The Crypto Daily – Movers and Shakers – July 26th, 2020It’s a mixed start to the day after yesterday’s breakout. A Bitcoin fall through to sub-$9,675 levels would signal a possible reversal.
Bitcoin, BTC to USD, rose by 1.63% on Saturday. Reversing a 0.58% loss from Friday, Bitcoin ended the day at $9,714.9.
It was bullish day, with Bitcoin rallying from an early morning intraday low $9,555.5 to a late intraday high $9,754.5.
Bitcoin broke through the first major resistance level at $9,645.5 and second major resistance level at $9,731.9 before easing back.
A late pullback saw Bitcoin fall back to sub-$9,700 levels before wrapping up the day at $9,700 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 a bullish day on Saturday.
Cardano’s ADA rallied by 17.76% to lead the way.
Bitcoin Cash ABC (+6.00%), Bitcoin Cash SV (+7.59%), Ethereum (+9.30%), and Litecoin (+11.43%) also made strong gains.
Binance Coin (+3.38%), EOS (+4.99%), Monero’s XMR (+2.55%), Ripple’s XRP (+5.23%), Stellar’s Lumen (+4.71%), Tezos (+0.89%), and Tron’s TRX (+3.98%) trailed the front runners.
In the current week, the crypto total market cap fell to a Monday low $262.70bn before hitting a Saturday high $291.48bn. At the time of writing, the total market cap stood at $287.68bn.
Bitcoin’s dominance rose to a Tuesday high 64.08% before sliding to a Saturday low 61.70%. At the time of writing, Bitcoin’s dominance stood at 62.07%.
At the time of writing, Bitcoin was down by 0.19% to $9,696.5. A mixed start to the day saw Bitcoin rise to an early morning high $9,722.8 before falling to a low $9,690.4.
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, Bitcoin Cash ABC (+0.92%) and Bitcoin Cash SV (+0.33%) bucked the trend early on.
It was a bearish start for the rest of the majors, however.
Stellar’s Lumen was down by 1.35% to lead the way down early on.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $9,675 pivot to support a run at the first major resistance level at $9,794.
Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $9,754.5.
Barring another extended crypto rally, the first major resistance level and Saturday’s high would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,874 and resistance at $10,000. The third major resistance level sits at $10,073.
Failure to avoid a fall through the $9,675 pivot level would bring the first major support level at $9,595 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major resistance level at $9,476.