The Crypto Daily – Movers and Shakers – September 8th, 2020

Bitcoin, BTC to USD, rose by 1.18% on Monday. Following on from a 0.71% gain on Sunday, Bitcoin ended the day at $10,397.0.

It was a mixed start to the day. Bitcoin rose to an early morning high $10,330.0 before hitting reverse.

Falling short of the first major resistance level at $10,417, Bitcoin slid to an early afternoon intraday low $9,913.8.

Bitcoin fell through the first major support level at $10,083 before finding support. While breaking back through to $10,000 levels, it was a late breakout that delivered the upside on the day.

Bitcoin struck a late intraday high $10,428.0 before easing back. The first major resistance level at $10,417 pinned Bitcoin back late on.

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 Monday.

Binance Coin (-3.02%), Bitcoin Cash ABC (-0.74%), and EOS (-2.05%) bucked the trend on the day.

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

Bitcoin Cash SV led the way, rallying by 6.07%.

Litecoin (+1.90%), Monero’s XMR (+2.40%), Stellar’s Limen (+1.67%), and Tron’s TRX (+3.14%) also found strong support.

Cardano’s ADA (+1.04%), Ethereum (+0.24%), Ripple’s XRP (+1.02%), and Tezos (+0.42%) trailed the front runners on the day.

In the current week, the crypto total market fell to a Monday low $298.39bn before rising to a Monday high $317.27bn. At the time of writing, the total market cap stood at $314.05bn.

Bitcoin’s dominance fell to a Monday low 60.36% before rising to a Monday high 61.19%. At the time of writing, Bitcoin’s dominance stood at 60.79%.

 

This Morning

At the time of writing, Bitcoin was down by 0.45% to $10,350.0. A mixed start to the day saw Bitcoin rise to an early morning high $10,464.0 before falling to a low $10,347.0.

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

Elsewhere, it was a mixed start to the day. Bitcoin Cash SV was up by 0.67% to buck the trend.

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

At the time of writing, Tron’s TRX was down by 2.06% to lead the way down.

BTC/USD 08/09/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $10,246 pivot level to support a run at the first major resistance level at $10,579.

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 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test resistance at $10,700 before any pullback. The second major resistance level sits at $10,761.

Failure to avoid a fall through the $10,246 pivot would bring the first major support level at $10,065 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,732.

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