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The Crypto Daily – Movers and Shakers – June 17th, 2020

Bob Mason
·3-min read

Bitcoin rose by 1.05% on Tuesday. Following on from a 0.98% gain on Monday, Bitcoin ended the day at $9,534.4.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $9,388.0 before making a move.

Steering clear of the first major support level at $9,056.3, Bitcoin rose to an early afternoon intraday high $9,590.0.

Falling short of the first major resistance level at $9,672.3, Bitcoin fell back to sub-$9,400 levels and into the red.

Finding late support, however, Bitcoin broke back through to $9,500 levels to wrap up the day in the green.

The near-term bullish trend remained intact in spite of last week’s sell-off, with Bitcoin holding well above the 23.6% FIB of $8,900.

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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 Tuesday.

Ripple’s XRP and Tezos fell by 0.08% and by 0.55% respectively to buck the trend on the day.

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

Bitcoin Cash SV (+2.11%), Ethereum (+1.90%), and Monero’s XMR (+2.07%) led the way.

Binance Coin (+0.24%), Bitcoin Cash ABC (+0.67%), Cardano’s ADA (+1.12%), EOS (+0.83%), Litecoin (+0.23%), Stellar’s Lumen (+1.24%), and Tron’s TRX (+0.06%) also saw green.

Through the start of the week, the crypto total market cap fell to a Monday low $246.94bn before rising to a Tuesday high $266.36bn. At the time of writing, the total market cap stood at $262.96bn.

Bitcoin’s dominance rose from a current week low 66.13% to a Monday high 66.60%. At the time of writing, Bitcoin’s dominance stood at 66.16%.

This Morning

At the time of writing, Bitcoin was down by 0.82% to $9,455.9. A bearish start to the day saw Bitcoin fall from an early morning high $9,540.8 to a low $9,454.1.

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

Elsewhere, it was also a bearish start to the day. At the time of writing, Cardano’s ADA was down by 2.01% to lead the way down.

 For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,500 levels to bring the first major resistance level at $9,620.27 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $9,590.0.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high would likely cap any upside.

In the event of a crypto breakout, Bitcoin could eye $9,700 levels and the second major resistance level at $9,706.13.

Failure to move back through the $9,500 pivot level could see Bitcoin reverse Tuesday’s gain.

A fall back through the morning low $9,454.1 would bring the first major support level at $9,418.27. into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,302.13.

This article was originally posted on FX Empire

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