The Crypto Daily – Movers and Shakers – June 20th, 2020It’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.
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%.
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.
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.