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The Crypto Daily – Movers and Shakers – June 20th, 2020

By:
Bob Mason
Published: Jun 20, 2020, 01:26 UTC

It's a mixed start to the day for the pack, which continues to struggle. A Bitcoin move through to $9,400 would support an upward move.

Flying altcoins with Bitcoin in the center as the leader. Bitcoi

Bitcoin fell by 0.90% on Friday. Following on from a 0.77% decline on Thursday, Bitcoin ended the day at $9,315.5.

It was a bearish start to the day. Bitcoin slid to an early morning intraday low $9,237.0 before recovering.

Bitcoin fell through the first major support level at $9,291.03 before striking a late morning intraday high $9,444.1.

Falling well short of the first major resistance level at $9,502.93, Bitcoin slid back to a late low $9,262.5.

Bitcoin fell back through the first major support level at $9,291.03 before a partial recovery late in the day.

The near-term bullish trend remained intact in spite of a 3rd consecutive days in the red. Bitcoin continued to hold 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 another bearish day on Friday.

Cardano’s ADA slid by 2.24% to lead the way down.

Binance Coin (-1.18%), Bitcoin Cash SC (-1.46%), Litecoin (-1.29%), Ripple’s XRP (-1.47%), Stellar’s Lumen (-1.62%), and Tezos (-1.42%) weren’t far behind.

Bitcoin Cash ABC (-0.66%), EOS (-0.39%), Ethereum (-1.03%), Monero’s XMR (-1.03%), and Tron’s TRX (-0.84%) saw relatively modest losses.

Through the current week, the crypto total market cap fell to a Monday low $245.97bn before rising to a Wednesday high $267.65bn. At the time of writing, the total market cap stood at $259.06bn.

Bitcoin’s dominance rose to a Monday high 66.60% before sliding to a Wednesday low 65.79%. At the time of writing, Bitcoin’s dominance stood at 66.09%.

This Morning

At the time of writing, Bitcoin was up by 0.07% to $9,321.6. A mixed start to the day saw Bitcoin fall to an early morning low $9,302.2 before rising to a high $9,337.5.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day on Saturday.

Cardano’s ADA (-0.64%), Monero’s XMR (-0.16%), and Tron’s TRX (-0.14%) saw red early on.

It was a relatively bullish start for the rest of the majors, with Tezos up by 0.40% to lead the way.

BTC/USD20/06/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $9,332 pivot to bring the first major resistance level at $9,427.4 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,400 levels.

Barring a broad-based crypto rally, the first major resistance level at $9,427.4 and Friday’s high $9,444.1 would likely cap any upside. Resistance at $9,500 has continued to pin Bitcoin back since 11th June.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,539.3.

Failure to move through the $9,332 pivot level could see Bitcoin struggle on the day.

A fall through the morning low $9,302.2 would bring the first major support level at $9,220.3 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$9,000 levels. The second major support level at $9,125.1 should limit any downside.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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