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The Crypto Daily – Movers and Shakers – 03/01/20

Bob Mason

Bitcoin slid by 3.09% on Thursday. Reversing a 0.06% gain from Wednesday, Bitcoin ended the day at $6,989.4.

A mixed start to the day saw Bitcoin fall from an early morning intraday high $7,225.8 to a mid-morning low $7,100.0.

Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $7,170.38 and the second major support level at $7,128.03.

A move back through the support levels by late morning was brief, with Bitcoin sliding to a late afternoon intraday low $6,963.0.

Bitcoin tumbled through the day’s major support levels to close out the day at sub-$7,000. Bitcoin last closed out the day at sub-$7,000 on 17th December.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, reaffirmed with Bitcoin’s slide back to sub-$7,000 levels.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a bearish day for the majors.

Tezos led the way down, sliding by 9.32% to fall out of the top 10, by market cap.

EOS (-5.37%), Litecoin (-5.23%), Binance Coin (-5.05%), Bitcoin Cash ABC (-4.36%), and Bitcoin Cash SV (-4.18%) also saw heavy losses.

Ethereum (-2.56%), Ripple’s XRP (-2.57%), Stellar’s Lumen (-3.61%), and Tron’s TRX (-2.39%) saw relatively modest losses.

Through the current week, the crypto total market cap hit a Monday high $198.27bn before sliding to a Thursday low $185.26bn. Through Wednesday, the total market cap had peaked at $193.02bn before the reversal. At the time of writing, the total market cap stood at $185.83bn.

Bitcoin’s dominance continued to sit at 68% levels following relatively modest losses on Thursday. Trading volumes had hit $80bn levels on Monday before easing back to sub-$70bn levels. At the time of writing, volumes were at $68bn levels.

This Morning

At the time of writing, Bitcoin was down by 0.18% to $6,977.0. A bearish start to the day saw Bitcoin fall from an early morning high $6,992.8 to a low $6,977.0.

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

Elsewhere, it was a mixed start to the day for the crypto majors.

Binance Coin and Ethereum bucked the trend early on, rising by 0.49% and by 0.08% respectively.

It was bearish for the rest, however, with Bitcoin Cash SV and Litecoin leading the way down. Both were down by 0.38% early on.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $7,060 levels to support a run at the first major resistance level at $7,155.80.

Support from the broader market would be needed, however, for Bitcoin to break back through to $7,000 levels.

Barring a broad-based crypto rally on the day, the first major resistance level would likely limit any upside.

Failure to move through to $7,060 levels could see Bitcoin fall deeper into the red.

A fall through Thursday’s low $6,963 would bring the first major support level at $6,893.0 into play before any recovery.

Barring an extended sell-off, however, Bitcoin should continue to steer clear of the second major support level at $6,796.6.

This article was originally posted on FX Empire

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