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

It’s been a choppy start to the day. A Bitcoin move through to $9,100 levels would give the pack more support…
Bob Mason

Bitcoin rallied by 3.44% on Thursday. Following a 0.04% decline on Wednesday, Bitcoin ended the day at $9,090.8.

A bullish start to the day saw Bitcoin rally from an early morning intraday low $8,788.6 to a late intraday high $9,186.5.

Bitcoin broke through the day’s major resistance levels before a late pullback to sub-$9,100 levels.

The late pullback saw Bitcoin fall back through the third major resistance level at $9,113.50.

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.

Tezos bucked the trend on the day, falling by 0.30%.

It was a bullish day for the rest of the majors, however.

Binance Coin (+4.01%), Bitcoin Cash ABC (+3.99%), Bitcoin Cash SV (+3.19%), Cardano’s ADA (+4.08%), EOS (+4.74%), and Monero’s XMR (+3.86%) led the way.

Ethereum (+1.85%), Litecoin (+2.86%), Ripple’s XRP (+1.79%), Stellar’s Lumen (+1.11%), and Tron’s TRX (+1.0)%) saw modest gains.

Through the current week, the crypto total market cap rose to a Thursday high $261.84bn from a Monday low $243.1. At the time of writing, the total market cap stood at $259.04bn.

Bitcoin’s dominance fell back from 64% levels to sub-63.6% levels as Bitcoin struggled early in the week. At the time of writing, Bitcoin’s dominance stood at 63.9%.

Trading volumes hit an early Tuesday high $187.15bn before falling back to sub-$130bn levels. At the time of writing, 24-hr volumes stood at $139.48bn.


This Morning

At the time of writing, Bitcoin was up by 0.07% to $9,097.2. A choppy start to the day saw Bitcoin slide to an early morning low $9,011.3 before striking a high $9,120.5.

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

Elsewhere, it was a mixed start to the day.

Litecoin and Tezos were in the red, with losses of 0.64% and 0.19% respectively to buck the trend.

It was a bullish start to the day for the rest of the pack, with Binance Coin up by 1.99% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to steer clear of sub-$9,020 levels to bring the first major resistance level at $9,255.33 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $9,186.5.

Barring an extended crypto rally, resistance at $9,200 would likely limit any upside on the day.

In the event of a breakout, expect the 38.2% FIB of $9,260 to come into play.

Failure to hold above $9,020 levels could see Bitcoin fall back into the red

A fall back through to sub-$9,000 levels would bring the first major support level at $8,857.43 into play.

Barring a broad-based crypto sell-off, however, Bitcoin should steer clear of the sub-$8,800 levels on the day.

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