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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