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The Crypto Daily – Movers and Shakers – June 28th, 2020

Bob Mason

Bitcoin fell by 1.72% on Saturday. Following on from a 0.91% decline on Friday, Bitcoin ended the day at $9,015.3.

It was a mixed start to the day for Bitcoin. In the early hours, Bitcoin dipped to a low $9,120.0 before rising to a mid-morning intraday high $9,202.5.

Falling short of the first major resistance level at $9,296.7, Bitcoin tumbled to a late intraday low $8,855.0.

The sell-off saw Bitcoin fall through the first major support level at $9,051.8 and second major support level at $8,930.5.

Finding late support, Bitcoin moved back through the second major support level to wrap up the day at $9,000 levels.

The 23.6% FIB of $8,900 had limited the downside 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 also a bearish day on Saturday.

Bitcoin Cash SV (-8.25%), EOS (-6.01%), and Tezos (-6.81%) led the way down.

Binance Coin (-4.00%), Bitcoin Cash ABC (-5.85%), Litecoin (-4.67%), Ripple’s XRP (-4.14%), and Stellar’s Lumen (-5.73%) also saw deep red.

Cardano’s ADA (-3.86%), Ethereum (-3.79%), Monero’s XMR (-3.59%), and Tron’s TRX (-1.97%) saw relatively modest losses on the day.

Through the current week, the crypto total market cap rose to a Monday high $272.54bn before falling to a Saturday low $245.07bn. At the time of writing, the total market cap stood at $248.82bn.

Bitcoin’s dominance slid to a Wednesday low 65.52% before jumping to a Saturday high 66.68%. At the time of writing, Bitcoin’s dominance stood at 66.30%.

This Morning

At the time of writing, Bitcoin was down by 0.42% to $8,977.0. A bearish start to the day saw Bitcoin fall from an early morning high $9,016.0 to a low $8,970.2.

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

Elsewhere, it was also a bearish start to the day for the broader market.

Bitcoin Cash SV (-1.02%), Stellar’s Lumen (-1.66%), Tezos (-1.03%), and Tron’s TRX (-1.18%) led the way down early on.

For the Bitcoin Day Ahead

Bitcoin would move through the $9,025 pivot to support a run at the first major resistance level at $9,193.53.

Support from the broader market would be needed, however, for Bitcoin to break out from $9,100 levels.

Barring an extended crypto rebound, the first major resistance level and Saturday’s high $9,202.5 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,371.77.

Failure to move through the $9,025 pivot level could see Bitcoin struggle later in the day.

A fall back through the 23.6% FIB of $8,900 would bring the first major support level at $8,846.03 into play.

In the event of another extended crypto sell-off, the second major support level at $8,676.77 may be tested.

This article was originally posted on FX Empire

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