The Crypto Daily – The Movers and Shakers – July 19th, 2020It’s a relatively bullish start to the day. Bitcoin would need to avoid the pivot at $9,175 to support a run at $9,300 levels…
Bitcoin, BTC to USD, rose by 0.24% on Saturday. Following on from a 0.19% gain on Friday, Bitcoin ended the day at $9,189.1.
It was another bearish start to the day. Bitcoin fell to an early morning intraday low $9,120.1 before making a move.
Steering clear of the first major support level at $9,114.93, Bitcoin struck a late morning high $9,217.0.
Bitcoin broke through the first major resistance level at $9,206.83 before easing back to $9,170 levels.
Late in the day, Bitcoin broke back through the first major resistance level to an intraday high $9,217.1 before easing back.
Steering clear of the day’s pivot level at $9,155 through the afternoon was key to avoiding a day in 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 yet another mixed day on Saturday.
EOS (-0.04%), Stellar’s Lumen (-3.04%), and Tezos (-4.87%) saw red to buck the trend on the day.
It was a bullish day for the rest of the pack, with Ripple’s XRP rallying by 2.94% to lead the way.
Bitcoin Cash ABC (+1.01%), Ethereum (+1.33%), Litecoin (+1.36%), Monero’s XMR (+1.17%), and Tron’s TRX (+1.31%) also found strong support.
Binance Coin (+0.59%), Bitcoin Cash SV (+0.64%), and Cardano’s ADA (+0.60%) saw modest gains on the day.
In the current week, the crypto total market cap rose to a Monday high $273.18bn before falling to a Thursday low $258.89bn. At the time of writing, the total market cap stood at $266.27bn.
Bitcoin’s dominance fell to a Monday low 63.09% before rising to a Thursday high 64.28%. At the time of writing, Bitcoin’s dominance stood at 63.55%.
At the time of writing, Bitcoin was up by 0.06% to $9,194.3. A mixed start to the day saw Bitcoin fall to an early morning low $9,185.7 before striking a high $9,194.4.
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 up by 1.21% to lead the way.
Binance Coin bucked the trend early on, with a 0.24% loss.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $9,175.43 pivot to support a run at the first major resistance level at $9,230.77.
Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $9,217.1.
Barring an extended crypto rally, the first major resistance level and Saturday’s high would likely cap any upside.
In the event of a crypto breakout, Bitcoin should break through the second major resistance level at $9,272.43. Resistance at $9,300 would likely cap any upside.
Failure to avoid a fall through the $9,175.43 pivot level would bring the first major support level at $9,133.77 into play.
Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$9,000 levels. The second major resistance level at $9,078.43 should limit any downside.