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

Bitcoin fell by 0.13% on Tuesday. Following a 0.35% gain on Monday, Bitcoin ended the day at $9,771.9.

It was a particularly choppy start to the day. Bitcoin rallied to an early morning intraday high $9,876.0 before hitting reverse.

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

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

Finding support through the afternoon, Bitcoin rallied to a high $9,835.8 before easing back into the red.

The first major resistance level at $9,840.57 pinned Bitcoin back late in the day.

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

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 bearish day on Tuesday.

Cardan’s ADA slid by 4.05% to lead the way down.

EOS (-1.41%), Ethereum (-1.02%), Litecoin (-1.23%), Ripple’s XRP (-1.49%), Stellar’s Lumen (-1.76%), Tezos (-1.36%), and Tron’s TRX (-2.34%) also saw relatively heavy losses.

Binance Coin (-0.34%), Bitcoin Cash ABC (-0.54%), Bitcoin Cash SV (-0.96%), and Monero’s XMR (-0.70%) saw relatively modest losses on the day.

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 $273.04bn.

Early in the week, Bitcoin fell to a Monday low 65.79% before rising to a Tuesday high 66.21%. At the time of writing, Bitcoin’s dominance stood at 66.04%.

This Morning

At the time of writing, Bitcoin was up by 0.09% to $9,781.0. A mixed start to the day saw Bitcoin fall to an early morning low $9,759.5 before rising to a high $9,801.6.

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

Elsewhere, it has been a mixed start to the day.

Cardano’s ADA led the down early on, with a 2.02% slide.

Bitcoin Cash ABC (-0.03%), Bitcoin Cash SV (-0.11%), Monero’s XRM (-0.12%), Stellar’s Lumen (-0.26%), Tezos (-0.36%), and Tron’s TRX (-0.10%) were also in the red at the time of writing.

Binance Coin (+0.37%), EOS (+0.04%), Ethereum (+0.14%), Litecoin (+0.22%), and Ripple’s XRP (+0.24%) joined Bitcoin in the green.

For the Bitcoin Day Ahead

Bitcoin would need to avoid sub-$9,740 levels to bring the first major resistance level at $9,905.97 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $9,876.0.

Barring another broad-based crypto rally, the first major resistance level and Tuesday’s high would likely limit any upside.

In the event of an extended crypto rally, Bitcoin could eye the second major resistance level at $10,040.03 before any pullback.

Failure to avoid sub-$9,740 levels could see Bitcoin struggle on the day.

A fall back through the morning low $9,759.5 to sub-$9,740 levels would bring the first major support level at $9,607.87 into play.

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

This article was originally posted on FX Empire

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