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The Crypto Daily – Movers and Shakers – June 20th, 2020

Bob Mason

Bitcoin rose by 0.63% on Saturday. Partially reversing a 0.90% fall from Friday, Bitcoin ended the day at $9,371.3.

It was a mixed start to the day. Bitcoin rose to an early morning high $9,357.0 before hitting reverse.

Falling short of the major resistance levels, Bitcoin slid to a late morning intraday low $9,178.0.

Bitcoin fell through the first major support level at $9,220.30 before striking a late morning intraday high $9,406.6.

Falling short of the first major resistance level at $9,427.40, Bitcoin fell back to sub-$9,300 levels before finding late support.

Steering clear of the major support levels, Bitcoin bounced back to $9,400 levels before easing back.

The near-term bullish trend remained intact in spite of 3 consecutive days in the red mid-week. Bitcoin continued to hold 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 a mixed day on Saturday.

Bitcoin Cash ABC (-0.67%), Cardano’s ADA (-0.20%), Monero’s XMR (-0.11%), Stellar’s Lumen (-0.17%), and Tezos (-0.13%) saw red on the day.

It was a relatively bullish day for the rest of the majors, however.

Bitcoin Cash SV (+1.19%), Litecoin (+1.80%), and Tron’s TRX (+1.19%) led the way.

Binance Coin (+0.88%), EOS (+0.46%), Ethereum (+0.06%), and Ripple’s XRP (+0.48%), saw modest gains on the day.

Through the current week, the crypto total market cap fell to a Monday low $245.97bn before rising to a Wednesday high $267.65bn. At the time of writing, the total market cap stood at $260.69bn.

Bitcoin’s dominance rose to a Monday high 66.60% before sliding to a Wednesday low 65.79%. At the time of writing, Bitcoin’s dominance stood at 66.16%.

This Morning

At the time of writing, Bitcoin was up by 0.13% to $9,383.7. A mixed start to the day saw Bitcoin rise to an early morning high $9,394.2 before falling to a low $9,355.4

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

Elsewhere, it was a mixed start to the day.

Tezos and Tron’s TRX struggled, with losses of 0.37% and 0.26% respectively.

It was bullish for the rest of the majors, however, with Binance Coin up by 0.50% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $9,320 pivot to support a run at the first major resistance level at $9,459.27.

Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $9,406.6. Resistance at $9,500 has continued to pin Bitcoin back since 11th June.

Barring a broad-based crypto rally, the first major resistance level at $9,459.27 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,547.23.

Failure to avoid a fall through the $9,320 pivot level could see Bitcoin struggle on the day.

A fall through to sub-$9,300 levels would bring the first major support level at $9,230.67 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$9,000 levels. The second major support level at $9,090.03 should limit any downside.

This article was originally posted on FX Empire

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