The Crypto Daily – The Movers and Shakers – July 21st, 2020

Bitcoin, BTC to USD, fell by 0.56% on Monday. Reversing a 0.46% gain from Sunday, Bitcoin ended the day at $9,179.2.

It was another mixed start to the day. Bitcoin rose to an early morning intraday high $9,238.2 before hitting reverse.

Falling short of the first major resistance level at $9,316.2, Bitcoin fell to a late morning intraday low $9,154.5.

Steering clear of the first major support level at $9,129.0, Bitcoin revisited $9,200 levels before falling back into the red.

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 yet another mixed day on Monday.

Monero’s XMR rose by 0.74% to buck the trend on the day.

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

Tezos, Cardano’s ADA, and Stellar’s Lumen led the way down with losses of 7.33%, 5.20%, and 5.63% respectively.

Binance Coin (-3.05%), Bitcoin Cash ABC (-2.11%), Bitcoin Cash SV (-2.24%), Ripple’s XRP (-2.45%), and Tron’s TRX (-2.24%) also struggled.

EOS (-0.83%), Ethereum (-1.32%), and Litecoin (-1.69%), saw relatively modest losses.

At the start of the week, the crypto total market cap rose to a Monday high $267.96bn before falling to a Monday low $263.85bn. At the time of writing, the total market cap stood at $265.07bn.

Bitcoin’s dominance fell to a Monday low 63.41% before rising to a Monday high 63.94%. At the time of writing, Bitcoin’s dominance stood at 63.78%.

This Morning

At the time of writing, Bitcoin was up by 0.08% to $9,187.0. A mixed start to the day saw Bitcoin fall to an early morning low $9,174.4 before rising to a high $9,187.1.

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

Elsewhere, it was a bullish start to the day. At the time of writing, Tezos was up by 1.31% to lead the way.

BTC/USD 21/07/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $9,191 pivot to support a run at the first major resistance level at $9,227.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,200 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $9,238.2 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,274 before any pullback.

Failure to move through the $9,191 pivot level would bring the first major support level at $9,143 into play.

Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$9,000 levels. The third major resistance level at $9,023 should limit any downside.

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