The Crypto Daily – Movers and Shakers – July 12th, 2020It’s a relatively bullish start to the day. A Bitcoin break out from $9,300 levels should deliver strong support for the majors.
Bitcoin, BTC to USD, fell by 0.63% on Saturday. Reversing a 0.60% gain from Friday, Bitcoin ended the day at $9,246.3.
It was a bearish start to the day for Bitcoin. Bitcoin fell from an early morning intraday high $9,311.8 to a late morning intraday low $9,200.1 before finding support.
Steering clear of the first major support level at $9,193.6, Bitcoin moved back to a late high $9,263.0 before easing back.
The near-term bullish trend remained intact in spite of the early July pullback to sub-$9,000 levels. 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 on Saturday.
Cardano’s ADA (+5.67%), Tezos (+5.61%), and Tron’s TRX (+5.11%) led the way.
Binance Coin (+1.85%), Litecoin (+0.92%) Monero’s XMR (+2.10%), Ripple’s XRP (+0.86%), and Stellar’s Lumen (+1.27%) also found support.
It was a bearish day for the rest of the majors, however.
Ethereum led the way down, with a loss of 0.87%.
Bitcoin Cash ABC (-0.48%), Bitcoin Cash SV (-0.21%), and EOS (-0.10%) saw relatively modest losses on the day.
In the current week, the crypto total market cap rose from a Monday low $254.55bn to a Wednesday high $274.58bn. At the time of writing, the total market cap stood at $267.71bn.
Bitcoin’s dominance fell from a Monday high 65.58% to a Thursday low 63.55%. At the time of writing, Bitcoin’s dominance stood at 63.79%.
At the time of writing, Bitcoin was up by 0.44% to $9,287.2. A bullish start to the day saw Bitcoin rise from an early morning low $9,244.3 to a high $9,299.7.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
At the time of writing, Cardano’s ADA was down by 0.36% to buck the trend early on.
It was a bullish start for the rest of the majors, with Bitcoin Cash SV up by 3.27% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the $9,253 pivot to support a run at the first major resistance level at $9,305.37.
Support from the broader market would be needed, however, for Bitcoin to break back through to $9,300 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a crypto breakout, Bitcoin should break through the second major resistance level at $9,364.43 before any pullback.
Failure to avoid a fall back through the $9,253 pivot level would bring the first major support level at $9,193.67 into play.
Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$9,100 levels. The second major resistance level at $9,141.03 should limit any downside.