Bitcoin, BTC to USD, rose by 0.76%% on Sunday. Reversing a 0.63% decline from Saturday, Bitcoin ended the week up by 2.50% to $9,315.8.
It was a mixed start to the day for Bitcoin. Bitcoin fell from an early morning high $9,303.8 to a late morning low $9,251.2 before finding support.
Steering clear of the major support and resistance levels, Bitcoin rallied to an early afternoon intraday high $9,368.4.
Breaking through the first major resistance level at $9,305.37 before hitting reverse. Coming up against the second major resistance level at $9,364.43, Bitcoin slid to a late intraday low $9,175.0.
Bitcoin fell through the first major support level at $9,193.67 before bouncing back to $9,340 levels.
The rebound saw Bitcoin break back through the first major resistance level at $9,305.37 to wrap up the day in the green.
The near-term bullish trend remained intact in spite of the early July 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 Sunday.
Tezos rallied by 4.97% to lead the way on Sunday.
Binance Coin (+4.03%), Bitcoin Cash SV (+1.73%), Cardano’s ADA (+1.45%), Ethereum (+1.52%), Monero’s XMR (+0.82%), Ripple’s XRP (+0.18%), and Stellar’s Lumen (+0.37%) also saw green.
It was a bearish end to the week for the rest of the majors.
Bitcoin Cash ABC (-0.40%), EOS (-0.19%), Litecoin (-0.07%), and Tron’s TRX (-0.85%) saw red.
For the week,
Stellar’s Lumen led the way, surging by 41.84%.
Binance Coin (+18.26%), Bitcoin Cash SV (+19.58%), Cardano’s ADA (+29.24%), Ripple’s XRP (+13.79%), and Tezos (+23.31%) also made solid gains.
Bitcoin Cash ABC (+6.20%), EOS (+8.78%), Ethereum (+6.67%), Litecoin (+7.50%), Monero’s XMR (+9.32%), and Tron’s TRX (+7.24%), trailed the front runners.
In the week, the crypto total market cap rose from a Monday low $254.55bn to a Wednesday high $274.58bn. At the time of writing, the total market cap stood at $268.46bn.
Bitcoin’s dominance fell from a Monday high 65.58% to a Thursday low 63.55%. At the time of writing, Bitcoin’s dominance stood at 63.60%.
At the time of writing, Bitcoin was down by 0.31% to $9,287.2. A mixed start to the day saw Bitcoin rise to an early morning high $9,330.0 before falling to a low $9,287.2.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Tezos led the way early on, rising by 3.86%. Bitcoin Cash SV (+0.10%), Cardano’s ADA (+1.41%), and Monero’s XMR (+0.29%) also found early support.
It was bearish for the rest of the majors, however.
At the time of writing, Binance Coin was down by 0.98% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $9,286 pivot to support a run at the first major resistance level at $9,398.
Support from the broader market would be needed, however, for Bitcoin to break out from Sunday’s high $9,368.4.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $9,368.4 would likely cap any upside.
In the event of a crypto breakout, Bitcoin should break through the second major resistance level at $9,479.8 before any pullback.
Failure to avoid a fall through the $9,398 pivot level would bring the first major support level at $9,204.4 into play.
Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$9,000 levels. The second major resistance level at $9,093.0 should limit any downside.
This article was originally posted on FX Empire
More From FXEMPIRE:
- USD/JPY Fundamental Weekly Forecast – Trader Reaction to 106.706 Sets the Tone; BOJ Stands Pat
- USD/JPY Forex Technical Analysis – Options Market Foresees Increasing Volatility Risks
- European Equities: A Lack of Stats Leaves COVID-19 and Geopolitics in Focus
- The Crypto Daily – Movers and Shakers – July 12th, 2020
- Geopolitics, COVID-19 News, FED Chair Powell, and BoE Governor Bailey in Focus
- U.S Mortgage Rates Hit another Record Low as COVID-19 Stresses the Markets