The Crypto Daily – Movers and Shakers – July 2nd, 2020

It’s a mixed start to the day for the majors. A Bitcoin move through to $9,300 levels would support a broad-based crypto rally.
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Bitcoin rose by 0.98% on Wednesday. Reversing a 0.48% fall from Tuesday, Bitcoin ended the day at $9,239.9.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $9,109.4 before making a move.

Steering clear of the first major support level at $9,082.97, Bitcoin rallied to a late afternoon intraday high $9,298.0.

Bitcoin broke through the first major resistance level at $9,212.47 and the second major resistance level at $9,274.23.

A late pullback saw Bitcoin fall back through to sub-$9,230 levels before finding support.

While falling back through the second major resistance level, Bitcoin held above the first major resistance level.

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 Wednesday.

Cardano’s ADA surged by 16.63% to lead the way.

Binance Coin (+2.79%), Ethereum (+2.45%), Stellar’s Lumen (+1.96%), Monero’s XMR (+1.73%), Tezos (+1.76%), and Tron’s TRX (+3.00%) also found strong support.

Bitcoin Cash ABC (+0.73%), Bitcoin Cash SV (+0.52%), EOS (+0.35%), Litecoin (+1.55%), Ripple’s XRP (+0.77%) trailed the front runners.

Through the current week, the crypto total market cap fell to a Monday low $250.49bn before rising to a Wednesday high $259.86bn. At the time of writing, the total market cap stood at $258.38bn.

Bitcoin’s dominance rose to a Monday high 66.29% before falling to a Wednesday low 65.85%. At the time of writing, Bitcoin’s dominance stood at 65.83%.

This Morning

At the time of writing, Bitcoin was flat at $9,239.4. A mixed start to the day saw Bitcoin slip to an early morning low $9,236.2 before rising to a high $9,248.6.

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

Elsewhere, it was a mixed start to the day on Thursday.

Cardano’s ADA was down by 2.63%, with Bitcoin Cash SV (-0.21%), Litecoin (-0.19%), Monero’s XMR (-0.74%), and Tezos (-0.37%) also in the red.

It was a bullish start for the rest of the majors, with Stellar’s Lumen up by 2.5% to lead the way, at the time of writing.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $9,215 pivot to support a run at the first major resistance level at $9,322.13.

Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $9,298.0.

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

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,404.37 before any pullback.

Failure to avoid a fall through the $9,215 pivot level could see Bitcoin struggle on the day.

A fall back through to sub-$9,200 would bring the first major support level at $9,133.53 into play.

Barring an extended crypto sell-off, Bitcoin should avoid the 23.6% FIB of $8,900. The second major support level at $9,027.17 should limit any downside on the day.

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