The Crypto Daily – Movers and Shakers – June 22nd, 2020

Bitcoin fell by 0.78% on Sunday. Reversing a 0.63% gain from Saturday, Bitcoin ended the week down by 0.45% to $9,301.0.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $9,431.2 before hitting reverse.

Falling short of the first major resistance level at $9,459.27, Bitcoin slid to a late intraday low $9,297.6.

Steering clear of the first major support level at $9,230.67, a recovery to $9,300 levels limited the loss on the day.

The near-term bullish trend remained intact in spite of 2^nd consecutive week in the red. Bitcoin continues 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 a mixed day on Sunday.

Monero’s XMR bucked the trend on Sunday, rising by 0.48% on Sunday.

It was a bearish day for the rest of the majors, however.

Bitcoin Cash SV (-1.62%), Cardano’s ADA (-1.60%), Litecoin (-1.38%), Ripple’s XRP (-1.19%), Stellar’s Lumen (-1.90%), and Tezos (-1.14%) led the way down.

Binance Coin (-0.62%), Bitcoin Cash ABC (-0.93%), EOS (-0.92%), Ethereum (-0.43%), and Tron’s TRX (-0.76%) saw modest losses on the day.

For the week, it was also a mixed week for the majors.

Cardano’s ADA and Tezos rose by 2.54% and 0.03% respectively to buck the trend for the week.

It was a bearish week for the rest of the majors.

Bitcoin Cash SV (-5.00%) led the way down, with Binance Coin (-3.56%) and Stellar’s Lumen (-2.93%) close behind.

Bitcoin Cash ABC (-2.05%), EOS (-2.09%), Litecoin (-2.27%), and Ripple’s XRP (-2.28%) weren’t far behind, however.

Ethereum (-1.54%) Monero’s XMR (-1.49%), and Tron’s TRX (-1.55%) saw relatively modest losses in the week.

Through the 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 $259.48bn.

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 66.13%.

This Morning

At the time of writing, Bitcoin was up by 0.33% to $9,332.0. A mixed start to the day saw Bitcoin fall to an early morning low $9,285.2 before striking a high $9,341.7.

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, Tezos was down by 0.06% to buck the trend. Cardano’s ADA was up by 0.58%, however, to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $9,343.3 pivot to support a run at the first major resistance level at $9,388.93.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,341.7. Resistance at $9,500 has continued to pin Bitcoin back since 11^th June.

Barring a broad-based crypto rally, the first major resistance level at $9,388.93 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,476.87 and resistance at $9,500.

Failure to move through the $9,343.3 pivot level could see Bitcoin struggle on the day.

A fall back through the morning low $9,285.2 would bring the first major support level at $9,255.33 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$9,200 levels. The second major support level at $9,209.67 should limit any downside.