Yahoo Finance The Crypto Daily – Movers and Shakers – June 22nd, 2020
Bitcoin fell by 0.78% on Sunday. Reversing a 0.63% gain from Saturday, Bitcoin ended the week down by 0.45% to $9,301.0.
It was a mixed start to the day. Bitcoin rose to an early morning intraday high $9,431.2 before hitting reverse.
Falling short of the first major resistance level at $9,459.27, Bitcoin slid to a late intraday low $9,297.6.
Steering clear of the first major support level at $9,230.67, a recovery to $9,300 levels limited the loss on the day.
The near-term bullish trend remained intact in spite of 2nd consecutive week in the red. 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 Sunday.
Monero’s XMR bucked the trend on Sunday, rising by 0.48% on Sunday.
It was a bearish day for the rest of the majors, however.
Bitcoin Cash SV (-1.62%), Cardano’s ADA (-1.60%), Litecoin (-1.38%), Ripple’s XRP (-1.19%), Stellar’s Lumen (-1.90%), and Tezos (-1.14%) led the way down.
Binance Coin (-0.62%), Bitcoin Cash ABC (-0.93%), EOS (-0.92%), Ethereum (-0.43%), and Tron’s TRX (-0.76%) saw modest losses on the day.
For the week, it was also a mixed week for the majors.
Cardano’s ADA and Tezos rose by 2.54% and 0.03% respectively to buck the trend for the week.
It was a bearish week for the rest of the majors.
Bitcoin Cash SV (-5.00%) led the way down, with Binance Coin (-3.56%) and Stellar’s Lumen (-2.93%) close behind.
Bitcoin Cash ABC (-2.05%), EOS (-2.09%), Litecoin (-2.27%), and Ripple’s XRP (-2.28%) weren’t far behind, however.
Ethereum (-1.54%) Monero’s XMR (-1.49%), and Tron’s TRX (-1.55%) saw relatively modest losses in the week.
Through the 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 $259.48bn.
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 66.13%.
This Morning
At the time of writing, Bitcoin was up by 0.33% to $9,332.0. A mixed start to the day saw Bitcoin fall to an early morning low $9,285.2 before striking a high $9,341.7.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
At the time of writing, Tezos was down by 0.06% to buck the trend. Cardano’s ADA was up by 0.58%, however, to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $9,343.3 pivot to support a run at the first major resistance level at $9,388.93.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,341.7. 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 $9,388.93 would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,476.87 and resistance at $9,500.
Failure to move through the $9,343.3 pivot level could see Bitcoin struggle on the day.
A fall back through the morning low $9,285.2 would bring the first major support level at $9,255.33 into play.
Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$9,200 levels. The second major support level at $9,209.67 should limit any downside.
This article was originally posted on FX Empire
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