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The Crypto Daily – Movers and Shakers -09/05/20

Bob Mason

Bitcoin fell by 1.88% on Friday. Partially reversing a 9.06% rally from Thursday, Bitcoin ended the day at $9,792.4.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $10,025 before hitting reverse.

Falling short of the first major resistance level at $10,340.07 and 62% FIB of $10,034, Bitcoin slid to a mid-morning intraday low $9,705.0.

Steering clear of the first major support level at $9,324.07, Bitcoin bounced back to $10,000 levels before a late slide.

Falling short of the 62% FIB of $10,034, Bitcoin slid back to $9,700 levels to end the day in the red.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day for the pack on Friday.

Bitcoin Cash ABC rose by 2.71% to lead the way.

Binance Coin (+0.53%), Bitcoin Cash SV (+0.91%), Cardano’s ADA (+1.19%), Litecoin (+0.65%), Stellar’s Lumen (+0.41%), Tezos (+1.14%), and Tron’s TRX (+1.10%) also saw green.

It was a bearish day for the rest, however, with Monero’s XMR sliding by 3.52% to lead the way down.

EOS (-0.64%), Ethereum (-0.43%), and Ripple’s XRP (-0.05%) also joined Bitcoin in the red.

Through the current week, the crypto total market cap rose from a Monday low $240.56bn to a Friday high $271.32bn. At the time of writing, the total market cap stood at $269.10bn.

Bitcoin’s dominance held onto 65% levels following Monday’s modest loss, before the mid-week breakout that delivered 68% levels. At the time of writing, Bitcoin’s dominance stood at 67.5%.

24-hour trading volumes fell to a Tuesday current week low $145.07bn before jumping to a Friday high $205.18bn. At the time of writing, 24-hr volumes stood at $168.77bn.

This Morning

At the time of writing, Bitcoin was up by 0.93% to $9,883.6. Bitcoin fell to an early morning low $9,723.3 before striking a high $9,876.6.

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

Elsewhere, it was another bullish start to the day for the rest of the majors.

Binance Coin and Bitcoin Cash ABC led the way early on, with gains of 1.52% and 1.54% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$9,840 levels to bring the first major resistance level at $9,976.6 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,876.6.

Barring a broad-based crypto rally, the first major resistance level would likely leave Bitcoin short of the 62% FIB.

In the event of another breakout, the second major resistance level at $10,160.8 would come into play.

Failure to avoid sub-$9,840 levels could see Bitcoin struggle on the day.

A fall through back through the morning low $9,723.3 would bring the first major support level at $9,656.6 into play before any recovery.

Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$9,700 levels.

This article was originally posted on FX Empire

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