The Crypto Daily – Movers and Shakers – September 2nd, 2020

Bitcoin, BTC to USD, rose by 2.32% on Tuesday. Reversing a 0.50% fall from Monday, Bitcoin ended the day at $11,942.0.

A bearish start to the day saw Bitcoin slide to an early morning intraday low $11,552.0 before making a move.

Bitcoin fell through the first major support level at $11,584, before rallying to a late intraday high $12,067.0.

The day-long rally saw Bitcoin break through the first major resistance level at $11,774 and the second major resistance level at $11,877.

Coming up against the third major resistance level at $12,067, Bitcoin eased back to end the day at sub-$12,000 levels.

The near-term bullish trend remained intact, supported by the latest move through to $12,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day for the majors on Tuesday.

Tron’s TRX led the way, surging by 19.05%.

Binance Coin (+6.74%), Bitcoin Cash ABC (+7.45%), EOS (+8.11%), Ethereum (+9.61%), and Tezos (+6.17%) also made strong gains.

Bitcoin Cash SV (+5.47%), Cardano’s ADA (+1.50%), Litecoin (+2.92%), Monero’s XMR (+3.89%), Ripple’s XRP (+4.97%), and Stellar’s Lumen (+2.15%) trailed the front runners.

In the current week, the crypto total market fell to a Monday low $353.82bn before rising to a Tuesday high $379.05bn. At the time of writing, the total market cap stood at $371.00bn.

Bitcoin’s dominance rose to a Monday high 60.44% before falling to a Tuesday low 58.822%. At the time of writing, Bitcoin’s dominance stood at 59.31%.

This Morning

At the time of writing, Bitcoin was down by 0.08% to $11,933.0. A mixed start to the day saw Bitcoin rise to an early morning high $11,975.0 before falling to a low $11,906.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+1.79%), Ripple’s XRP (+2.09%), and Stellar’s Lumen (+0.48%) found support early on.

While Litecoin and Bitcoin Cash SV were flat at the time of writing, it was a bearish start for the rest of the majors.

At the time of writing, Tron’s TRX was down by 3.12% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $11,854 pivot level to support a run at the first major resistance level at $12,155.

Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $12,067.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, the second major resistance level at $12,369 would likely be tested.

Failure to avoid a fall through the $11,854 pivot would bring the first major support level at $11,640 into play.

Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$11,500 levels on the day. The second major support level sits at $11,339.