The Crypto Daily – Movers and Shakers – September 4th, 2020
Bitcoin, BTC to USD, slid by a further 10.80% on Thursday. Following on from a 4.48% pullback on Wednesday, Bitcoin ended the day at $11,408.0.
It was a mixed start to the day. Bitcoin recovered from an early dip to strike a late morning intraday high $11,461.0 before hitting reverse.
Falling well short of the first major resistance level at $11,861.0, Bitcoin slid to a mid-afternoon low $10,510.0.
Bitcoin fell through the first major support level at $11,069 and the second major support level at $10,730.
Finding late morning support, Bitcoin moved back through the second major support level before a 2nd sell-off. The sell-off saw Bitcoin fall to a late intraday low $9,990.9.
Bitcoin fell back through the second major support level to sub-$10,000 before wrapping up the day at $10,170 levels.
The near-term bullish trend remained intact, in spite of the latest pullback. 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 mixed day for the majors on Thursday.
Tron’s TRX bucked the trend, surging by 15.94%.
It was a particularly bearish day for the rest of the majors, however.
Binance Coin (-17.53%), Bitcoin Cash ABC (-18.73%), Bitcoin Cash SV (-18.37%), Cardano’s ADA (-17.64%), and Tezos (-18.54%) led the way down.
EOS (-15.65%), Ethereum (-12.98%), Litecoin (-13.85%), Monero’s XMR (-14.71%), and Ripple’s XRP (-11.35%) also saw heavy losses.
Stellar’s Lumen saw a relatively modest 7.73% loss on the day.
In the current week, the crypto total market rose to a Tuesday high $379.05bn before sliding to a Thursday low $320.1bn. At the time of writing, the total market cap stood at $317.90bn.
Bitcoin’s dominance rose to a Monday high 60.44% before falling to a Wednesday low 58.79%. At the time of writing, Bitcoin’s dominance stood at 60.07%.
At the time of writing, Bitcoin was up by 1.67% to $10,340.3. A mixed start to the day saw Bitcoin fall to an early morning low $10,095.0 before rising to high $10,345.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Litecoin (-3.38%) and Tron’s TRX (-0.89%) saw red early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Bitcoin Cash SV was up by 6.91% to lead the recovery.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $10,541 pivot level to support a run at the first major resistance level at $11,090.
Support from the broader market would be needed, however, for Bitcoin to break back through to $11,000 levels.
Barring an extended crypto rally, resistance at $11,000 would likely leave Bitcoin short of the first major resistance level.
In the event of a crypto breakout, Bitcoin could test resistance at $11,500 before any pullback. The second major resistance level sits at $12,011.
Failure to move through the $10,541 pivot would bring the first major support level at $9,620 into play.
Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$9,500 levels on the day. The second major support level sits at $9,071.