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The Crypto Daily – Movers and Shakers -07/03/20

It’s a bearish start to the day for the pack. Bitcoin will need to break through to $9,200 levels to support the broader market…
Bob Mason
Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin rose by 1.00% on Friday. Following on from a 3.44% rally on Thursday, Bitcoin ended the day at $9,180.6.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $9,011.3 before finding support.

Steering clear of the first major support level at $8,857.43, Bitcoin rallied to a late morning intraday high $9,199.70.

Falling short of the first major resistance level at $9,255.33, Bitcoin fell back to sub-$9,100 levels.

Finding late support, however, Bitcoin bounced back to close out the day in positive territory.

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 bullish day for the crypto majors.

Ethereum led the way, rallying by 7.42%.

Binance Coin (+2.99%), Bitcoin Cash ABC (+3.42%), Bitcoin Cash SV (+2.60%), Litecoin (+2.09%), Ripple’s XRP (+2.43%), Stellar’s Lumen (+2.78%), Tezos (+3.03%), and Tron’s TRX (+2.41%) also saw solid gains.

Cardan’s ADA (+1.34%), EOS (+1.92%), and Monero’s XMR (+0.72%) trailed the pack.

Through the current week, the crypto total market cap rose to a Friday high $263.56bn from a Monday low $243.1. At the time of writing, the total market cap stood at $263.18bn.

Bitcoin’s dominance fell back from 64% levels in the week as the broader market found support. At the time of writing, Bitcoin’s dominance stood at 63.2%.

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 $137.34bn.

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This Morning

At the time of writing, Bitcoin was down by 0.62% to $9,124.0. A bearish start to the day saw Bitcoin fall from an early morning high $9,183.6 to a low $9,121.8.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash ABC and Monero’s XMR bucked the trend early on, rising by 0.30% and by 0.64% respectively.

Tezos and Binance Coin led the way down early on, with losses of 1.89% and 1.55% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to steer clear of sub-$9,130 levels to support a run at the first major resistance level at $9,249.77.

Support from the broader market would be needed, however, for Bitcoin to break out from Friday’s high $9,199.7.

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

In the event of a breakout, expect the 38.2% FIB of $9,260 and second major resistance level at $9,318.93 to come into play.

Failure to hold above $9,130 levels could see Bitcoin fall deeper into the red

A fall back through the morning low $9,121.8 would bring the first major support level at $9,061.37 into play.

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

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