The Crypto Daily – Movers and Shakers – July 9th, 2020

It’s a bearish start to the day. Bitcoin would need to avoid sub-$9,400 levels to support the pack and a run at $9,500 levels.
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Bitcoin rose by 1.94% on Wednesday. Reversing a 1.00% loss from Tuesday, Bitcoin ended the day at $9,447.0.

It was a mixed start to the day for Bitcoin. Bitcoin fell to an early morning intraday low $9,256.0 before making a move.

Steering clear of the first major support level at $9,189.27, Bitcoin rallied to a mid-afternoon intraday high $9,490.1.

Bitcoin broke through the first major resistance level at $9,367.57 and the second major resistance level at $9,467.63.

A late pullback saw Bitcoin fall back through the second major resistance level to a low $9,401.3.

Finding late support, however, Bitcoin avoided the first major resistance level to wrap up the day at $ 9,400 levels.

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 particularly bullish day on Wednesday.

Cardano’s ADA (+10.54%), Ripple’s XRP (+10.98%), and Stellar’s Lumen (+15.61%) lead the way.

EOS (+4.80%), Litecoin (+4.47%), Tezos (+5.67%), and Tron’s TRX (+4.64%) also found strong support.

Binance Coin (+2.86%), Bitcoin Cash ABC (+1.90%), Bitcoin Cash SV (+1.48%), Ethereum (+3.25%), and Monero’s XMR (+2.55%) trailed the front runners.

In the current week, the crypto total market cap rose from a Monday low $254.54bn to Wednesday high $272.25bn. At the time of writing, the total market cap stood at $271.24bn.

Bitcoin’s dominance fell from a Monday high 65.58% to a Wednesday low 63.83%. At the time of writing, Bitcoin’s dominance stood at 64.03%.

This Morning

At the time of writing, Bitcoin was down by 0.21% to $9,427.5. A mixed start to the day saw Bitcoin rise to an early morning high $9,451.7 before falling to a low $9,411.5.

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, Stellar’s Lumen and Binance Coin bucked the trend, with gains of 1.78% and 0.24% respectively.

It was bearish for the rest of the majors, with Cardano’s ADA (-1.43%), Ripple’s XRP (-1.05%), and Tezos (-1.26%) leading the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $9,400 pivot to support a run at the first major resistance level at $9,544.13.

Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $9,497.2.

Barring an extended crypto rebound, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, Bitcoin should break through the second major resistance level at $9,641.27.

Failure to avoid a fall through the $9,400 pivot level would bring the first major support level at $9,302.93 into play.

Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$9,300 levels. The second major resistance level sits at $9,158.87.

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