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

It’s a bearish start to the day, with a late Monday pullback spilling into the early hours of Tuesday. A Bitcoin Move back to $8,940 levels would support the pack.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin rallied by 4.46% on Monday. Following a 0.05% decline on Sunday, Bitcoin ended the day at $8,938.4.

Bullish throughout the day, Bitcoin rallied from an early morning intraday low $8,524.6 to a late intraday high $8,990.8.

Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $8,734.47 and second major resistance level at $8,912.23.

In spite of a late pullback, Bitcoin managed to close out the day above the second major resistance level.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin struggling to break out from $10,000 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 bullish day for the crypto majors.

Bitcoin Cash SV, Cardano’s ADA, and Tezos led the way, with gains of 10.98%, 8.44%, and 7.14% respectively.

Bitcoin Cash ABC (+6.20%), EOS (+6.06%), Ethereum (+6.85%), Litecoin (+6.64%), Monero’s XMR (+6.47%), and Tron’s TRX (+6.03%) also saw solid gains.

Binance Coin (+5.61%), Ripple’s XRP (+5.50%), and Stellar’s Lumen (-1.50%) trailed the pack.

Through the start of the week, the crypto total market cap rose from a low $245.4bn to a Monday high $255.57bn before easing back. At the time of writing, the total market cap stood at $252.91bn.

Bitcoin’s dominance fell back from 64% levels as Bitcoin trailed the pack on Monday. At the time of writing, Bitcoin’s dominance stood at 63.8%.

Trading volumes hit an early Tuesday high $187.15bn before easing back. At the time of writing, 24-hr volumes stood at $170.11bn, which was still well above sub-$130bn levels seen in the early hours of Monday.

This Morning

At the time of writing, Bitcoin was down by 0.46% to $8,897.2. A bearish start to the day saw Bitcoin fall from an early morning high $8,940.0 to a low $8,843.7.

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

Elsewhere, it was also a bearish start to the day for the major cryptos.

Tezos (-1.69%), Cardano’s ADA (-1.47%), and Tron’s TRX (-1.45%) led the way down early on.

Binance Coin and Bitcoin Cash ABC saw modest losses, relative to the pack, of 0.41% and 0.28% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the morning high $8,940.0 to bring the first major resistance level at $9,111.27 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $8,990.8.

Barring a broad-based crypto recovery, resistance at $9,000 would likely leave Bitcoin short of the first major resistance level.

In the event of a crypto rally, the second major resistance level at $9,284.13 and 38.2% FIB of $9,260 could come into play.

Failure to move back through the morning high $8,940.0 see Bitcoin fall deeper into the red

A fall back through to sub-$8,820 levels would bring the first major support level at $8,645.07 into play.

Barring an extended crypto sell-off, however, Bitcoin should well steer clear of sub-$8,500 support levels and the 23.6% FIB of $8,200.

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