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The Crypto Daily – The Movers and Shakers – July 8th, 2020

By:
Bob Mason
Updated: Jul 8, 2020, 00:57 UTC

It's a bearish start to the day. A Bitcoin move through to $9,300 would support the broader pack...

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

Bitcoin fell by 1.00% on Tuesday. Partially reversing a 2.99% gain from Monday, Bitcoin ended the day at $9,267.5.

It was a mixed start to the day for Bitcoin. Bitcoin rose to an early morning intraday high $9,389.4 before hitting reverse.

Falling well short of the first major resistance level at $9,475.2, Bitcoin slid to a late intraday low $9,211.1.

Steering clear of the first major support level at $9,161.4, Bitcoin moved back through to $9,260 levels to limit the loss on the day.

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 Tuesday.

Cardano’s ADA jumped by 11.78% to lead the way.

Binance Coin (+2.94%), Stellar’s Lumen (+2.76%), and Tezos (+2.71%) also bucked the trend on the day.

It was a bearish day for the rest of the majors, however.

Bitcoin Cash SV (-4.55%) and Tron’s TRX (-4.80%) led the way down.

Bitcoin Cash ABC (-1.28%), EOS (-2.14%), Ethereum (-0.97%), Litecoin (-1.54%), Monero’s XMR (-0.68%) and Ripple’s XRP (-1.93%) also joined Bitcoin in the red.

In the current week, the crypto total market cap rose from a Monday low $254.54bn to Tuesday high $267.10bn. At the time of writing, the total market cap stood at $263.81bn.

Bitcoin’s dominance fell from a Monday high 65.58% to a Tuesday low 64.30%. At the time of writing, Bitcoin’s dominance stood at 64.58%.

This Morning

At the time of writing, Bitcoin was down by 0.07% to $9,261.2. A bullish start to the day saw Bitcoin rise to an early morning high $9,278.6 to a low $9,256.0.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA was on the move once more, rising by 1.20%, with BNB up by 0.23% at the time of writing.

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

At the time of writing, Bitcoin Cash and Tron’s TRX were down by 1.07% and by 2.19% to lead the way down.

BTC/USD 08/07/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $9,290 pivot to support a run at the first major resistance level at $9,367.57.

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

Barring an extended crypto rebound, the first major resistance level and Tuesday’s high $9,389.4 would likely cap any upside.

In the event of a crypto breakout, Bitcoin should break through the second major resistance level at $9,467.63.

Failure to move through the $9,290 pivot level would bring the first major support level at $9,189.27 into play.

Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$9,100 levels. The second major resistance level at $9,111.03 would likely 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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