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The Crypto Daily – Movers and Shakers – 26/02/20

By:
Bob Mason
Published: Feb 26, 2020, 03:24 UTC

The bears take control, with Bitcoin facing the prospects of a visit to sub-$9,000. A move through to $9,420 levels would signal support.

Bitcoin coin on white keyboard

Bitcoin slid by 3.58% on Tuesday. Following on from a 3.11% decline from Monday, Bitcoin ended the day at $9,327.5.

A bearish start to the day saw Bitcoin fall from an early morning high $9,674.9 to a mid-morning low $9,512.4 before finding support.

Steering clear of the first major support level at $9,402.87, Bitcoin recovered to a mid-day intraday high $9,691.9 before hitting reverse.

Falling short of the first major resistance level at $9,983.67, Bitcoin slid to a late intraday low $9,251.4.

Bitcoin fell through the first major support level at $9,402.87 and 38.2% FIB of $9,260.

Finding support late in the day, Bitcoin broke back through the 38.2% FIB to wrap up the day at $9,300 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 another bearish day for the crypto majors.

Tezos led the way down, sliding by 12.07%.

Binance Coin (-8.32%), Bitcoin Cash ABC (-6.21%), Bitcoin Cash SV (-7.17%), Ethereum (-7.17%), Litecoin (-6.08%), Ripple’s XRP (-6.65%), and Stellar’s Lumen (-6.47%) also saw heavy losses.

Things were not much better for the rest of the pack, however.

Cardano’s ADA (-5.29%), EOS (-1.25%), Monero’s XMR (-3.48%), and Tron’s TRX (-4.65%) were also in the deep red.

Through the start of the week, the crypto total market cap rose to a Monday high $285.11bn before hitting a low Wednesday low $260.40bn. At the time of writing, the total market cap stood at $262.08bn.

Bitcoin’s dominance was on the rise at the start of the week. At the time of writing, Bitcoin’s dominance stood at 64.2%, up from sub-63% levels earlier in the day on Monday.

Trading volumes recovered from sub-$160bn levels to hit a current week high $165.37 on Wednesday morning. At the time of writing, 24-hr volumes stood at $165.37bn.

This Morning

At the time of writing, Bitcoin was down by 1.22% to $9,213.4. A bearish start to the day saw Bitcoin fall from an early morning high $9,385.9 to a low $9,130.0.

Steering clear of the major resistance levels, Bitcoin fell through the 38.2% FIB of $9,260 and the first major support level at $9,155.30.

Elsewhere, it was another sea of red across the crypto-board.

Tron’s TRX and Bitcoin Cash SV led the way, with losses of 9.18% and 9.21% respectively.

Binance Coin (-4.64%), Cardano’s ADA (-5.91%), EOS (-4.96%), Litecoin (-4.04%), Ripple’s XRP (-4.73%), and Stellar’s Lumen (-5.00%) were also in the deep red.

Through the early part of the day, Monero’s XMR saw a modest loss of 2.48% relative to the rest of the pack.

BTC/USD 26/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,420 levels to bring the first major resistance level at $9,595.80 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through the 38.2% FIB of $9,260.0.

Barring a broad-based crypto rebound, resistance at $9,400 would likely leave Bitcoin short of the first major resistance level at $9,595.80.

Failure to move back through to $9,420 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low $9,130.0 would bring the second major support level at $8,983.10 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$9,000 levels.

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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