The Crypto Daily – Movers and Shakers – September 1st, 2020

Bitcoin, BTC to USD, fell by 0.50% on Monday. Partially reversing a 2.07% gain from Sunday, Bitcoin ended the month up by 2.83% to $11,671.

A bearish start to the day saw Bitcoin slid to a late morning intraday low $11,600 before making a move.

Steering clear of the first major support level at $11,563, Bitcoin rallied to an early afternoon intraday high $11,790.0.

Bitcoin came within range of the first major resistance level at $11,813 before sliding back to sub-$11,700 levels and into the red.

The near-term bullish trend remained intact, supported by the latest move through to $12,000 levels. 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 Monday.

Cardano’s ADA (+4.46%), Ethereum (+1.16%), and Tron’s TRX (+8.14%) bucked the trend on the day.

It was a bearish day for the rest of the majors, however.

Litecoin (-3.13%), Monero’s XMR (-3.08%), and Tezos (-4.08%) led the way down.

Binance Coin (-1.99%), Bitcoin Cash ABC (-1.98%), Bitcoin Cash SV (-2.36%), EOS (-1.29%), Ripple’s XRP (-0.59%), and Stellar’s Lumen (-1.49%) also saw red.

For the month, it was also a mixed bag for the majors.

Bitcoin Cash ABC (-9.12%), Bitcoin Cash SV (-17.14%), Cardano’s ADA (-11.80%), and Stellar’s Lumen (-0.48%) saw red in August.

It was a bullish month for the rest of the majors, however.

Ethereum (+25.09%) and Tron’s TRX (+48.57%) led the way.

Binance Coin (+11.94%), Monero’s XMR (+10.25%), and Tezos (+13.95%) also made solid gains.

EOS (+3.58%), Litecoin (+4.65%), and Ripple’s XRP (+8.32%) saw relatively modest gains.

In the week, the crypto total market fell to a Monday low $353.82bn before rising to a Monday high $365.7bn. At the time of writing, the total market cap stood at $358.05bn.

Bitcoin’s dominance rose to a Monday high 60.44% before falling to a Monday low 59.52%. At the time of writing, Bitcoin’s dominance stood at 59.95%.

This Morning

At the time of writing, Bitcoin was down by 0.33% to $11,632.0. A mixed start to the day saw Bitcoin rise to an early morning high $11,686.0 before sliding to a low $11,552.0.

Bitcoin tested the first major support level at $11,584 early on.

Elsewhere, it was a mixed start to the day.

Tezos was up by 1.18% to buck the trend early on.

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

At the time of writing, Tron’s TRX was down by 1.63% to lead the way down.

BTC/USD 01/09/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $11,687 pivot level to support a run at the first major resistance level at $11,774.

Support from the broader market would be needed, however, for Bitcoin to break back through to $11,700 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $11,790 would likely cap any upside.

In the event of a crypto breakout, the second major resistance level at $11,877 and resistance at $12,000 could be tested.

Failure to move through the $11,687 pivot would bring the first major support level at $11,585 back into play.

Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$11,500 levels on the day. The second major support level sits at $11,497.

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