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The Crypto Daily – Movers and Shakers – June 27th, 2020

Bob Mason

Bitcoin fell by 0.91% on Friday. Following on from a 0.52% decline on Thursday, Bitcoin ended the day at $9,173.1.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $9,299.0 before hitting reverse.

Falling short of the first major support level at $9,400.33, Bitcoin slid to an early afternoon intraday low $9,054.1.

Finding support at the first major support level at $9,062.33, Bitcoin briefly recovered to $9,200 levels before easing back.

The near-term bullish trend remained intact in spite of the recent pullback to sub-$9,300 levels. Bitcoin continues 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 Friday.

EOS (+0.06%), Litecoin (+1.73%), and Ripple’s XRP (+0.63%) bucked the trend on the day.

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

Bitcoin Cash SV and Tezos slid by 2.51% and 3.57% respectively to lead the way down.

Bitcoin Cash ABC (-1.59%), Cardano’s ADA (-1.31%), and Ethereum (-1.11%) also saw relatively heavy losses.

Binance Coin (-0.82%), Monero’s XMR (-0.44%), Stellar’s Lumen (-0.47%), and Tron’s TRX (-0.02%) saw 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 Thursday low $251.99bn. At the time of writing, the total market cap stood at $255.72bn.

Bitcoin’s dominance jumped to a Monday high 66.24% before sliding to a Wednesday low 65.52%. At the time of writing, Bitcoin’s dominance stood at 65.76%.

This Morning

At the time of writing, Bitcoin was down by 0.21% to $9,154.2. A bearish start to the day saw Bitcoin fall from an early morning high $9,179.9 to a low $9,130.0.

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

Elsewhere, it was a mixed start to the day for the majors.

Bitcoin Cash SV and Ripple’s XRP bucked the trend early on, rising by 0.59% and by 0.04% respectively.

It was a bearish start for the rest of the majors, however. Stellar’s Lumen and Tezos were down by 1.17% and by 0.93% to lead the way down early on.

For the Bitcoin Day Ahead

Bitcoin would move through the $9,175 pivot to support a run at the first major resistance level at $9,296.7.

Support from the broader market would be needed, however, for Bitcoin to break out from $9,200 levels.

Barring another extended crypto rally, the first major resistance level and Friday’s high $9,299.0 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,240.3.

Failure to move through the $9,175 pivot level could see Bitcoin struggle later in the day.

A fall back through to sub-$9,100 levels would bring the first major support level at $9,051.8 into play.

In the event of another extended crypto sell-off, the second major support level at $8,930.5 and 23.6% FIB of $8,900 could come into play.

This article was originally posted on FX Empire

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