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

It’s been a particularly choppy day, with support and resistance levels tested. A Bitcoin move through to $9,750 is needed to avoid another reversal.
Coins of crypto currency are presented on a dark background. Virtual money concept.

Bitcoin rose by 0.35% on Monday. Following on from a 0.81% gain on Sunday, Bitcoin ended the day at $9,784.4.

A choppy start to the day saw Bitcoin fall to a late morning intraday low $9,647.1 before finding support.

Steering clear of the first major support level at $9,489.27, Bitcoin rose to a late morning intraday high $9.800.0.

Falling well short of the first major resistance level at $9,909.47, Bitcoin fell back to sub-$9,700 levels and into the red.

A final hour rebound delivered the upside on the day, with resistance at $9,800 pinning Bitcoin back.

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

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 start to the week.

Monero’s XMR and Tezos led the way on Monday, with gains of 2.80% and 1.94% respectively.

Binance Coin (+0.06%), Ethereum (+0.72%), Ripple’s XRP (+0.44%), and Stellar’s Lumen (+0.61%) also found support.

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

Tron’s TRX slid by 1.41% to lead the way down.

Bitcoin Cash ABC (-0.37%), Bitcoin Cash SV (-0.75%), Cardano’s ADA (-0.09%), EOS (+1.00%), and Litecoin (-0.36%) also saw red.

Through the start of the week, the crypto total market cap rose to an early Tuesday high $275.84bn before sliding to a Tuesday low $265.84bn. At the time of writing, the total market cap stood at $270.91bn.

At the start of the week, Bitcoin fell to a Monday low 65.79% before rising to a Tuesday high 66.36%. At the time of writing, Bitcoin’s dominance stood at 65.91%.

This Morning

At the time of writing, Bitcoin was down by 0.87% to $9,699.1. A choppy start to the day saw Bitcoin rise to an early morning high $9,876.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $9,840.57 before sliding to an early morning low $9,577.9.

The reversal saw Bitcoin fall through the first major support level at $9,687.67 and the second major support level at $9,590.93.

Elsewhere, it was also a choppy and bearish start to the day.

At the time of writing, Tron’s TRX and EOS were down by 1.87% and by 1.45% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,750 levels to bring the first major resistance level at $9,840.57 back into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,800 levels.

Barring another broad-based crypto rally, the first major resistance level would likely limit any upside.

In the event of an extended crypto rally, Bitcoin could eye the second major resistance level at $9,896.73 before any pullback.

Failure to move back through to $9,750 levels could see Bitcoin struggle on the day.

A fall back through the first major support level at $9,687.67 would bring the second major support level at $9,590.93 back into play.

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

Most Recent

Top Articles