The Crypto Daily – Movers and Shakers -08/06/20

Bitcoin rose by 0.81% on Sunday. Following on from a 0.50% gain on Saturday, Bitcoin ended the week up by 3.13% to $9,747.1.

A mixed start to the day saw Bitcoin rise to an early morning high $9,710.7 before hitting reverse.

Coming up short of the first major resistance level at $9,756.27, Bitcoin slid to an early afternoon intraday low $9,393.8.

Bitcoin fell through the first major support level at $9,566.57 and the second major support level at $9,464.73.

Finding late support, however, Bitcoin rallied to a late afternoon intraday high $9,814.0.

Bitcoin broke through the first major resistance level at $9,756.27 before easing back to sub-$9,700 levels. A late rally led to a move back through to $9,700 levels. The first major resistance level capped the upside in the final hour, however.

The near-term bullish trend remained intact, supported by last week’s gain.

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 yet another mixed day for the majors on Sunday.

Tron’s TRX rallied by 6.86% to lead the way.

Cardano’s ADA (+0.35%), EOS (+0.55%), and Ethereum (+1.20%) joined Bitcoin in the green.

It was a bearish end to the week for the rest of the majors, however.

Bitcoin Cash ABC slid by 6.8% to lead the way down.

Bitcoin Cash SV (-1.13%), Monero’s XMR (-1.54%), Stellar’s Lumen (-1.85%), and Tezos (-1.31%) also struggled.

Binance Coin (-0.80%), Litecoin (-0.30%), and Ripple’s XRP (-0.05%) saw modest losses on the day.

It was also a mixed week for the majors.

Bitcoin Cash ABC and Bitcoin Cash SV bucked the trend, with losses of 0.02% and 1.76% respectively.

It was a bullish week for the rest of the pack, however.

Cardano’s ADA, Stellar’s Lumen, and Tron’s TRX led the way, with gains of 17.08, 12.65%, and 14.9% respectively.

Binance Coin (1.93%), EOS (+5.17%), Ethereum (+5.78%), Litecoin (+2.30%), Monero’s XMR (-2.53%), and Tezos (+2.88%) also found strong support.

Ripple’s XRP saw a more modest 0.49% gain for the week.

Through the week, the crypto total market cap rose to a Monday high $289.13bn before sliding to a Tuesday low $252.62bn. At the time of writing, the total market cap stood at $272.05bn.

At the start of the week, Bitcoin’s rose to a Monday high 67.13% before falling to a Thursday low 65.58%. At the time of writing, Bitcoin’s dominance stood at 65.97%.

This Morning

At the time of writing, Bitcoin was up by 0.19% to $9,765.8. A mixed start to the day saw Bitcoin rise to an early morning high $9,785.7 before falling to a low $9,745.0.

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

Elsewhere, it was another mixed start to the day.

Binance Coin (+0.64%), Bitcoin Cash ABC (+0.38%), Bitcoin Cash SV (+0.09%), Litecoin (+0.21%), Monero’s XMR (+0.05%), and Stellar’s Lumen (+0.13%) joined Bitcoin in the green.

It was a bearish start to the week for the rest of the majors. At the time of writing, Tron’s TRX was down by 1.00% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,800 levels to bring the first major resistance level at $9,909.47 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Sunday’s high $9,814.0.

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

In the event of an extended crypto rally, Bitcoin could eye the second major resistance level at $10,071.83 before any pullback. Expect plenty of resistance at $9,900, however…

Failure to move through to $9,800 levels could see Bitcoin struggle on the day.

A fall back through the morning low $9,745.0 to sub-$9,650 levels would bring the first major support level at $9,489.27 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,231.43.