The Crypto Daily – Movers and Shakers -03/06/20

Bob Mason

Bitcoin slid by 6.84% on Tuesday. Partially reversing an 8.2% rally from Monday, Bitcoin ended the day at $9,527.0.

It was a range-bound start to the day. Bitcoin slipped from an early morning intraday high $10,252.0 to an early morning low $10,066.0.

Steering clear of the first major support level at $9,632.53, Bitcoin recovered to $10,200 levels before hitting reverse.

An afternoon reversal saw Bitcoin slide to an early afternoon intraday low $9,150.0 before finding support.

Bitcoin fell through the first major support level at $9,632.53 before finding support. In spite of late support, however, Bitcoin failed to break back through the first major support level. Resistance at $9,600 pinned Bitcoin back.

The near-term bullish trend remained intact, in spite of Tuesday’s pullback.

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 Tuesday.

Stellar’s Lumen rallied by 3.39% to buck the trend on the day.

It was a bearish day for the rest of the pack, however.

Binance Coin (-3.73%), EOS (-5.40%), Ethereum (-4.31%), Litecoin (-4.68%), Ripple’s XRP (-3.75%), and Tron’s TRX (-4.57%) led the way down.

Bitcoin Cash ABC (-1.22%), Bitcoin Cash SV (-2.52%), Cardano’s ADA (-2.40%), Monero’s XMR (-1.78%), and Tezos (-2.31%) saw relatively modest losses.

Through the current week, the crypto total market cap rose to a Monday high $285.71bn before sliding to a Tuesday low $255.98bn. At the time of writing, the total market cap stood at $264.36bn.

At the start of the week, Bitcoin’s rose to a Monday high 67.13% before falling to a Tuesday low 65.64%. At the time of writing, Bitcoin’s dominance stood at 66.02%.

This Morning

At the time of writing, Bitcoin was down by 0.32% to $9,496.1. A mixed start to the day saw Bitcoin rise to an early morning high $9,538.1 before falling to a low $9,480.6.

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

Elsewhere, the rest of the majors also struggled early on.

Stellar’s Lumen and Tezos led the way down, with losses of 1.64% and 1.39% at the time of writing.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $9,650 levels to bring the first major resistance level at $10,136.0 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $10,000 levels.

Barring another broad-based crypto rally, resistance at $10,000 would likely leave Bitcoin short of the first major resistance level.

In the event of another extended crypto rally, Bitcoin could eye $10,200 levels before any pullback.

Failure to move through to $9,650 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low $9,480.6 would bring the first major support level at $9,034.0 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$9,000 levels on the day.

This article was originally posted on FX Empire

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