The Crypto Daily – Movers and Shakers – June 26th, 2020It’s a mixed start to the day. Avoiding sub-$9,200 levels will be key to support a run at the resistance levels…
Bitcoin fell by 0.52% on Thursday. Following on from a 3.55% slide on Wednesday, Bitcoin ended the day at $9,257.0.
A bearish start to the day saw Bitcoin slide to an early morning intraday low $9,011.0 before finding support.
Bitcoin fell through the first major support level at $9,121.37 before rising to a late morning high $9,346.6.
Falling well short of the major resistance levels, Bitcoin fell back through to sub-$9,200 levels.
Steering clear of the major support levels, Bitcoin struck a late intraday high $9,349.0 before falling back into the red.
Bitcoin fell well short of the day’s pivot level at $9,400 and the first major resistance level at $9,593.47.
The near-term bullish trend remained intact in spite of the recent pullback to sub-$9,300 levels. 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 Thursday.
Bitcoin Cash ABC and Bitcoin Cash SV bucked the trend, with gains of 0.35% and 0.46% respectively.
It was bearish for the rest of the majors on the day.
Stellar’s Lumen (-1.90%), Tezos (-1.53%), Cardano’s ADA (-1.06%), and Ripple’s XRP (-1.02%) led the way down.
Binance Coin (-0.50%), EOS (-0.88%), Ethereum (-0.92%), Litecoin (-0.59%), Monero’s XMR (-0.65%), and Tron’s TRX (-0.06%) saw relatively modest losses.
Through the current week, the crypto total market cap rose to a Monday high $272.54bn before falling to a Thursday low $251.99bn. At the time of writing, the total market cap stood at $259.08bn.
Bitcoin’s dominance jumped to a Monday high 66.20% before sliding to a Wednesday low 65.65%. At the time of writing, Bitcoin’s dominance stood at 65.81%.
At the time of writing, Bitcoin was up by 0.22% to $9,277.5. A mixed start to the day saw Bitcoin fall to an early morning low $9,205.0 before rising to a high $9,299.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day for the majors.
Bitcoin Cash SV (-0.80%), Cardano’s ADA (-0.12%), and Tezos (-0.68%) saw red early on.
It was a bullish start to the day for the rest of the majors, however. Stellar’s Lumen led the way, at the time of writing, with a 0.96% gain.
For the Bitcoin Day Ahead
Bitcoin would avoid a fall through the $9,200 pivot to support a run at the first major resistance level at $9,400.33.
Support from the broader market would be needed, however, for Bitcoin to break out from $9,300 levels.
Barring another extended crypto rally, the first major resistance level and Thursday’s high $9,349.0 would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,543.67.
Failure to avoid a fall through the $9,200 pivot level could see Bitcoin struggle later in the day.
A fall back through the morning low $9,205 would bring the first major support level at $9,062.33 into play.
In the event of another extended crypto sell-off, the second major support level at $8,867.67 and 23.6% FIB of $8,900 could come into play.