The Crypto Daily – The Movers and Shakers – July 6th, 2020
Bitcoin fell by 0.68% on Sunday. Reversing a 0.57% gain from Saturday, Bitcoin ended the week down by 0.45% to $9,084.3.
It was a mixed start to the day for Bitcoin. Bitcoin rose to an early morning intraday high $9,152.3 before hitting reverse.
Falling well short of the first major resistance level at $9,214.47, Bitcoin slid to a late intraday low $8,918.0.
Bitcoin fell through the first major support level at $9,070.47 and the second major support level at $8,993.23.
Steering clear of the 23.6% FIB of $8,900, Bitcoin broke back through the support levels to wrap up the day at $9,080 levels.
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 bearish day on Sunday.
Cardano’s ADA and EOS led the way down, sliding by 2.76% and by 2.10% respectively.
Bitcoin Cash SV (-1.53%), Litecoin (-1.31%), Monero’s XMR (-1.22%), and Tezos (-1.77%) weren’t far behind.
Binance Coin (-0.51%), Bitcoin Cash ABC (-0.90%), Ethereum (-0.73%), Ripple’s XRP (-0.49%), Stellar’s Lumen (-0.95%), and Tron’s TRX (-0.79%) saw relatively modest losses.
For the week, it was a mixed bag for the majors.
Cardano’s ADA surged by 22.38% to lead the way.
Stellar’s Lumen (+4.40%) and Tron’s TRX (+7.56%) also found strong support.
Binance Coin (+0.72%), Bitcoin Cash ABC (+0.16%), EOS (+1.82%), Ethereum (+1.21%), Litecoin (+0.60%), Monero’s XMR (+0.14%), and Ripple’s XRP (+0.17%) saw modest gains.
Bitcoin Cash SV (-3.81%) and Tezos (-3.33%) bucked the trend for the week.
Through the week, the crypto total market cap rose to a Wednesday high $260.82bn before falling to a Thursday low $249.45bn. At the time of writing, the total market cap stood at $255.26bn.
Bitcoin’s dominance rose to a Monday high 66.29% before falling to a Sunday low 65.25%. At the time of writing, Bitcoin’s dominance stood at 65.44%.
At the time of writing, Bitcoin was down by 0.06% to $9,078.5. A mixed start to the day saw Bitcoin rise to an early morning high $9,094.2 before falling to a low $9,075.8.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a mixed start to the day.
At the time of writing, Tron’s TRX was up by 2.17% to lead the way.
Litecoin and Stellar’s Lumen also found support, with gains of 0.10% and 0.02% respectively.
It was a bearish start for the rest of the majors, however. Leading the way down was Monero’s XMR with a loss of 0.78%.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $9,052 pivot to support a run at the first major resistance level at $9,185.07.
Support from the broader market would be needed, however, for Bitcoin to break out from Sunday’s high $9,152.3.
Barring an extended crypto rebound, the first major resistance level and Sunday’s high would likely cap any upside.
In the event of a crypto breakout, Bitcoin should break through the second major resistance level at $9,285.83 to visit $9,300 levels.
Failure to avoid a fall through the $9,052 pivot level would bring the first major support level at $8,950.77 into play.
Barring an extended crypto sell-off, Bitcoin should avoid sub-$8,900 levels. The 23.6% FIB of $8,900 should limit any downside.