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The Crypto Daily – Movers and Shakers – July 5th, 2020

Bob Mason
·3 min read

Bitcoin rose by 0.57% on Saturday. Reversing a 0.30% decline from Friday, Bitcoin ended the day at $9,147.7.

It was a mixed start to the day for Bitcoin. Bitcoin rose to an early morning high $9,104 before pulling back.

Falling short of the first major resistance level at $9,120.23, Bitcoin slid to a mid-afternoon intraday low $9,060.0.

Steering clear of the first major support level at $9,041.43, Bitcoin rallied to a late afternoon intraday high $9,204.0.

Bitcoin broke through the first major resistance level at $9,120.23 and second major resistance level at $9,167.27.

A late pullback saw Bitcoin fall back through the second major resistance level at $9,167.27.

The near-term bullish trend remained intact in spite of the recent 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 bullish day on Saturday.

Cardano’s ADA led the way, rallying by 3.78%.

Bitcoin Cash ABC (+2.07%), Litecoin (+2.43%), Monero’s XMR (+2.52%), and Tezos (+2.38%) also made solid gains.

Binance Coin (+1.90%), Bitcoin Cash SV (+0.14%), EOS (+1.66%), Ethereum (+1.94%), Ripple’s XRP (+1.09%), Stellar’s Lumen (+0.61%), and Tron’s TRX (+1.06%) trailed the front runners.

Through the current week, the crypto total market cap rose to a Wednesday high $260.82bn before falling to a Thursday low $249.45bn. At the time of writing, the total market cap stood at $257.34bn.

Bitcoin’s dominance rose to a Monday high 66.29% before falling to a Saturday low 65.30%. At the time of writing, Bitcoin’s dominance stood at 65.48%.

This Morning

At the time of writing, Bitcoin was flat at $9,147.9. A mixed start to the day saw Bitcoin rise to an early morning high $9,152.3 before falling to a low $9,142.7.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA was down by 1.83%, at the time of writing, to lead the way down.

Ethereum (-0.03%), Litecoin (-0.33%), and Monero’s XMR (-0.56%) were also in the red.

It was a bullish start for the rest of the majors. Bitcoin Cash SV and Tron’s TRX were both up by 0.36% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $9,137 pivot to support a run at the first major resistance level at $9,214.47.

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

Barring an extended crypto rebound, the first major resistance level and Saturday’s high $9,204.0 would likely cap any upside.

In the event of a crypto breakout, Bitcoin should break through the second major resistance level at $9,281.23 before any pullback.

Failure to avoid a fall through the $9,137 pivot level could see Bitcoin struggle on the day.

A fall back through to sub-$9,100 levels would bring the first major support level at $9,070.47 into play.

Barring an extended crypto sell-off, Bitcoin should avoid sub-$9,000 and the 23.6% FIB of $8,900. The second major support level sits at $8,993.23.

 

This article was originally posted on FX Empire

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