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The Crypto Daily – Movers and Shakers – July 13th, 2020

By:
Bob Mason
Published: Jul 13, 2020, 01:05 UTC

It's a mixed start to the day for the majors. A Bitcoin break out from Sunday's high $9,368.4 would deliver support to the broader market.

Coins of crypto currency are presented on a dark background. Virtual money concept.

Bitcoin, BTC to USD, rose by 0.76%% on Sunday. Reversing a 0.63% decline from Saturday, Bitcoin ended the week up by 2.50% to $9,315.8.

It was a mixed start to the day for Bitcoin. Bitcoin fell from an early morning high $9,303.8 to a late morning low $9,251.2 before finding support.

Steering clear of the major support and resistance levels, Bitcoin rallied to an early afternoon intraday high $9,368.4.

Breaking through the first major resistance level at $9,305.37 before hitting reverse. Coming up against the second major resistance level at $9,364.43, Bitcoin slid to a late intraday low $9,175.0.

Bitcoin fell through the first major support level at $9,193.67 before bouncing back to $9,340 levels.

The rebound saw Bitcoin break back through the first major resistance level at $9,305.37 to wrap up the day in the green.

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 Sunday.

Tezos rallied by 4.97% to lead the way on Sunday.

Binance Coin (+4.03%), Bitcoin Cash SV (+1.73%), Cardano’s ADA (+1.45%), Ethereum (+1.52%), Monero’s XMR (+0.82%), Ripple’s XRP (+0.18%), and Stellar’s Lumen (+0.37%) also saw green.

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

Bitcoin Cash ABC (-0.40%), EOS (-0.19%), Litecoin (-0.07%), and Tron’s TRX (-0.85%) saw red.

For the week,

Stellar’s Lumen led the way, surging by 41.84%.

Binance Coin (+18.26%), Bitcoin Cash SV (+19.58%), Cardano’s ADA (+29.24%), Ripple’s XRP (+13.79%), and Tezos (+23.31%) also made solid gains.

Bitcoin Cash ABC (+6.20%), EOS (+8.78%), Ethereum (+6.67%), Litecoin (+7.50%), Monero’s XMR (+9.32%), and Tron’s TRX (+7.24%), trailed the front runners.

In the 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 $268.46bn.

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 63.60%.

This Morning

At the time of writing, Bitcoin was down by 0.31% to $9,287.2. A mixed start to the day saw Bitcoin rise to an early morning high $9,330.0 before falling to a low $9,287.2.

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

Elsewhere, it was a mixed start to the day.

Tezos led the way early on, rising by 3.86%. Bitcoin Cash SV (+0.10%), Cardano’s ADA (+1.41%), and Monero’s XMR (+0.29%) also found early support.

It was bearish for the rest of the majors, however.

At the time of writing, Binance Coin was down by 0.98% to lead the way down.

BTC/USD 13/07/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $9,286 pivot to support a run at the first major resistance level at $9,398.

Support from the broader market would be needed, however, for Bitcoin to break out from Sunday’s high $9,368.4.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $9,368.4 would likely cap any upside.

In the event of a crypto breakout, Bitcoin should break through the second major resistance level at $9,479.8 before any pullback.

Failure to avoid a fall through the $9,398 pivot level would bring the first major support level at $9,204.4 into play.

Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$9,000 levels. The second major resistance level at $9,093.0 should limit any downside.

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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