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The Crypto Daily – The Movers and Shakers – July 15th, 2020

By:
Bob Mason
Published: Jul 15, 2020, 01:02 UTC

It's a bullish start to the day. Avoiding a fall through the pivot at $9,219 should deliver a return to $9,300 for Bitcoin to support the broader market.

BTC/USD

Bitcoin, BTC to USD, rose by 0.13% on Tuesday. Partially reversing a 0.73% loss from Monday, Bitcoin ended the day at $9,263.4.

It was a bearish start to the day. Bitcoin slid to a late morning intraday low $9,107.0 before finding support.

Bitcoin fell through the first major support level at $9,198 and the second major support level at $9,144.0.

Steering clear of sub-$9,100 levels, Bitcoin bounced back to a late intraday high $9,287.3.

While falling short of the first major resistance level at $9,328.0, Bitcoin avoided a fall back into the red.

The near-term bullish trend remained intact in spite of the early July pullback to sub-$9,000 levels. 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 mixed day on Tuesday.

Cardano’s ADA (+6.59%), Stellar’s Lumen (+3.09%), and Tezos (+2.07%) led the way.

Bitcoin Cash ABC (+0.17%), EOS (+0.55%), Ethereum (+0.49%), Litecoin (+0.09%), Ripple’s XRP (+0.10%), and Tron’s TRX (+0.85%) saw more modest gains on the day.

Binance Coin (-1.74%), Bitcoin Cash SV (-0.42%), and Monero’s XMR (-1.69%) saw red to buck the trend on the day.

In the current week, the crypto total market cap rose to a Monday high $271.57bn before falling to a Tuesday low $262.96bn. At the time of writing, the total market cap stood at $268.27bn.

Bitcoin’s dominance fell to a Monday low 63.37% before rising to a Tuesday high 64.00%. At the time of writing, Bitcoin’s dominance stood at 63.66%.

This Morning

At the time of writing, Bitcoin was up by 0.09% to $9,271.8. A bullish start to the day saw Bitcoin rise from an early morning low $9,263.8 to a high $9,280.0.

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

Elsewhere, it was a mixed start to the day.

Ethereum (+0.11%), Bitcoin Cash SV (+0.43%), and Monero’s XMR (+0.04%) joined Bitcoin in the green.

It was a bearish start for the rest of the pack, however.

At the time of writing, Tezos was down by 1.14% to lead the way down.

BTC/USD 15/07/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $9,219 pivot to support a run at the first major resistance level at $9,331.47.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,300 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, Bitcoin should break through the second major resistance level at $9,399.53 before any pullback.

Failure to avoid a fall through the $9,219 pivot level would bring the first major support level at $9,151.17 into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$9,000 levels. The second major resistance level at $9,038.93 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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