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

It’s a bearish start to the day. Bitcoin would need to break out from $9,500 levels to support the broader market and bring resistance into play.
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Bitcoin rose by 0.98% on Monday. Partially reversing a 1.43% decline from Sunday, Bitcoin ended the day at $9,435.0.

It was another bearish start to the day. Bitcoin slid from an early morning high $9,370.7 to a mid-morning intraday low $8,914.9.

Bitcoin fell through the first major support level at $9,242.53 and the second major support level at $9,140.27.

Finding support third major resistance level at $8,916.27 and 23.6% FIB of $8,900, Bitcoin bounced back to a late intraday high $9,530.9.

Bitcoin broke through the first major resistance level at $9,466.53 before easing back to sub-$9,450 levels.

The near-term bullish trend remained intact in spite of last week’s sell-off, with Bitcoin holding well above the 23.6% FIB of $8,900.

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.

Bitcoin Cash ABC (+0.57%), Cardano’s ADA (+2.74%), Ripple’s XRP (+1.11%), Tezos (+1.89%), and Tron’s TRX (+0.29%) joined Bitcoin in the green.

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

Bitcoin Cash SV (-3.20%), EOS (-1.39%), and Monero’s XMR (-1.10%) led the way down.

Binance Coin (-0.91%), Ethereum (-0.16%), Litecoin (-0.50%), and Stellar’s Lumen (-0.15%), saw relatively modest losses.

Through the start of the week, the crypto total market cap fell to a Monday low $245.94bn before rising to a high $264.64bn. At the time of writing, the total market cap stood at $261.06bn.

On Monday, Bitcoin’s dominance rose from a current week low 66.11% to a Monday high 66.60%. At the time of writing, Bitcoin’s dominance stood at 66.44%.

This Morning

At the time of writing, Bitcoin was down by 0.08% to $9,427.6. A mixed start to the day saw Bitcoin fall from an early morning high $9,443.3 to a low $9,388.0 before recovering.

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

Elsewhere, it was also a bearish start to the day. At the time of writing, Stellar’s Lumen was down by 0.86% to lead the way down.

 For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$9,295 levels to bring the first major resistance level at $9,672.3 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,500 levels.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $9,530.9 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could eye $9,900 levels and the second major resistance level at $9,909.6.

Failure to avoid a fall through the $9,295 pivot level could see Bitcoin reverse Monday’s gain.

A fall back through the morning low to sub-$9,295 levels would bring the first major support level at $9,056. into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$8,900 levels.

The 23.6% FIB of $8,900 should limit any downside on the day.

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