The Crypto Daily – Movers and Shakers – July 16th, 2020

It’s a mixed start to the day for the majors. A Bitcoin breakthrough to $9,300 would support the broader market.
bitcoin with us dollars and calculator

Bitcoin, BTC to USD, fell by 0.58% on Wednesday. Reversing a 0.13% increase from Tuesday, Bitcoin ended the day at $9,210.1.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $9,280.0 before hitting reverse.

Falling short of the first major resistance level at $9,331.47, Bitcoin slid to a late afternoon intraday low $9,179.0.

Steering clear of the first major support level at $9,151.17, Bitcoin revisited $9,240 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 another mixed day on Wednesday.

Monero’s XMR (+3.99%), Stellar’s Lumen (+2.65%), and Tezos (+8.77%) bucked the trend on the day.

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

Binance Coin slid by 2.54% to lead the way down.

Bitcoin Cash SV (-1.15%), Cardano’s ADA (-1.48%), and Litecoin (-1.32%) also struggled.

Bitcoin Cash ABC (-0.39%), EOS (-0.63%), Ethereum (-0.86 %), Ripple’s XRP (-0.92%), and Tron’s TRX (-0.82%) saw relatively modest losses.

In the current week, the crypto total market cap rose to a Monday high $273.18bn before falling to a Tuesday low $261.61bn. At the time of writing, the total market cap stood at $267.05bn.

Bitcoin’s dominance fell to a Monday low 63.09% before rising to a Tuesday high 64.00%. At the time of writing, Bitcoin’s dominance stood at 63.52%.

This Morning

At the time of writing, Bitcoin was up by 0.04% to $9,214.0. A mixed start to the day saw Bitcoin fall to an early morning low $9,195.0 before rising to a high $9,214.0

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA (+1.19%), Ethereum (+0.08%), Litecoin (+0.07%), Monero’s XMR (+0.76%), Stellar’s Lumen (+0.29%), Tezos (+0.20%), and Tron’s TRX (+0.18%) joined Bitcoin in the green.

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

At the time of writing, Bitcoin Cash SV was down by 0.94% to lead the way down.

Binance Coin (-0.63%), Bitcoin Cash ABC (-0.30%), EOS (-0.38%), and Ripple’s XRP (-0.02%) were also in the red.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $9,223 pivot to support a run at the first major resistance level at $9,267.07.

Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $9,280.0

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

In the event of a crypto breakout, Bitcoin should break through the second major resistance level at $9,324.04. Resistance at $9,400 would likely cap any upside.

Failure to move through the $9,223 pivot level would bring the first major support level at $9,166.07 into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$9,000 levels. The third major resistance level at $9,021.03 should limit any downside.

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