The Crypto Daily – Movers and Shakers -09/03/20
Bitcoin tumbled by 9.47% on Sunday. Following on from a 2.85% decline on Saturday, Bitcoin ended the week down 5.64% at $8,074.0.
Bearish throughout the day, Bitcoin slid from an early morning intraday high $8,919.0 to a late intraday low $8,043.2.
The sell-off saw Bitcoin fall through the major support levels and the 23.6% FIB of $8,200.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin now back at sub-$9,000 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 also a particularly bearish day.
Binance Coin (-16.75%), Bitcoin Cash ABC (-17.42%), Bitcoin Cash SV (-16.66%), EOS (-16.25%), and Ethereum (-16.11%) led the way down.
It wasn’t much better for the rest of the pack…
Cardano’s ADA (-12.37%), Litecoin (-15.51%), Monero’s XMR (-13.83%), Ripple’s XRP (-13.56%), Stellar’s Lumen (-15.07%), Tron’s TRX (-13.74%), and Tezos (-13.53%) also saw heavy losses.
For the week, Sunday’s sell-off left the majors in the red.
Binance Coin (-10.40%), Bitcoin Cash ABC (-13.9%), Bitcoin Cash SV (-14.64%), EOS (-13.03%), Litecoin (-11.26%), Monero’s XMR (-12.30%), Ripple’s XRP (-10.11%), Stellar’s Lumen (-11.89%) and Tron’s TRX (-11.60%) were in the deep red.
Cardano’s ADA (-5.84%), Ethereum (-8.18%) and Tezos (-0.93%) saw relatively modest losses.
Through the week, the crypto total market cap rose to a Saturday high $264.66bn before sliding to a Sunday low $230.47bn. At the time of writing, the total market cap stood at $225.54bn, with the sell-off continuing into Monday.
Bitcoin’s dominance fell back from 64% levels to sub-63.1% levels as the broader market found support. The weekend sell-off led to a partial recovery, however. At the time of writing, Bitcoin’s dominance stood at 63.8%.
Trading volumes hit an early Tuesday high $187.15bn before falling back to sub-$130bn levels. The weekend sell-off led to a return to $150bn levels. At the time of writing, 24-hr volumes stood at $161.19bn.
At the time of writing, Bitcoin was down by 2.05% to $7,908.8. A mixed start to the day saw Bitcoin rise to an early morning high $8,215.0 before falling to a low $7,878.3.
While Bitcoin left the major support and resistance levels untested, the 23.6% FIB of $8,200 pinned Bitcoin back.
Elsewhere, it was a mixed start to the day for the broader market.
EOS (+0.35%), Ethereum (+0.16%), Ripple’s XRP (+0.55%), and Stellar’s Lumen (+0.51%) found early support.
It was a bearish start for the rest of the pack, however, with Tezos sliding by 5.75% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $8,345 levels to bring the first major resistance level at $8,647.60 into play.
Support from the broader market would be needed, however, for Bitcoin to break back through the 23.6% FIB of $8,200.
Barring a broad-based crypto rebound, the 23.6% FIB would likely leave Bitcoin short of the major resistance levels.
In the event of a breakout, Bitcoin could visit $8,500 levels before any pullback.
Failure to move through $8,345 levels could see Bitcoin struggle throughout the day.
A fall back through the morning low $7,872.9 would bring the first major support level at $7,771.8 into play.
Barring another crypto meltdown, however, Bitcoin should steer clear of the second major support level at $7,469.6.