The Crypto Daily – Movers and Shakers -09/04/20

It’s a mixed start to the day for the majors. A Bitcoin move back through to $7,400 levels would support the broader market.
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Bitcoin rose by 2.29% on Wednesday. Reversing a 1.87% fall from Tuesday, Bitcoin ended the day at $7,367.0.

A bullish start to the day saw Bitcoin rally from an early morning intraday low $7,151.6 to a mid-morning intraday high $7,420.0.

Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $7,408.87 before hitting reverse.

The reversal saw Bitcoin fall back to $7,200 levels before finding late support to bounce back into the green.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was also a bullish day on Wednesday.

Bitcoin Cash SV and Tezos led the way, with gains of 18.03% and 9.58% respectively.

Bitcoin Cash ABC (+6.67%), EOS (+4.01%), Ethereum (+5.36%), Litecoin (+4.04%), Ripple’s XRP (+4.77%), and Stellar’s Lumen (+5.28%) also made solid gains.

Binance Coin (+2.58%), Cardano’s ADA (+3.09%), Monero’s XMR (+3.35%), and Tron’s TRX (+3.55%) trailed the pack on the day.

Through the current week, the crypto total market cap rose from a Monday low $190.55bn to a Tuesday high $211.57bn. A pullback on Wednesday saw the total market cap fall back to $203bn levels before Thursday’s rally. At the time of writing, the total market cap stood at $210.25bn.

Bitcoin’s dominance continued to ease back from 65% levels seen on Monday. At the time of writing, Bitcoin’s dominance stood at 64.0%.

24-hour trading volumes recovered from sub-$100bn levels to hit $171bn levels on Tuesday before easing back. At the time of writing, 24-hr volumes stood at $138.81bn.

This Morning

At the time of writing, Bitcoin was down by 0.18% to $7,353.9. A mixed start to the day saw Bitcoin fall to an early morning low $7,330.7 before striking a high $7,370.7.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash ABC (+0.52%), Bitcoin Cash SV (+2.95%), and Monero’s XMR (+0.14%) bucked the trend early on.

Tezos led the rest of the pack into the red, falling by 1.09%.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $7,400 levels to bring the first major resistance level at $7,474.13 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $7,420.0.

Barring another crypto rally, the first major resistance level at $7,474.13 and Wednesday’s high would likely pin Bitcoin back.

Failure to move back through to $7,400 levels could see Bitcoin fall deeper into the red.

A fall back through to sub-$7,310 levels would bring the first major support level at $7,205.73 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer of sub-$7,100 support levels.

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