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The Crypto Daily – Movers and Shakers – June 13th, 2020

Bob Mason

Bitcoin rose by 2.05% on Friday. Partially reversing a 6.33% slide from Thursday, Bitcoin ended the day at $9,468.3.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $9,246.0 before making a move.

Steering clear of the first major support level at $8,913.2, Bitcoin rallied to an early afternoon intraday high $9,544.0.

Falling short of the first major resistance level at $9,802.0, Bitcoin fell back to a low $9,318.2 before finding support.

A late move back through to $9,400 levels delivered the upside, while resistance at $9,500 pinned Bitcoin back late on.

The near-term bullish trend remained intact in spite of Thursday’s sell-off, with Bitcoin holding well above the 23.6% FIB of $8,900.

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 also a bullish day on Friday.

Cardano’s ADA led the way, rallying by 5.66%.

EOS (+3.38%), Ethereum (+3.21%), Litecoin (+3.52%), Monero’s XMR (+3.34%), and Tron’s TRX (+4.05%) also found strong support.

Binance Coin (+2.65%), Bitcoin Cash ABC (+2.14%), Bitcoin Cash SV (+0.85%), Ripple’s XRP (+2.66%), Stellar’s Lumen (+2.50%), and Tezos (+2.23%) trailed the front runners.

Through the current week, the crypto total market cap had recovered from a Tuesday low $265.84bn, rising to a Wednesday high $278.33bn before Thursday’s sell-off. The sell-off saw the total market cap slide to a current week low $252.82bn. At the time of writing, the total market cap stood at $262.90bn.

In the week, Bitcoin’s dominance slid to a current week low 65.7% before hitting a current week high 66.39% in Thursday’s sell-off. At the time of writing, Bitcoin’s dominance stood at 66.05%.

This Morning

At the time of writing, Bitcoin was down by 0.36% to $9,436.2. A bearish start to the day saw Bitcoin fall from an early morning high $9,474.6 to a low $9,434.1.

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

Elsewhere, it was also a mixed start to the day.

Cardano’s ADA and EOS were down by 0.84% and by 0.70% at the time of writing, to lead the way down.

Bitcoin Cash SV (+0.07%), Monero’s XMR (+0.09%), and Tron’s TRX (+0.50%) bucked the trend early on.

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$9,420 levels to bring the first major resistance level at $9,592.9.87 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Friday’s high $9,544.0.

Barring a broad-based crypto rally, the first major resistance level and Friday high would likely cap any upside.

In the event of a crypto rebound, Bitcoin could eye the second major resistance level at $9,717.43 before any pullback.

Failure to avoid a fall through the $9,420 pivot could see Bitcoin struggle for another day.

A fall back through the morning low $9,434.1 to sub-$9,420 levels would bring the first major support level at $9,294.87 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$9,000 levels. The second major support level at $9,121.43 should limit any downside.

This article was originally posted on FX Empire

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