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The Crypto Daily – Movers and Shakers -06/06/20

Bob Mason
·3-min read

Bitcoin fell by 1.74% on Friday. Reversing a 1.17% gain from Thursday, Bitcoin ended the day at $9,620.4.

It was another mixed start to the day. Bitcoin rose to a late morning intraday high $9,865.8 before hitting reverse.

Falling short of the first major resistance level at $9,961.53, Bitcoin slid to a late morning low $9,624.1.

Steering clear of the major support levels, Bitcoin recovered to $9,700 levels before falling to a final hour intraday low $9,620.4.

In spite of the late pullback, Bitcoin steered clear of the first major support level at $9,540.43.

The near-term bullish trend remained intact, in spite of Friday’s pullback.

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 another mixed day for the majors on Friday.

Binance Coin and EOS bucked the trend on the day, with gains of 0.97% and 3.43% respectively.

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

Cardano’s ADA slid by 4.12% to lead the way down.

Litecoin (-1.43%), Ethereum (-1.29%), Stellar’s Lumen (-2.75%), and Tezos (-2.10%) also struggled.

Bitcoin Cash ABC (-0.07%), Bitcoin Cash SV (-0.44%), Monero’s XMR (-0.95%), Ripple’s XRP (-0.81%) saw relatively modest losses on the day.

Through the current week, the crypto total market cap rose to a Monday high $285.71bn before sliding to a Tuesday low $255.98bn. At the time of writing, the total market cap stood at $268.23bn.

At the start of the week, Bitcoin’s rose to a Monday high 67.13% before falling to a Thursday low 65.61%. At the time of writing, Bitcoin’s dominance stood at 65.77%.

This Morning

At the time of writing, Bitcoin was down by 0.24% to $9,597.0. A bearish start to the day saw Bitcoin fall from an early morning high $9,620.4 to a low $9,552.6.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA found early support, rising by 2.08%. EOS (+0.37%), Ethereum (+0.12%), and Ripple’s XRP (+0.17%) also saw green early on.

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

At the time of writing, Tron’s TRX was down by 1.10% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $9,700 levels to bring the first major resistance level at $9,784.0 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,620.4.

Barring a 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 $9,947.6 before any pullback.

Failure to move through to $9,700 levels could see Bitcoin struggle on the day.

A fall back through the morning low $9,552.6 would bring the first major support level at $9,538.6 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $9,456.8.

This article was originally posted on FX Empire

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