The Crypto Daily – Movers and Shakers – September 3rd, 2020

Bitcoin, BTC to USD, slid by 4.48% on Wednesday. Reversing a 2.32% gain from Tuesday, Bitcoin ended the day at $11,408.0.

Bearish through the morning, Bitcoin slid from an early morning intraday high $11,975.0 to a late morning intraday low $11,183.0.

Bitcoin fell through the first major support level at $11,640 and the second major support level at $11,339.

Finding late morning support, Bitcoin briefly moved through to $11,490 levels before sliding back.

Bitcoin fell back through the second major support level at $11,339 before a partial recovery to $11,400 levels.

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 Wednesday.

Binance Coin rose by 0.12% to buck the trend on the day.

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

Bitcoin Cash ABC (-10.22%), Bitcoin Cash SV (-9.87%), EOS (-10.55%), and Tezos (-8.73%) led the way down.

Cardano’s ADA (-7.58%), Ethereum (-7.48%), Litecoin (-7.35%), Monero’s XMR (-5.87%), Ripple’s XRP (-6.53%), and Stellar’s Lumen (-6.50%) also saw heavy losses.

Tron’s TRX (-0.43%) saw a relatively modest loss on the day.

In the current week, the crypto total market rose to a Tuesday high $379.05bn before sliding to a Wednesday low $341.16bn. At the time of writing, the total market cap stood at $354.65bn.

Bitcoin’s dominance rose to a Monday high 60.44% before falling to a Wednesday low 58.79%. At the time of writing, Bitcoin’s dominance stood at 59.58%.

This Morning

At the time of writing, Bitcoin was up by 0.31% to $11,442.9. A mixed start to the day saw Bitcoin fall to an early morning low $11,376.0 before rising to a high $11,452.0.

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

Elsewhere, it was a mixed start to the day.

At the time of writing, Tezos was down by 0.88% to buck the trend. It was a bullish start for the rest of the pack, with Tron’s TRX jumping by 4.25% early on.

BTC/USD 03/09/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $11,522 pivot level to support a run at the first major resistance level at $11,861.

Support from the broader market would be needed, however, for Bitcoin to break back through to $11,500 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test resistance at $12,000 before any pullback. The second major resistance level sits at $12,314.

Failure to move through the $11,522 pivot would bring the first major support level at $11,069 into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$11,000 levels on the day. The second major support level sits at $10,730.

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