back from 66% levels, Bitcoin’s dominance slipped further back to sub-64% levels going into Sunday. More marked gains across the broader market pinned Bitcoin back on the day. At the time of writing, Bitcoin’s dominance stood at 63.8%.

Trading volumes also picked up, rising to $146bn levels on Thursday before easing back. At the time of writing, 24-hr volumes stood at $134.90bn.

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This Morning

At the time of writing, Bitcoin was up by 1.98% to $10,073.0. A particularly bullish start to the day saw Bitcoin rally from an early morning low $9,871.1 to a high $10,109.0.

Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $9,979.4 and second major resistance level at $10,081.6.

Elsewhere, it was a sea of green across the crypto board.

Bitcoin Cash SV and Binance Coin led the way early with gains of 8.30% and 6.56% respectively.

Litecoin and Tezos trailed the pack early, with gains of just 0.73% and 0.37% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to break back through the second major resistance level at $10,081.6 to target $10,500 levels.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $10,109.0.

Barring an extended rally through the day, Bitcoin would likely fall short of the third major resistance level at $10,344.60.

In the event of another breakout, resistance at $10,500 would likely limit the upside on the day.

Failure to move back through the second major resistance level could see Bitcoin give up the early gains.

A fall back through the first major resistance level to sub-$9,820 levels would bring the first major support level at $9,716.4 into play.

Barring a crypto sell-off, however, Bitcoin should steer clear of the sub-$9,900 on the day.

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