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The Crypto Daily – The Movers and Shakers – July 10th, 2020

Bob Mason
·3-min read

Bitcoin, BTC to USD, slid by 2.32% on Thursday. Reversing a 1.94% gain from Wednesday, Bitcoin ended the day at $9,248.9.

It was a bearish start to the day for Bitcoin. Bitcoin fell from an early morning intraday high $9,451.7 to a late morning low $9,374.0 before finding support.

Steering clear of the first major support level at $9,302.93, Bitcoin recovered to $9,440 levels before hitting reverse.

Continuing to fall well short of the major resistance levels, Bitcoin fell to a mid-afternoon intraday low $9,175.0.

Bitcoin fell through the first major support level at $9,302.93 before finding support.

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Steering clear of the second major support level at $9,158.87, Bitcoin moved back through to $9,200 levels.

The near-term bullish trend remained intact in spite of the early July 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 mixed day on Thursday.

Monero’s XMR (+1.87%), Stellar’s Lumen (+6.11%), and Tron’s TRX (+3.41%) bucked the trend on the day.

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

Tezos led the way down, with a loss of 4.62%.

Binance Coin (-2.60%), Bitcoin Cash ABC (-1.84%), Bitcoin Cash SV (-1.44%), Ethereum (-2.07%), Litecoin (-2.25%) also struggled.

Cardano’s ADA (-0.81%), EOS (-1.15%), and Ripple’s XRP (-1.13%) saw a relatively modest loss on the day.

In the current week, the crypto total market cap rose from a Monday low $254.55bn to a Wednesday high $274.58bn. At the time of writing, the total market cap stood at $265.78bn.

Bitcoin’s dominance fell from a Monday high 65.58% to a Thursday low 63.55%. At the time of writing, Bitcoin’s dominance stood at 63.93%.

This Morning

At the time of writing, Bitcoin was down by 0.14% to $9,235.8. A bearish start to the day saw Bitcoin fall from an early morning high $9,248.9 to a low $9,226.5.

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

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

Stellar’s Lumen led the way down, early on, with a loss of 4.03%.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $9,292 pivot to support a run at the first major resistance level at $9,408.73.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,400 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $9,451.7 would likely cap any upside.

In the event of a crypto breakout, Bitcoin should break through to $9,500 levels before any pullback. The second major resistance level sits at $9,568.57.

Failure to move through the $9,292 pivot level would bring the first major support level at $9,132.03 into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$9,000 levels. The second major resistance level at $9,015.17 should limit any downside.

This article was originally posted on FX Empire

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