The Crypto Daily – Movers and Shakers -02/06/20

It’s been a mixed start to the day for Bitcoin. Failure to avoid sub-$10,015 could see Bitcoin weigh on the broader market.
bitcoin with us dollars and calculator

Bitcoin rallied by 8.20% on Monday. Reversing a 2.64% fall from Sunday, Bitcoin ended the day at $10,226. It was Bitcoin’s first hold onto $10,000 since February.

Bullish through the day, Bitcoin rallied from an early morning intraday low $9,421.8 to a final hour intraday high $10,398.

Bitcoin broke through the day’s major resistance levels and the 62% FIB of $10,034. A final hour 4.95% gain delivered the break out from the first major resistance level at $9,637.10.

More materially, Monday’s breakout saw Bitcoin form a near-term bullish trend after breaking out from the 62% FIB of $10,034 to strike a swing hi $10,398.

Back in March, Bitcoin had bottomed at a swing lo $4,000.

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 also a bullish day for the majors on Monday.

Cardano’s ADA (+9.28%) and Stellar’s Lumen (+9.25%) led the way on the day.

Bitcoin Cash ABC (+5.71%), EOS (+5.68%), Ethereum (+7.34%), Litecoin (+5.92%), Tezos (+5.74%), and Tron’s TRX (+7.97%) also found strong support.

Binance Coin (+4.97%), Bitcoin Cash SV (+4.13%), Monero’s XMR (+4.39%), and Ripple’s XRP (+4.36%) trailed the front runners.

At the start of the week, the crypto total market cap rose from an early Monday low $260.83bn to a Monday high $285.71bn. At the time of writing, the total market cap stood at $278.87bn.

On Monday, Bitcoin’s dominance fell to a Monday low 66.04% before rising to a Monday high 67.13%. At the time of writing, Bitcoin’s dominance stood at 66.62%.

This Morning

At the time of writing, Bitcoin was down by 0.91% to $10,133.0. A mixed start to the day saw Bitcoin rise to an early morning high $10,252.0 before falling to a low $10,096.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.36%) and Ethereum (-0.61%) joined Bitcoin in the red.

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

Bitcoin Cash ABC was up by 3.32%, at the time of writing, to lead the way.

Cardano’s ADA (+1.67%) and Bitcoin Cash SV (+1.41%) also found strong support.

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$10,015 levels to bring the first major resistance level at $10,608.73 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $10,398.0.

Barring another broad-based crypto rally, resistance at $10,400 would likely leave Bitcoin short of the first major resistance level.

In the event of another extended crypto rally, Bitcoin could eye $10,700 levels before any pullback.

Failure to avoid sub-$10,015 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low to sub-$10,015 levels would bring the first major support level at $9,632.53 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$9,800 levels on the day.

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