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The Crypto Daily – The Movers and Shakers – July 3rd, 2020

By:
Bob Mason
Published: Jul 3, 2020, 01:03 UTC

It's a mixed start to the day. A Bitcoin move through to $9,200 levels would support the broader pack and bring resistance levels into play.

Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin fell by 1.51% on Thursday. Reversing a 0.98% gain from Wednesday, Bitcoin ended the day at $9,100.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $9,266.2 before hitting reverse.

Falling short of the first major resistance level at $9,322.13, Bitcoin fell to a mid-morning low $9,171.8.

Steering clear of the major support levels, Bitcoin recovered to $9,260 levels before a 2nd sell-off.

The 2nd sell-off saw Bitcoin slide to a late afternoon intraday low $8,950.

Bitcoin fell through the first major support level at $9,133.53 and the second major support level at $9,027.17.

Avoiding the 23.6% FIB of $8,900, Bitcoin recovered to $9,100 levels to limit the loss on the day.

While breaking back through the second major support level, the first major support level at $9,133.53 pinned Bitcoin back.

The near-term bullish trend remained intact in spite of the recent 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 a mixed day on Thursday.

Cardano’s ADA slid by 4.03% to lead the way down.

Binance Coin (-2.72%), Bitcoin Cash ABC (-2.06%), Bitcoin Cash SV (-2.59%), Ethereum (-2.02%), Litecoin (-1.79%), Stellar’s Lumen (-2.48%), Tezos (-2.63%), and Tron’s TRX (-1.73%) also struggled.

EOS (-0.71%), and Ripple’s XRP (-0.83%) saw relatively modest losses.

Monero’s XMR bucked the trend, rising by 1.19%.

Through the current week, the crypto total market cap rose to a Wednesday high $260.82bn before falling to a Thursday low $249.3bn. At the time of writing, the total market cap stood at $254.86bn.

Bitcoin’s dominance rose to a Monday high 66.29% before falling to a Thursday low 65.63%. At the time of writing, Bitcoin’s dominance stood at 65.81%.

This Morning

At the time of writing, Bitcoin was up by 0.12% to $9,110.8. A mixed start to the day saw Bitcoin fall to an early morning low $9,083.0 before rising to a high $9,110.9.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.02%), Ethereum (-0.11%), Litecoin (-0.05%), Monero’s XMR (-0.12%), Stellar’s Lumen (-0.31%), and Tezos (-0.80%) struggled early on.

It was a relatively bullish start for the rest of the majors.

At the time of writing, Cardano’s ADA was up by 0.54% to lead the way.

BTC/USD 03/07/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $9,100 pivot to support a run at the first major resistance level at $9,260.8.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $9,266.2.

Barring an extended crypto rebound, the first major resistance level and Thursday’s high would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,421.6 before any pullback.

Failure to avoid a fall back through the $9,100 pivot level could see Bitcoin struggle on the day.

A fall back through to sub-$9,100 would bring the first major support level at $8,944.6 into play.

Barring another extended crypto sell-off, Bitcoin should avoid the second major support level at $8,789.2. The 23.6% FIB of $8,900 should limit any downside on the day.

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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