The Crypto Daily – Movers and Shakers – July 17th, 2020

Bitcoin, BTC to USD, fell by 0.66% on Thursday. Following on from a 0.58% decline on Wednesday, Bitcoin ended the day at $9,149.6.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $9,227.2 before hitting reverse.

Falling short of the first major resistance level at $9,267.06, Bitcoin slid to a late morning intraday low $9,026.6.

The reversal saw Bitcoin slide through the first major support level at $9,166.07 and the second major resistance level at $9,122.03.

Finding support at the third major support level at $9,021.03, Bitcoin revisited $9,160 levels before easing back. While breaking back through the second major support level, the first major support level at $9,166.07 pinned Bitcoin 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 another mixed day on Thursday.

Stellar’s Lumen rallied by 8.65% to buck the trend on the day.

It was a bearish day for the rest of the majors.

Cardano’s ADA (-3.50%), Monero’s XMR (-4.02%) and Tezos (-3.53%) led the way down.

Binance Coin (-2.61%), Bitcoin Cash SV (-2.84%), Ethereum (-2.07%), and Litecoin (-2.80%) also struggled.

Bitcoin Cash ABC (-1.28%), EOS (-1.18%), Ripple’s XRP (-1.58%) and Tron’s TRX (-1.90%) saw relatively modest losses.

In the current week, the crypto total market cap rose to a Monday high $273.18bn before falling to a Thursday low $258.89bn. At the time of writing, the total market cap stood at $263.90bn.

Bitcoin’s dominance fell to a Monday low 63.09% before rising to a Thursday high 64.28%. At the time of writing, Bitcoin’s dominance stood at 63.72%.

This Morning

At the time of writing, Bitcoin was down by 0.10% to $9,140.5. A bearish start to the day saw Bitcoin fall from an early morning high $9,150.8 to a low $9,137.4.

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, Stellar’s Lumen was up by 0.67% to buck the trend.

It was a bearish start for the rest of the majors.

Binance Coin and Tezos were down by 0.64% and by 0.66% respectively to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $9,135 pivot to support a run at the first major resistance level at $9,242.33.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $9,227.2.

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

In the event of a crypto breakout, Bitcoin should break through the second major resistance level at $9,335.07. Resistance at $9,400 would likely cap any upside.

Failure to avoid a fall through the $9,135 pivot level would bring the first major support level at $9,041.73 into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$8,900 levels. The second major resistance level at $8,933.87 and 23.6% FIB of $8,900 should limit any downside.