The Crypto Daily – Movers and Shakers – 06/02/20

Bitcoin rallied by 4.51% on Wednesday. Reversing a 1.20% fall from Tuesday, Bitcoin ended the day at $9,612.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $9,180.2 before making a move.

Steering clear of the first major support level at $9,086.67, Bitcoin rallied to a late afternoon intraday high $9,731.9.

Bitcoin broke through the 38.2% FIB of $9,260 and the day’s major resistance levels before easing back.

The late pullback to sub-$9,700 levels saw Bitcoin fall back through the third major resistance level at $9,717.83.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, in spite of the continued upward trend.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a bullish day for the crypto majors.

Bitcoin Cash ABC, Bitcoin Cash SV, and Tezos led the way, surging by 17.11%, 10.54%, and by 11.52% respectively.

Tezos returned to the top 10 after Wednesday’s rally.

Binance Coin (+6.40%), Cardano’s ADA (+6.29%), EOS (+7.18%), Ethereum (+8.37%), Litecoin (+6.97%), and Tron’s TRX (+7.61%) also found strong support.

Monero’s XMR (+4.12%), Ripple’s XRP (+3.86%), and Stellar’s Lumen (+3.32%) trailed the pack on the day.

Through the current week, the crypto total market cap rose from a Tuesday low $254.52bn to a Wednesday high $273.49bn. At the time of writing, the total market cap stood at $270.88bn.

Having fallen back from 66% levels, Bitcoin’s dominance slipped further back on Wednesday. More marked gains across the broader market pinned Bitcoin back on the day. At the time of writing, Bitcoin’s dominance stood at 64.4%.

Trading volumes also picked up, rising to $136bn levels on Wednesday. At the time of writing, 24-hr volumes stood at $136.29bn.

This Morning

At the time of writing, Bitcoin was down by 0.12% to $9,600.1. A mixed start to the day saw Bitcoin fall to an early morning low $9,547.0 before rising to a high $9,642.6.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV and Tezos found support early on, with the pair up by 0.28% and 4.18% respectively.

It was a bearish start for the rest of the majors, however.

Bitcoin Cash ABC (-2.17%), Litecoin (-1.17%), Monero’s XRM (-1.18%), Stellar’s Lumen (-1.44%), and Tron’s TRX (-1.43%) saw heavy losses early on.

For the Bitcoin Day Ahead

Bitcoin would need to move back through Wednesday’s high $9,731.9 to support a run at the first major resistance level at $9,835.87.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,642.6

Barring another broad-based crypto rally, resistance at $9,700 would likely leave Bitcoin short of the first major resistance level.

In the event of another breakout, $10,000 levels would likely come into play before any pullback. The second major resistance level at $10,059.73 2 would limit any upside.

Failure to move back through Wednesday’s high $9,731.9 could see Bitcoin fall deeper into the red.

A fall back through the morning low $9,547.0 to sub-$9,510 levels would bring the first major support level at $9,284.17 into play.

Barring a crypto sell-off, however, Bitcoin should steer clear of the sub-$9,500 on the day.

In the event of a sell-off, the 38.2% FIB of $9,260 and the first major support level should limit any downside.