The Crypto Daily – Movers and Shakers – July 14th, 2020

It’s a bearish start to the day. A Bitcoin break back through to $9,300 should deliver support to the broader market.
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Bitcoin, BTC to USD, fell by 0.73% on Monday. Reversing a 0.76%% loss from Sunday, Bitcoin ended the day at $9,252.0.

It was a mixed start to the day. Bitcoin fell to a mid-morning low $9,257.5 before striking a mid-day intraday high $9,350.0.

Falling short of the first major resistance level at $9,397.9, Bitcoin slid to a late intraday low $9,220.0.

Avoiding the first major support level at $9,204.4, Bitcoin briefly revisited $9,270 levels before easing back.

The near-term bullish trend remained intact in spite of the early July 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 mixed day on Monday.

Tezos rallied by 2.66% to lead the way. Binance Coin also bucked the trend, rising by 0.38%

It was a bearish end to the week for the rest of the majors.

Stellar’s Lumen and Tron’s TRX led the way down, with losses of 5.15% and 3.46% respectively.

Bitcoin Cash ABC (-2.09%), Bitcoin Cash SV (-2.00%), Cardano’s ADA (-2.15%), and EOS (-2.55%) also struggled on the day.

Ethereum (-1.39%), Litecoin (-1.92%), Monero’s XMR (-0.23%), and Ripple’s XRP (-1.31%) saw more modest losses on the day.

On Monday, the crypto total market cap rose to a Monday high $271.57bn before falling to a low $264.75bn. At the time of writing, the total market cap stood at $266.13bn.

Bitcoin’s dominance fell to a Monday low 63.37% before rising to a high 63.97%. At the time of writing, Bitcoin’s dominance stood at 63.87%.

This Morning

At the time of writing, Bitcoin was down by 0.18% to $9,234.9. A bearish start to the day saw Bitcoin fall from an early morning high $9,252.0 to a low $9,234.6.

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, Binance Coin and Cardano’s ADA were up by 0.71 and by 0.42% respectively to buck the trend.

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

Tezos was down by 2.90% to lead the way down early on.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $9,274 pivot to support a run at the first major resistance level at $9,328.0.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,300 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $9,350.0 would likely cap any upside.

In the event of a crypto breakout, Bitcoin should break through the second major resistance level at $9,404.0 before any pullback.

Failure to move through the $9,274 pivot level would bring the first major support level at $9,198.0 into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$9,100 levels. The second major resistance level at $9,144.0 should limit any downside.

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