The Crypto Daily – Movers and Shakers – June 18th, 2020

Bitcoin fell by 0.64% on Wednesday. Partially reversing a 1.05% gain from Tuesday, Bitcoin ended the day at $9,473.4.

A mixed start to the day saw Bitcoin fall to an early morning low $9,430.0 before making a move.

Steering clear of the first major support level at $9,418.27, Bitcoin rose to an early afternoon intraday high $9,566.0.

Falling short of the first major resistance level at $9,620.27, Bitcoin slid to a late intraday low $9,260.0.

Bitcoin fell through the first major support level at $9,418.27 and the second major support level at $9.302.13.

Finding support late on, Bitcoin bounced back to $9,400 levels to limit the downside on the day.

The recovery saw Bitcoin break back through the support levels on the way.

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 Wednesday.

Cardano’s ADA rallied by 5.23% to lead the way.

Bitcoin Cash ABC (+1.81%) and Tezos (+2.20%) also found strong support.

EOS (+0.64%), Litecoin (+0.30%), Ripple’s XRP (+0.44%), Stellar’s Lumen (+0.91%), and Tron’s TRX (+1.00%) saw modest gains on the day.

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

Binance Coin (-0.30%), Bitcoin Cash SV (-1.40%), Ethereum (-0.70%), and Monero’s XMR (-1.06%) joined Bitcoin in the red.

Through the current week, the crypto total market cap fell to a Monday low $246.94bn before rising to a Wednesday high $266.87bn. At the time of writing, the total market cap stood at $263.10bn.

On Monday, Bitcoin’s dominance rose to a Monday high 66.60% before sliding to a Wednesday low 65.87%. At the time of writing, Bitcoin’s dominance stood at 65.96%.

This Morning

At the time of writing, Bitcoin was down by 0.34% to $9,441.2. A bearish start to the day saw Bitcoin fall from an early morning high $9,476.2 to a low $9,420.8.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+0.13%), Cardano’s ADA (+0.53%) EOS (+0.15%), Stellar’s Lumen (+0.16%), and Tezos (+0.38%) bucked the trend early on.

Bearish for the rest of the majors, Ripple’s XRP was down by 0.19% to lead the way down.

BTC/USD 18/06/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through to sub-$9,433 levels to bring the first major resistance level at $9,606.27 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $9.566.0.

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

In the event of a crypto breakout, Bitcoin could eye $9,700 levels and the second major resistance level at $9,739.13.

Failure to avoid a fall the $9,433 pivot level could see Bitcoin fall deeper into the red.

A fall through the morning low $9,420.8 would bring the first major support level at $9,300.27 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$9,000 levels. The second major support level at $9,127.13 should limit any downside.

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