The Crypto Daily – The Movers and Shakers – July 3rd, 2020

Bob Mason
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Bitcoin fell by 1.51% on Thursday. Reversing a 0.98% gain from Wednesday, Bitcoin ended the day at $9,100.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $9,266.2 before hitting reverse.

Falling short of the first major resistance level at $9,322.13, Bitcoin fell to a mid-morning low $9,171.8.

Steering clear of the major support levels, Bitcoin recovered to $9,260 levels before a 2nd sell-off.

The 2nd sell-off saw Bitcoin slide to a late afternoon intraday low $8,950.

Bitcoin fell through the first major support level at $9,133.53 and the second major support level at $9,027.17.

Avoiding the 23.6% FIB of $8,900, Bitcoin recovered to $9,100 levels to limit the loss on the day.

While breaking back through the second major support level, the first major support level at $9,133.53 pinned Bitcoin back.

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 Thursday.

Cardano’s ADA slid by 4.03% to lead the way down.

Binance Coin (-2.72%), Bitcoin Cash ABC (-2.06%), Bitcoin Cash SV (-2.59%), Ethereum (-2.02%), Litecoin (-1.79%), Stellar’s Lumen (-2.48%), Tezos (-2.63%), and Tron’s TRX (-1.73%) also struggled.

EOS (-0.71%), and Ripple’s XRP (-0.83%) saw relatively modest losses.

Monero’s XMR bucked the trend, rising by 1.19%.

Through the current week, the crypto total market cap rose to a Wednesday high $260.82bn before falling to a Thursday low $249.3bn. At the time of writing, the total market cap stood at $254.86bn.

Bitcoin’s dominance rose to a Monday high 66.29% before falling to a Thursday low 65.63%. At the time of writing, Bitcoin’s dominance stood at 65.81%.

This Morning

At the time of writing, Bitcoin was up by 0.12% to $9,110.8. A mixed start to the day saw Bitcoin fall to an early morning low $9,083.0 before rising to a high $9,110.9.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.02%), Ethereum (-0.11%), Litecoin (-0.05%), Monero’s XMR (-0.12%), Stellar’s Lumen (-0.31%), and Tezos (-0.80%) struggled early on.

It was a relatively bullish start for the rest of the majors.

At the time of writing, Cardano’s ADA was up by 0.54% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $9,100 pivot to support a run at the first major resistance level at $9,260.8.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $9,266.2.

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

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,421.6 before any pullback.

Failure to avoid a fall back through the $9,100 pivot level could see Bitcoin struggle on the day.

A fall back through to sub-$9,100 would bring the first major support level at $8,944.6 into play.

Barring another extended crypto sell-off, Bitcoin should avoid the second major support level at $8,789.2. The 23.6% FIB of $8,900 should limit any downside on the day.

This article was originally posted on FX Empire

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