Litecoin Outperforms as the Broader Market Looks to Recover from Last Week

Monday’s rally cut the June deficit for the broader market. Litecoin leads the way, however, supported by the upcoming halving event.
Cryptomania

Bitcoin rallied by 5.05% on Monday. Reversing a 3.67% fall from Sunday, Bitcoin ended the day at $8,018.8.

Whilst only partially reversing last week’s 12.7% slide, it was Bitcoin’s first hold onto $8,000 levels since 3rd June.

A bullish start to the day saw Bitcoin rise from an early intraday low $7,513.2 to $7,700 levels before easing back.

The early moves saw Bitcoin break through the 23.6% FIB of $7,718. A pullback to $7,600 levels was short-lived, with Bitcoin rallying to a mid-day intraday high $8,048.1.

Moving back through the 23.6% FIB, Bitcoin also broke through the first major resistance level at $7,898.43. A relatively range-bound 2nd half of the day saw Bitcoin ease back to sub-$8,000 levels.

Bitcoin tested sub-$8,000 support through the afternoon to support a move back through to $8,000 levels late in the day.

Elsewhere,

Across the top 10 cryptos, it was a sea of green for the majors.

Leading the way on the day was Litecoin, which surged by 13.01%. Ethereum came in a distant second with a 7.12% gain. Binance Coin rose by 6.8%. Bitcoin Cash ABC saw the most modest gains on the day, up by 3.01%.

Litecoin managed to follow on from last week’s 0.13% gain. From the rest of the pack, it was Bitcoin Cash SV that managed to reverse last week’s 4.07% loss with a 4.35% gain on the day.

In spite of Monday’s broad-based crypto rally, it has been a bearish start to June, however. Litecoin is the only major to be in positive territory, up by 13.4% to the end of Monday.

From the rest of the pack, EOS was the worst performer, down by 24.2% since the beginning of June.

There was no influence from the news wires on the day to support the Monday rally, which was likely in response to last week’s sell-off.

For Litecoin, however, this August’s halving event has continued to provide support.

This Morning

At the time of writing, Bitcoin was down by 0.49% to $7,979.9. A bearish start to the day saw Bitcoin fall from a morning high $8,049 to a low $7,953.2.

Bitcoin steered clear of the major support and resistance levels early on.

Elsewhere, Bitcoin Cash SV and Bitcoin Cash ABC bucked the trend early on, with gains of 0.39% and 0.27% respectively.

For the rest of the pack, it was a bearish start to the day, with Binance Coin and EOS leading the way down. At the time of writing, Binance Coin was down by 1.04%, with EOS down by 0.84%.

Some profit taking off the back of Monday’s broad-based crypto rally was to be expected in the early hours.

For the day ahead

Bitcoin would need to hold onto $7,900 levels through the morning to support a return to $8,000 levels later in the day.

Another broad-based crypto rally would be needed, however, for Bitcoin to take a run at the first major resistance level at $8,206.8.

Barring another crypto rally, Bitcoin would likely struggle to break out from Monday’s high $8,048.

Failure to hold onto $7,900 levels could see Bitcoin slide deeper into the red. A fall through $7,860 would bring the first major support level at $7,672 into play.

Barring an extended sell-off through the day, Bitcoin would likely steer clear of $7,500 levels and Monday’s low $7,513.2.

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