U.S. markets closed
  • S&P 500

    3,400.97
    -64.42 (-1.86%)
     
  • Dow 30

    27,685.38
    -650.19 (-2.29%)
     
  • Nasdaq

    11,358.94
    -189.34 (-1.64%)
     
  • Russell 2000

    1,605.21
    -35.29 (-2.15%)
     
  • Crude Oil

    38.64
    +0.08 (+0.21%)
     
  • Gold

    1,904.20
    -1.50 (-0.08%)
     
  • Silver

    24.39
    -0.03 (-0.12%)
     
  • EUR/USD

    1.1813
    -0.0055 (-0.46%)
     
  • 10-Yr Bond

    0.8010
    -0.0400 (-4.76%)
     
  • GBP/USD

    1.3020
    -0.0018 (-0.14%)
     
  • USD/JPY

    104.8500
    +0.1600 (+0.15%)
     
  • BTC-USD

    13,019.83
    -130.19 (-0.99%)
     
  • CMC Crypto 200

    259.73
    -3.68 (-1.40%)
     
  • FTSE 100

    5,792.01
    -68.27 (-1.16%)
     
  • Nikkei 225

    23,494.34
    -22.25 (-0.09%)
     

The Crypto Daily – Movers and Shakers -01/06/20

Bob Mason
·4 mins read

Bitcoin fell by 2.64% on Sunday. Reversing a 2.98% gain from Saturday, Bitcoin ended week up by 8.51% to $9,451.1. The weekly gain contributed to a 9.51% rise in May.

A bearish start to the day saw Bitcoin slide from an early morning intraday high $9,707.2 to a late morning low $9,487.4.

Steering clear of the major support levels, Bitcoin briefly recovered to $9,640 levels before hitting reverse.

The reversal saw Bitcoin fall through the first major support level at $9,436.47 to a final hour intraday low $9,405.3.

Finding late support, Bitcoin broke back through the first major support level to wrap up the day at $9,450 levels.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from the 62% FIB of $10,034 to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day for the majors on Sunday.

Bitcoin Cash ABC (-4.95%), Bitcoin Cash SV (-5.40%), Cardano’s ADA (-4.02%), Ethereum (-5.05%), Litecoin (-4.48%), Monero’ XMR (-4.53%), and Tezos (-4.12%) led the way down.

Binance Coin (-3.72%), Ripple’s XRP (-2.22%), Stellar’s Lumen (-2.61%), and Tron’s TRX (-2.99%) weren’t far behind.

It was a bullish final week of the month for the crypto majors, however.

Cardano’s ADA surged by 44% to lead the way.

Ethereum (+15.98%), Stellar’s Lumen (+10.59%), and Tron’s TRX (+12.15%) also found strong support.

Binance Coin (+7.02%), Bitcoin Cash ABC (+7.53%), EOS (+7.59%), Litecoin (+8.37%), Monero’s XMR (+7.69%) weren’t far behind.

Bitcoin Cash SV (+3.46%), Ripple’s XRP (+5.20%), and Tezos (+6.23%) trailed the front runners in the week.

In spite of the bullish week, it was a mixed month for the majors in May.

Cardano’s ADA led the way, surging by 55.35%.

Binance Coin (+0.71%), Ethereum (+12.28%), Monero’s XMR (+4.52%), Stellar’s Lumen (+3.37%), Tezos (+1.75%), and Tron’s TRX (4.11%) also joined Bitcoin in the green.

Bitcoin Cash ABC (-5.43%), Bitcoin Cash SV (-7.60%), EOS (-5.39%), Litecoin (-1.70%), and Ripple’s XRP (-4.31%) saw red, however.

In the week, the crypto total market cap fell to an early Monday low $238.04bn before rising to a late Saturday high $271.33bn. At the time of writing, the total market cap stood at $263.07bn.

Bitcoin’s dominance saw a Thursday 69.54% spike before sliding to a Saturday week low 65.95%. At the time of writing, Bitcoin’s dominance stood at 66.34%.

This Morning

At the time of writing, Bitcoin was up by 0.39% to $9,488.0. A mixed start to the day saw Bitcoin fall to an early morning low $9,421.8 before striking a high $9,489.8

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

Elsewhere, it was a bullish start to the day.

Cardano’s ADA led the way, rising by 4.17%.

For the Bitcoin Day Ahead

Bitcoin would need to move through $9,520 levels to bring the first major resistance level at $9,637.1 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from $9,500 levels.

Barring another broad-based crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended crypto rally, the second major resistance level at $9,823.1 could come into play.

Failure to move through to $9,520 levels could see Bitcoin hit reverse.

A fall back through the morning low $9,421.8 would bring the first major support level at $9,335.2 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer well clear of sub-$9,300 levels on the day.

This article was originally posted on FX Empire

More From FXEMPIRE: