The Crypto Daily – Movers and Shakers – July 22nd, 2020It’s a bearish start to the day. Bitcoin would need to avoid the pivot at $9,345 to bounce back and support the broader market.
Bitcoin, BTC to USD, rallied by 2.43% on Tuesday. Reversing a 0.56% decline from Monday, Bitcoin ended the day at $9.402.0.
It was a bullish start to the day. Bitcoin rallied from an early morning intraday low $9,174.4 to an early afternoon intraday high $9,457.2.
Bitcoin broke through the major resistance levels before falling back to $9,340 levels.
The pullback saw Bitcoin fall through the third major resistance level at $9,358.03 before returning to $9,400 levels.
Resistance at $9,400 capped the upside late in the day.
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 bullish day on Tuesday.
Tezos led the way, rallying by 9.29%.
Bitcoin Cash SV (+5.60%), Cardano’s ADA (+4.66%), Ethereum (+4.13%), Litecoin (+4.53%), also found strong support.
Binance Coin (+1.43%), Bitcoin Cash ABC (+2.60%), EOS (+2.32%), Monero’s XMR (+0.68%), Ripple’s XRP (+2.53%), Stellar’s Lumen (+2.59%), and Tron’s TRX (+2.42%) trailed the front runners.
At the start of the week, the crypto total market cap fell to a Monday low $262.70bn before striking a Tuesday high $274.62bn. At the time of writing, the total market cap stood at $270.71bn.
Bitcoin’s dominance fell to a Monday low 63.20% before rising to a Tuesday high 64.08%. At the time of writing, Bitcoin’s dominance stood at 63.76%.
At the time of writing, Bitcoin was down by 0.30% to $9,373.9. A bearish start to the day saw Bitcoin fall from an early morning high $9,402.1 to a low $9,373.9.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day. Monero’s XMR bucked the trend at the time of writing, rising by 0.03%.
It was bearish for the rest of the majors, with Tezos down by 1.60% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $9,345 pivot to support a run at the first major resistance level at $9,515.
Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $9,457.2.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,627 before any pullback.
Failure to avoid a fall through the $9,345 pivot level would bring the first major support level at $9,232 into play.
Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$9,100 levels. The second major resistance level sits at $9,062.