The Crypto Daily – The Movers and Shakers – July 15th, 2020It’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.
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%.
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.
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.