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The Crypto Daily – Movers and Shakers – 12/02/20

By:
Bob Mason
Updated: Feb 12, 2020, 08:47 UTC

It's back into the green for the majors, with a bullish start to the day giving Bitcoin a look at $10,500 levels...

Closeup hand holding bitcoin over the Cryptocurrency trading scr

Bitcoin rallied by 4.01% on Tuesday. Reversing a 2.96% slide from Monday, Bitcoin ended the day at $10,247.0.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $9,720.0 before making a move.

Steering clear of the first major support level at $9,639.13, Bitcoin rallied to a late afternoon intraday high $10,316.0.

Bitcoin broke through the first major resistance level at $10,124.13 to visit $10,300 levels for the 1st time since September.

A late pullback saw Bitcoin fall back to $10,190 levels before wrapping up the day at $10,200 levels.

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

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 bullish day for the crypto majors.

Tezos led the way, rallying by 11.47%.

Cardano’s ADA (+7.57%), EOS (+7.12%), Ethereum (+6.78%), and Monero’s XMR (+6.37%) also made solid gains.

Bitcoin Cash ABC (+4.02%), Bitcoin Cash SV (+4.72%), and Stellar’s Lumen (+4.94%) weren’t far behind.

Binance Coin (+2.50%), Litecoin (+3.80%), Ripple’s XRP (+2.75%), and Tron’s TRX (+3.1%) trailed the pack on the day.

Through the start of the week, the crypto total market cap fell to a Tuesday low $279.65bn before rising to an early Wednesday high $296.27. At the time of writing, the total market cap stood at $296.27bn.

Bitcoin’s dominance slipped further back through the start of the week to 63.1% at the time of writing.

Trading volumes also picked up, rising to $145bn levels on Monday. At the time of writing, 24-hr volumes stood at $138.83bn.

This Morning

At the time of writing, Bitcoin was up by 0.2% to $10,268.0. A bullish start to the day saw Bitcoin rise from an early morning low $10,246.0 to a high $10.314.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin was down by 0.38% to buck the trend early on.

It was a bullish start for the rest of the pack, with Ethereum up by 2.15% to lead the way. Stellar’s Lumen (+1.16%) and Bitcoin Cash SV (+1.01%) also found strong support early on.

BTC/USD 12/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $10,300 levels to bring the first major resistance level at $10,468.67 into play.

Support from the broader market would be needed, however, for Bitcoin to break through to $10,400 levels.

Barring another broad-based crypto rally, resistance at $10,400 would likely leave Bitcoin short of the first major resistance level.

In the event of another breakout, Bitcoin would eye a breakout from $10,500 levels before any pullback.

Failure to move back through to $10,300 levels could see Bitcoin hit reverse

A fall back through the morning low $10,246 to sub-$10,095 levels would bring the first major support level at $9,872.67 into play.

Barring a crypto sell-off, however, Bitcoin should steer clear of the sub-$9,800 levels on the day.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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