The Crypto Daily – The Movers and Shakers – July 8th, 2020
Bitcoin fell by 1.00% on Tuesday. Partially reversing a 2.99% gain from Monday, Bitcoin ended the day at $9,267.5.
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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.
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.