The Crypto Daily – Movers and Shakers – June 15th, 2020It’s a bearish start to the week. Bitcoin will need to move back through to $9,364 levels to support the broader market…
Bitcoin fell by 1.43% on Sunday. Reversing a 0.14% gain from Saturday, Bitcoin ended the week down by 4.15% to $9,344.8.
It was a bearish start to the day. Bitcoin fell from an early morning intraday high $9,486.0 to a late intraday low $9,262.0.
Bitcoin fell through the first major support level at $9,396.8 and the second major support level at $9,312.7.
Finding support late in the day, Bitcoin briefly hit a high $9,400.1 before easing back.
While breaking back through the second major support level, the first major support level pinned Bitcoin back.
The near-term bullish trend remained intact in spite of last week’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 bearish day on Sunday.
Cardano’s ADA (-03.34%), Stellar’s Lumen (-3.72%), and Tezos (-4.27%) led the way down.
Ethereum (-2.87%), Litecoin (-2.42%), and Tron’s TRX (-2.64%) also saw relatively heavy losses.
Binance Coin (-1.66%), Bitcoin Cash ABC (-0.58%), Bitcoin Cash SV (-1.23%), EOS (-1.59%), Monero’s XMR (-1.38%), and Ripple’s XRP (-1.07%) saw more modest losses.
For the week, it was also a bearish week ending 14th June.
Cardan’s ADA (-11.83%), EOS (-8.62%), Stellar’s Lumen (-9.98%), Tezos (-10.57%), and Tron’s TRX (-10.78%) led the way down.
Binance Coin (-5.16%), Bitcoin Cash ABC (-6.66%), Bitcoin Cash SV (-6.45%), Litecoin (-5.68%), and Ripple’s XRP (-6.41%) also struggled.
Monero’s XMR saw a modest 1.41% loss relative to the rest of the pack.
Through the 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 week low $252.82bn. At the time of writing, the total market cap stood at $258.87bn.
In the week, Bitcoin’s dominance slid to a week low 65.7% before hitting a week high 66.39% in Thursday’s sell-off. At the time of writing, Bitcoin’s dominance stood at 66.15%.
At the time of writing, Bitcoin was down by 0.26% to $9,320.1. A bearish start to the day saw Bitcoin fall from an early morning high $9,370.7 to a low $9,290.6.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bearish start to the day for the rest of the majors.
Bitcoin Cash ABC (-0.95%), Bitcoin Cash SV (-0.88%), Cardano’s ADA (-1.06%), and Tron’s TRX (-0.93%) led the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through to $9,364 levels to bring the first major resistance level at $9,466.53 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from $9,400 levels.
Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $9,486.0 would likely cap any upside.
In the event of a crypto rebound, Bitcoin could eye the second major resistance level at $9,588.27 before any pullback.
Failure to move back through the $9,364 pivot level could see Bitcoin fall deeper into the red.
A fall through the morning low $9,290.6 would bring the first major support level at $9,242.53 back into play.
Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$9,000 levels. The second major support level at $9,140.27 should limit any downside on the day.