The Crypto Daily – Movers and Shakers – July 20th, 2020It’s a mixed start to the day for the majors. A Bitcoin break back through to $9,300 levels would support the broader market.
Bitcoin, BTC to USD, rose by 0.46% on Sunday. Following on from a 0.24% gain on Saturday, Bitcoin ended the week down by 0.95% to $9,231.2.
It was a mixed start to the day. Bitcoin rose to an early morning high $9,194.4 before hitting reverse.
Falling short of the major resistance levels, Bitcoin fell to a late morning intraday low $9,111.8 before finding support.
Bitcoin fell through the first major support level at $9,133.77 before rallying to a final hour intraday high $9,299.0.
Bitcoin broke through the first major resistance level at $9,230.77 and second major resistance level at $9,272.43 before pulling back.
The late pullback saw Bitcoin fall back through the second major resistance level to sub-$9,240 levels.
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 Sunday.
Bitcoin Cash SV (-0.52%), Ripple’s XRP (-0.20%), Stellar’s Lumen (-0.48%), and Tezos (-0.95%) bucked the trend with modest losses.
It was bullish for the rest of the majors.
Binance Coin and EOS rallied by 5.01% and by 3.17% respectively to lead the way.
Bitcoin Cash ABC (+2.11%), Cardano’s ADA (+1.15%), and Ethereum (+1.44%) also found strong support.
Litecoin (+0.42%), Monero’s XMR (+0.89%), and Tron’s TRX (+0.68%) trailed the front runners.
For the week, it was also a mixed bag for the majors.
Stellar’s Lumen and Tezos bucked the trend, with gains of 5.23% and 5.55% respectively.
It was bearish for the rest of the majors.
Bitcoin Cash ABC (-3.58%), Bitcoin Cash SV (-6.20%), Litecoin (-4.71%), and Tron’s TRX (-3.56%) led the way down.
Binance Coin (-1.64%), Cardano’s ADA (-2.23%), EOS (-1.38%), and Ethereum (-1.50%) also struggled.
Monero’s XMR (-0.52%) and Ripple’s XRP (-0.86%) saw relatively modest losses in the week.
In the 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 $266.81bn.
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 63.46%.
At the time of writing, Bitcoin was down by 0.28% to $9,205.0. A bearish start to the day saw Bitcoin fall from an early morning high $9,238.2 to a low $9,192.0.
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, Binance Coin was up by 1.00% to lead the way.
EOS (+0.25%), Litecoin (+0.12%), and Monero’s XMR (+0.74%) also found early support.
It was bearish for the rest of the majors, however. Bitcoin Cash SV was down by 1.35% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the $9,214 pivot to support a run at the first major resistance level at $9,316.2.
Support from the broader market would be needed, however, for Bitcoin to break out from Sunday’s high $9,299.0.
Barring an extended crypto rally, the first major resistance level and Sunday’s high would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,401.2 before any pullback.
Failure to move back through the $9,214 pivot level would bring the first major support level at $9,129.0 into play.
Barring an extended crypto sell-off, however, Bitcoin should avoid the 23.6% FIB of $8,900. The second major resistance level at $9,026.8 should limit any downside.