The Crypto Daily – Movers and Shakers – July 18th, 2020It’s a mixed start to the day for the majors. A Bitcoin move through to $9,200 levels would deliver support.
Bitcoin, BTC to USD, rose by 0.19% on Friday. Partially reversing a 0.66% fall from Thursday, Bitcoin ended the day at $9,167.3.
It was a bearish start to the day. Bitcoin fell to a mid-morning intraday low $9,102.1 before making a move.
Steering clear of the first major support level at $9,041.73, Bitcoin rose to a mid-day intraday high $9,194.0.
Falling short of the first major resistance level at $9,242.33, Bitcoin fell back to $9,141 levels before finding support.
Bitcoin briefly revisited $9,190 levels 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 yet another mixed day on Friday.
Stellar’s Lumen and Tezos rose by 2.22% and by 2.34% to lead the way.
Tron’s TRX (+0.19%) also joined Bitcoin in the green.
It was a bearish day for the rest of the majors.
Cardano’s ADA led the way down, falling by 2.95%.
Binance Coin (-0.58%), Bitcoin Cash ABC (-0.24%), Bitcoin Cash SV (-0.43%), EOS (-0.19%), Ethereum (-0.33%), Litecoin (-0.45%), Monero’s XMR (-0.13%), and Ripple’s XRP (-0.03%) also saw red.
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 $264.46bn.
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 63.80%.
At the time of writing, Bitcoin was flat at $9,167.5. A mixed start to the day saw Bitcoin rise to an early morning high $9,175.0 before falling to a low $9,163.3.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was another mixed start to the day.
Bitcoin Cash SV (-0.67%), Cardano’s ADA (-1.06%), Monero’s XMR (-0.50%), Stellar’s Lumen (-3.46%), Tezos (-1.72%), and Tron’s TRX (-0.15%) saw red early on.
Binance Coin (+0.26%), EOS (+0.08%), Ethereum (+0.11%), Litecoin (+0.10%), and Ripple’s XRP (+0.33%) found early support.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $9,155 pivot to support a run at the first major resistance level at $9,206.83.
Support from the broader market would be needed, however, for Bitcoin to break out from Friday’s high $9,194.0.
Barring an extended crypto rally, the first major resistance level and Friday’s high would likely cap any upside.
In the event of a crypto breakout, Bitcoin should break through the second major resistance level at $9,246.37. Resistance at $9,300 would likely cap any upside.
Failure to avoid a fall through the $9,155 pivot level would bring the first major support level at $9,114.93 into play.
Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$9,000 levels. The second major support level at $9,062.57 should limit any downside.