The Crypto Daily – Movers and Shakers – June 14th, 2020It’s a bearish start to the day. A Bitcoin move through to $9,500 would signal a bullish move.
Bitcoin rose by 0.14% on Saturday. Following a 2.05% gain on Friday, Bitcoin ended the day at $9,480.9.
A bearish start to the day saw Bitcoin fall to an early morning intraday low $9,363.6 before making a move.
Steering clear of the first major support level at $9,294.87, Bitcoin rallied to an early evening intraday high $9,498.6.
Falling short of the first major resistance level at $9,592.87, Bitcoin fell back to the intraday low $9,363.6 before finding support.
A late move back through to $9,480 levels delivered the upside, while resistance at $9,500 continued to pin Bitcoin back.
The near-term bullish trend remained intact in spite of last Thursday’s sell-off, with Bitcoin holding well above the 23.6% FIB of $8,900.
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 also a mixed day on Saturday.
Bitcoin Cash SV, (-0.26%), Cardano’s ADA (-0.52%), and Ripple’s XRP (-0.30%) ended the day in the red.
It was a relatively bullish day for the rest of the pack, however.
Binance Coin (+1.02%), Monero’s XMR (+1.25%), Stellar’s Lumen (+2.10%), Tezos (+1.14%), and Tron’s TRX (+1.62%) led the way.
Bitcoin Cash ABC (+0.69%), EOS (+0.36%), Ethereum (+0.25%), Litecoin (+0.85%) also joined Bitcoin in the green.
Through the current week, the crypto total market cap had recovered from a Tuesday low $265.84bn, rising to a Wednesday high $278.33bn before Thursday’s sell-off. The sell-off saw the total market cap slide to a current week low $252.82bn. At the time of writing, the total market cap stood at $263.63bn.
In the week, Bitcoin’s dominance slid to a current week low 65.7% before hitting a current week high 66.39% in Thursday’s sell-off. At the time of writing, Bitcoin’s dominance stood at 65.99%.
At the time of writing, Bitcoin was down by 0.27% to $9,455.5. A bearish start to the day saw Bitcoin fall from an early morning high $9,486.0 to a low $9,452.3.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV and Monero’s XMR bucked the trend early on, with gains of 0.08% and 0.33% respectively.
It was a bearish start for the rest of the pack, however. Cardano’s ADA led the way down, with a 0.70% loss at the time of writing.
For the Bitcoin Day Ahead
Bitcoin would need to avoid sub-$9,448 levels to bring the first major resistance level at $9,531.8 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $9,498.6.
Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $9,498.6 would likely cap any upside.
In the event of a crypto rebound, Bitcoin could eye the second major resistance level at $9,582.7 before any pullback.
Failure to avoid a fall through the $9,448 pivot level could see Bitcoin hit reverse.
A fall back through the morning low $9,452.3 to sub-$9,448 levels would bring the first major support level at $9,396.8 into play.
Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,312.7.