The Crypto Daily – Movers and Shakers – June 11th, 2020

It’s been a relatively bullish start to the day for the majors. A Bitcoin hold onto $9,900 levels would support the broader market.
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Bitcoin rose by 1.28% on Wednesday. Reversing a 0.13% loss from Tuesday, Bitcoin ended the day at $9,898.8.

A mixed start to the day saw Bitcoin rise to an early morning high $9,817.1 before falling to a mid-day low $9,723.5.

Steering clear of the major support and resistance levels, Bitcoin rallied to a late afternoon intraday high $10,012.0.

Bitcoin broke through the first major resistance level at $9,905.97 before sliding to a late afternoon intraday low $9,661.6.

Steering clear of the first major support level at $9,607.87, Bitcoin bounced back to end the day in the green.

The near-term bullish trend remained intact, supported by last week’s gain.

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 Wednesday.

Tezos fell by 0.53% to buck the trend on the day.

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

Monero’s XMR and Bitcoin Cash SV led the way with gains of 2.69% and 2.17% respectively.

Ethereum (+1.64%), Litecoin (+1.79%), and Stellar’s Lumen (+1.11%) also found strong support.

Binance Coin (+0.12%), Bitcoin Cash ABC (+0.74%), Cardan’s ADA (+0.79%), EOS (+0.37%), Ripple’s XRP (+0.91%), and Tron’s TRX (+0.60%) saw modest gains, however.

Through the current week, the crypto total market cap slid to a Tuesday low $265.84bn before rising to a Wednesday high $278.33bn. At the time of writing, the total market cap stood at $276.41bn.

In the week, Bitcoin’s dominance fell to a Monday low 65.79% before rising to a Tuesday high 66.21%. Bitcoin’s dominance bounced back to the current week high 66.21% on Wednesday before easing back. At the time of writing, Bitcoin’s dominance stood at 65.99%.

This Morning

At the time of writing, Bitcoin was up by 0.10% to $9,908.9. A mixed start to the day saw Bitcoin fall to an early morning low $9,892.7 before rising to a high $9,917.2.

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

Elsewhere, it has been a bullish start to the day.

Cardano’s ADA led the way early on, with a 1.10% gain.

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$9,860 levels to bring the first major resistance level at $10,053.33 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $10,012.0.

Barring another broad-based crypto rally, the first major resistance level and Wednesday’s high would likely limit any upside.

In the event of an extended crypto rally, Bitcoin could eye the second major resistance level at $10,207.87 before any pullback.

Failure to avoid sub-$9,860 levels could see Bitcoin struggle on the day.

A fall back through the morning low $9,892.7 to sub-$9,860 levels would bring the first major support level at $9,702.93 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$9,500 support levels.

The second major support level at $9,507.07 should limit any downside on the day.

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