The Crypto Daily – The Movers and Shakers 26/06/19

Bitcoin steals the show early on in the day, coming within range of $13,000 levels before easing back. Another run at $13,000 could be on the cards…
Bob Mason
Bitcoin 1

Bitcoin rallied by 6.03% on Tuesday. Following on from a 1.47% gain from Monday, Bitcoin ended the day at $11,737.00.

A bullish start to the day saw Bitcoin rise from a morning low $11,028.0 to a high $11,519.0.

Bitcoin broke through the first major resistance level at $11,283.33 and second major resistance level at $11,497.67.

A late morning sell-off saw Bitcoin slide to an intraday low $10,802.0 before finding support.

Steering clear of the first major support level at $10,707.33, Bitcoin rallied to a late intraday high and new swing hi $11,780.

Bitcoin broke back through the first major resistance level at $11,283.33 and second major resistance level at $11,497.67.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed bag for the rest of the pack.

Joining Bitcoin in the green on the day were Ethereum and Litecoin, with gains of 1.8% and 0.13% respectively.

It was red for the rest of the top 10. Leading the way down were Binance Coin and Stellar’s Lumen. The pair fell by 4.4% and 3.5% respectively.

EOS and Ripple’s XRP fell by 1.87% and 1.81%, while Bitcoin Cash ABC and Bitcoin Cash SV fell by just 0.63% and 0.17% respectively.

The moves through Tuesday saw Bitcoin’s dominance break through to 60% levels for the first time since April 2017.

Bitcoin also drove the total crypto market cap to $336.68bn on the day, up from $330.43bn on Monday.

In spite of the Bitcoin rally, 24-hour trading volumes held relatively steady, rising from $70.15bn to $71.9bn levels on the day.

This Morning

At the time of writing, Bitcoin was up by 6.1% to $12,453.0. A particularly bullish start to the day saw Bitcoin rally from a morning low $11,684.5 to a high $12,945.0.

The early morning rally saw Bitcoin break through the first major resistance level at $12,077.33 and second resistance level at $12,417.67.

From the rest of the top 10, Litecoin and EOS struggled through the morning. At the time of writing, the pair were down by 1% and by 0.12% respectively.

It was bullish for the rest of the pack. Coming in a distant second behind Bitcoin was Ethereum, which was up by 3.74%. Stellar’s Lumen also found support, rising by 2.2%, with Binance Coin up by 1.22%.

The broad-based crypto rally added $25bn to the total market cap, with the market cap sitting at $361.25bn. Trading volumes were also up from $72bn levels to $94bn levels.

For the Day Ahead

Bitcoin would need to hold above the second major resistance level at $12,417.67 to support another run at $13,000 levels.

While we can expect Bitcoin to face plenty of resistance at $13,000 levels, Bitcoin could take a run at the third major resistance level at $13,395.67.

Bitcoin would need support from the broader market, however, to break out from the morning high $12,945.0.

Failure to hold above the second major resistance level at $12,417.67 could see Bitcoin give up some of the morning gains.

A pullback through to $12,300 levels could see Bitcoin fall back through the first major resistance level at $12,077.33.

Barring a broad-based crypto sell-off, Bitcoin should avoid a return to sub-$12,000 levels on the day.

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