The Crypto Daily – Movers and Shakers -01/03/20

Fibo Quantum

Bitcoin fell by 1.91% on Saturday. Following on from a 1.11% fall on Friday, Bitcoin ended the day at $8,561.5.

A relatively bullish start to the day saw Bitcoin strike a mid-morning intraday high $8,829.0 before hitting reverse.

Falling short of the first major resistance level at $8,939.17, Bitcoin slid to a final hour intraday low $8,557.3.

In spite of the reversal, Bitcoin steered clear of the first major support level at $8,495.97.

The bearish end to the month left Bitcoin down by 8.6% for the month of February.

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 mixed day for the crypto majors.

Binance Coin bucked the trend on Saturday, gaining 1.10%.

It was a bearish end to the month for the rest of the pack, however.

Cardano’s ADA, Ethereum, and Monero’s XMR led the way down, with losses of 5.80%, 4.32%, and 4.15% on Saturday.

Bitcoin Cash ABC (-3.22%), Bitcoin Cash SV (-3.19%), Litecoin (-3.23%), Ripple’s XRP (-3.13%), Stellar’s Lumen (-3.21%), and Tron’s TRX (-3.54%) also saw heavy losses.

EOS and Tezos saw modest losses of 0.21% and 1.94% on the day.

It was also a mixed month for the crypto majors.

Binance Coin, Ethereum, and Tezos made gains in February, with Tezos surging by 65.6%. Binance Coin and Ethereum saw more modest gains of 5.37% and 20.92% respectively.

The rest of the pack saw red, however.

Bitcoin Cash SV and Bitcoin Cash ABC led the way down, with losses of 22.94% and 17.95% respectively.

Cardano’s ADA (-12.34%), EOS (-15.30%), Litecoin (-14.60%), and Tron’s TRX (-10.94%) also saw double-digit losses.

Monero’s XMR (-8.36%), Ripple’s XRP (-4.22%), and Stellar’s Lumen (-6.59%) saw more modest losses.

Through the current week, the crypto total market cap rose to a Monday high $290.09bn before hitting a low Friday low $241.74bn. At the time of writing, the total market cap stood at $247.29bn.

For February, the market cap managed to hit $307bn levels before easing back.

Bitcoin’s dominance rose to 64% levels in the week before easing back. At the time of writing, Bitcoin’s dominance stood at 63.8%, which was still up from sub-63% levels seen on Monday.

Trading volumes hit a current week high $196.34bn on Thursday before sliding back to sub-$130bn levels. At the time of writing, 24-hr volumes stood at $133.27bn.

This Morning

At the time of writing, Bitcoin was up by 1.33% to $8,675.3. A choppy start to the day saw Bitcoin fall to an early morning low $8,547.0 before striking a high $8,716.5.

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

Elsewhere, it was a bullish start to the day for the majors.

Bitcoin Cash ABC (+4.06%) and Bitcoin Cash SV (+9.57%) led the way.

Cardano’s ADA and Monero’s XRM trailed the back, with early gains of 1.85% and 1.74% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $8,700 levels to bring the first major resistance level at $8,741.23 back into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,716.5.

Barring an extended crypto rally, the first major resistance level would likely pin Bitcoin back on the day.

In the event of a crypto rally, the second major resistance level at $8,920.97 and resistance at $9,000 could come into play.

Failure to move back through $8,700 levels could see Bitcoin hit reverse.

A fall back through to sub-$8,650 levels would bring the first major support level at $8,469.53 into play.

Barring an extended crypto sell-off, however, Bitcoin should well steer clear of the second major support level at $8,365.2 and the 23.6% FIB of $8,200.

This article was originally posted on FX Empire

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