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The Crypto Daily – The Movers and Shakers – September 6th, 2020

By:
Bob Mason
Updated: Sep 6, 2020, 00:36 GMT+00:00

It's a mixed start to the day for the crypto majors. A break back through to $10,500 levels would support the broader market.

Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin, BTC to USD, slid by 2.74% on Saturday. Partially reversing a 3.13% gain from Friday, Bitcoin ended the day at $10,196.9.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $10,593.0 before hitting reverse.

Falling short of the first major resistance level at $10,764, Bitcoin slid to a late intraday low $9,925.5.

Bitcoin fell through the first major support level at $10,086 before finding late support.

Late in the day, Bitcoin moved back through the first major support level to wrap up the day at $10,190 levels.

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 Saturday.

Tron’s TRX and Ethereum tumbled by 15.96% and by 13.69% respectively to lead the way down.

Binance Coin (-7.32%), Cardano’s ADA (-11.59%), Ripple’s XRP (-6.62%), Stellar’s Lumen (-7.32%), and Tezos (-9.61%) also saw particularly heavy losses.

Bitcoin Cash ABC (-5.07%), EOS (-2.02%), Litecoin (-5.77%), and Monero’s XMR (-5.98%) saw relatively modest losses.

Bitcoin Cash SV bucked the trend on the day, rising by 0.25%.

In the current week, the crypto total market rose to a Tuesday high $379.05bn before sliding to a Saturday low $279.73bn. At the time of writing, the total market cap stood at $306.87bn.

Bitcoin’s dominance fell to a Wednesday low 58.79% before rising to a Saturday high 61.97%. At the time of writing, Bitcoin’s dominance stood at 61.36%.

This Morning

At the time of writing, Bitcoin was up by 0.23% to $10,220.0. A mixed start to the day saw Bitcoin fall to an early morning low $10,147.0 before rising to a high $10,225.0.

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

Elsewhere, it was a mixed start to the day.

Bianance Coin (-0.79%) and Tezos (-0.56%) 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 2.24% to lead the way early on.

BTC/USD 06/09/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $10,239 pivot level to support a run at the first major resistance level at $10,551.

Support from the broader market would be needed, however, for Bitcoin to break back through to $10,500 levels.

Barring an extended crypto rally, the first major resistance level and Saturday’s high $10,593.0 would likely cap any upside.

In the event of a crypto breakout, the second major resistance level at $10,906 would likely come into play.

Failure to move through the $10,239 pivot would bring the first major support level at $9,884 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,571.

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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