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The Crypto Daily – Movers and Shakers -01/06/20

By:
Bob Mason
Published: Jun 1, 2020, 00:31 UTC

It's a bullish start to the day. While Bitcoin may be giving the cues, it's Cardano's ADA that's on the move once more...

Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin fell by 2.64% on Sunday. Reversing a 2.98% gain from Saturday, Bitcoin ended week up by 8.51% to $9,451.1. The weekly gain contributed to a 9.51% rise in May.

A bearish start to the day saw Bitcoin slide from an early morning intraday high $9,707.2 to a late morning low $9,487.4.

Steering clear of the major support levels, Bitcoin briefly recovered to $9,640 levels before hitting reverse.

The reversal saw Bitcoin fall through the first major support level at $9,436.47 to a final hour intraday low $9,405.3.

Finding late support, Bitcoin broke back through the first major support level to wrap up the day at $9,450 levels.

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 the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day for the majors on Sunday.

Bitcoin Cash ABC (-4.95%), Bitcoin Cash SV (-5.40%), Cardano’s ADA (-4.02%), Ethereum (-5.05%), Litecoin (-4.48%), Monero’ XMR (-4.53%), and Tezos (-4.12%) led the way down.

Binance Coin (-3.72%), Ripple’s XRP (-2.22%), Stellar’s Lumen (-2.61%), and Tron’s TRX (-2.99%) weren’t far behind.

It was a bullish final week of the month for the crypto majors, however.

Cardano’s ADA surged by 44% to lead the way.

Ethereum (+15.98%), Stellar’s Lumen (+10.59%), and Tron’s TRX (+12.15%) also found strong support.

Binance Coin (+7.02%), Bitcoin Cash ABC (+7.53%), EOS (+7.59%), Litecoin (+8.37%), Monero’s XMR (+7.69%) weren’t far behind.

Bitcoin Cash SV (+3.46%), Ripple’s XRP (+5.20%), and Tezos (+6.23%) trailed the front runners in the week.

In spite of the bullish week, it was a mixed month for the majors in May.

Cardano’s ADA led the way, surging by 55.35%.

Binance Coin (+0.71%), Ethereum (+12.28%), Monero’s XMR (+4.52%), Stellar’s Lumen (+3.37%), Tezos (+1.75%), and Tron’s TRX (4.11%) also joined Bitcoin in the green.

Bitcoin Cash ABC (-5.43%), Bitcoin Cash SV (-7.60%), EOS (-5.39%), Litecoin (-1.70%), and Ripple’s XRP (-4.31%) saw red, however.

In the week, the crypto total market cap fell to an early Monday low $238.04bn before rising to a late Saturday high $271.33bn. At the time of writing, the total market cap stood at $263.07bn.

Bitcoin’s dominance saw a Thursday 69.54% spike before sliding to a Saturday week low 65.95%. At the time of writing, Bitcoin’s dominance stood at 66.34%.

This Morning

At the time of writing, Bitcoin was up by 0.39% to $9,488.0. A mixed start to the day saw Bitcoin fall to an early morning low $9,421.8 before striking a high $9,489.8

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

Elsewhere, it was a bullish start to the day.

Cardano’s ADA led the way, rising by 4.17%.

BTC/USD 01/06/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through $9,520 levels to bring the first major resistance level at $9,637.1 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from $9,500 levels.

Barring another broad-based crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended crypto rally, the second major resistance level at $9,823.1 could come into play.

Failure to move through to $9,520 levels could see Bitcoin hit reverse.

A fall back through the morning low $9,421.8 would bring the first major support level at $9,335.2 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer well clear of sub-$9,300 levels on the day.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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