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The Crypto Daily – Movers and Shakers – September 7th, 2020

By:
Bob Mason
Published: Sep 7, 2020, 00:56 UTC

It's a bullish start to the day for the majors after last week's slide. A Bitcoin move through to $10,400 levels would support the pack.

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin, BTC to USD, rose by 0.71% on Sunday. Partially reversing a 2.74% slide from Saturday, Bitcoin ended the week down by 12.39% to $10,276.

It was a mixed start to the day. Bitcoin fell to an early morning intraday low $10,031.0 before making a move.

Steering clear of the first major support level at $9,884, Bitcoin struck a late intraday high $10,365.1.

Falling short of the first major resistance level at $10,551, Bitcoin eased back to wrap up the day at sub-$10,300.

The near-term bullish trend remained intact, in spite of the latest pullback to sub-$10,000. 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 Sunday.

Bitcoin Cash ABC and EOS ended the day down by 0.79% and by 1.16% respectively to buck the trend.

It was a bullish end to the week for the rest of the majors, however.

Binance Coin surged by 18.99% to lead the way.

Cardano’s ADA (+3.10%), Ethereum (+5.23%), Monero’s XMR (+2.81%), Stellar’s Lumen (+2.59%), Tezos (+2.75%), and Tron’s TRX (+5.39%) also found strong support.

Bitcoin Cash SV (+0.01%), Litecoin (+0.15%), and Ripple’s XRP (+1.15%) trailed the front runners.

For the week ending 6th September, it was also a mixed bag for the majors.

Tron’s TRX rallied by 16.44% to buck the trend.

It was a bearish week for the rest of the majors.

Tezos (-24.62%), Litecoin (-23.85%), Stellar’s Lumen (-21.20%), and Cardano’s ADA (-20.98%) led the way down.

Bitcoin Cash ABC (-19.22%), Bitcoin Cash SV (-17.39%), Ethereum (-17.75%), Monero’s XMR (-16.73%), and Ripple’s XRP (-15.34%) also saw heavy losses.

Binance Coin (-1.90%) and EOS (-10.64%) saw relatively modest losses in the week.

In the current week, the crypto total market rose to a Tuesday high $379.05bn before sliding to a Saturday low $293.54bn. At the time of writing, the total market cap stood at $314.76bn.

Bitcoin’s dominance fell to a Wednesday low 58.79% before rising to a Saturday high 62.01%. At the time of writing, Bitcoin’s dominance stood at 60.41%.

This Morning

At the time of writing, Bitcoin was up by 0.53% to $10,330. A mixed start to the day saw Bitcoin fall to an early morning low $10,267.0 before striking a high $10,330.0.

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

Elsewhere, it was a bullish start to the day.

At the time of writing, Stellar’s Lumen was up by 2.17% to lead the way.

BTC/USD 07/09/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $10,224 pivot level to support a run at the first major resistance level at $10,417.

Support from the broader market would be needed, however, for Bitcoin to break out from Sunday’s high $10,365.1.

Barring an extended crypto rally, the first major resistance level and Sunday’s high would likely cap any upside.

In the event of a crypto breakout, the second major resistance level at $10,558 would likely come into play.

Failure to avoid a fall through the $10,224 pivot would bring the first major support level at $10,083 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,890.

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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