The Crypto Daily – Movers and Shakers – July 11th, 2020

Bitcoin, BTC to USD, rose by 0.60% on Friday. Following a 2.32% slide on Thursday, Bitcoin ended the day at $9,304.6.

It was a bearish start to the day for Bitcoin. Bitcoin fell to an early morning intraday low $9,133.1 before finding support.

Finding support at the first major support level at $9,132.03, Bitcoin rallied to a late intraday high $9,324.6.

In spite of the late recovery, Bitcoin fell well short of the first major resistance level at $9,407.73.

The late recovery, however, saw Bitcoin wrap up the day in positive territory.

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 Friday.

Binance Coin (+2.73%), Bitcoin Cash ABC (+1.00%), Monero’s XMR (+0.25%), and Tezos (+0.34%) bucked the trend on the day.

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

Cardano’s ADA led the way down, with a loss of 4.63%.

Bitcoin Cash SV (-2.00%), XRP (-1.69%) Stellar’s Lumen (-0.99%), and Tron’s TRX (-2.02%) also struggled.

EOS (-0.72%), Ethereum (-0.33%), and Litecoin (-0.02%) saw relatively modest losses 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 $267.03bn.

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 64.05%.

This Morning

At the time of writing, Bitcoin was down by 0.06% to $9,299.0. A mixed start to the day saw Bitcoin rise to an early morning high $9,311.8 before falling to a low $9,294.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.19%), Ethereum (-0.02%), and Litecoin (-0.02%) joined Bitcoin in the red.

It was a bullish start for the rest of the majors, with Stellar’s Lumen up by 3.53% to lead the way.

BTC/USD 11/07/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $9,254 pivot level to support a run at the first major resistance level at $9,375.6.

Support from the broader market would be needed, however, for Bitcoin to break out from Friday’s high $9,324.6.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, Bitcoin should break out from the second major resistance level at $9,445.6 before any pullback.

Failure to avoid a fall through the $9,254 pivot level would bring the first major support level at $9,183.6 into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$9,000 levels. The second major resistance level at $9,062.6 should limit any downside.

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

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.

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%.

BTC/USD 10/07/20 Daily Chart

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.

The Crypto Daily – The Movers and Shakers – July 8th, 2020

Bitcoin fell by 1.00% on Tuesday. Partially reversing a 2.99% gain from Monday, Bitcoin ended the day at $9,267.5.

It was a mixed start to the day for Bitcoin. Bitcoin rose to an early morning intraday high $9,389.4 before hitting reverse.

Falling well short of the first major resistance level at $9,475.2, Bitcoin slid to a late intraday low $9,211.1.

Steering clear of the first major support level at $9,161.4, Bitcoin moved back through to $9,260 levels to limit the loss on the day.

The near-term bullish trend remained intact in spite of the recent 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 Tuesday.

Cardano’s ADA jumped by 11.78% to lead the way.

Binance Coin (+2.94%), Stellar’s Lumen (+2.76%), and Tezos (+2.71%) also bucked the trend on the day.

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

Bitcoin Cash SV (-4.55%) and Tron’s TRX (-4.80%) led the way down.

Bitcoin Cash ABC (-1.28%), EOS (-2.14%), Ethereum (-0.97%), Litecoin (-1.54%), Monero’s XMR (-0.68%) and Ripple’s XRP (-1.93%) also joined Bitcoin in the red.

In the current week, the crypto total market cap rose from a Monday low $254.54bn to Tuesday high $267.10bn. At the time of writing, the total market cap stood at $263.81bn.

Bitcoin’s dominance fell from a Monday high 65.58% to a Tuesday low 64.30%. At the time of writing, Bitcoin’s dominance stood at 64.58%.

This Morning

At the time of writing, Bitcoin was down by 0.07% to $9,261.2. A bullish start to the day saw Bitcoin rise to an early morning high $9,278.6 to a low $9,256.0.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA was on the move once more, rising by 1.20%, with BNB up by 0.23% at the time of writing.

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

At the time of writing, Bitcoin Cash and Tron’s TRX were down by 1.07% and by 2.19% to lead the way down.

BTC/USD 08/07/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $9,290 pivot to support a run at the first major resistance level at $9,367.57.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,300 levels.

Barring an extended crypto rebound, the first major resistance level and Tuesday’s high $9,389.4 would likely cap any upside.

In the event of a crypto breakout, Bitcoin should break through the second major resistance level at $9,467.63.

Failure to move through the $9,290 pivot level would bring the first major support level at $9,189.27 into play.

Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$9,100 levels. The second major resistance level at $9,111.03 would likely limit any downside.

The Crypto Daily – The Movers and Shakers – July 6th, 2020

 

Bitcoin fell by 0.68% on Sunday. Reversing a 0.57% gain from Saturday, Bitcoin ended the week down by 0.45% to $9,084.3.

It was a mixed start to the day for Bitcoin. Bitcoin rose to an early morning intraday high $9,152.3 before hitting reverse.

Falling well short of the first major resistance level at $9,214.47, Bitcoin slid to a late intraday low $8,918.0.

Bitcoin fell through the first major support level at $9,070.47 and the second major support level at $8,993.23.

Steering clear of the 23.6% FIB of $8,900, Bitcoin broke back through the support levels to wrap up the day at $9,080 levels.

The near-term bullish trend remained intact in spite of the recent 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 bearish day on Sunday.

Cardano’s ADA and EOS led the way down, sliding by 2.76% and by 2.10% respectively.

Bitcoin Cash SV (-1.53%), Litecoin (-1.31%), Monero’s XMR (-1.22%), and Tezos (-1.77%) weren’t far behind.

Binance Coin (-0.51%), Bitcoin Cash ABC (-0.90%), Ethereum (-0.73%), Ripple’s XRP (-0.49%), Stellar’s Lumen (-0.95%), and Tron’s TRX (-0.79%) saw relatively modest losses.

For the week, it was a mixed bag for the majors.

Cardano’s ADA surged by 22.38% to lead the way.

Stellar’s Lumen (+4.40%) and Tron’s TRX (+7.56%) also found strong support.

Binance Coin (+0.72%), Bitcoin Cash ABC (+0.16%), EOS (+1.82%), Ethereum (+1.21%), Litecoin (+0.60%), Monero’s XMR (+0.14%), and Ripple’s XRP (+0.17%) saw modest gains.

Bitcoin Cash SV (-3.81%) and Tezos (-3.33%) bucked the trend for the week.

Through the week, the crypto total market cap rose to a Wednesday high $260.82bn before falling to a Thursday low $249.45bn. At the time of writing, the total market cap stood at $255.26bn.

Bitcoin’s dominance rose to a Monday high 66.29% before falling to a Sunday low 65.25%. At the time of writing, Bitcoin’s dominance stood at 65.44%.

This Morning

At the time of writing, Bitcoin was down by 0.06% to $9,078.5. A mixed start to the day saw Bitcoin rise to an early morning high $9,094.2 before falling to a low $9,075.8.

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

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

At the time of writing, Tron’s TRX was up by 2.17% to lead the way.

Litecoin and Stellar’s Lumen also found support, with gains of 0.10% and 0.02% respectively.

It was a bearish start for the rest of the majors, however. Leading the way down was Monero’s XMR with a loss of 0.78%.

BTC/USD 06/07/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $9,052 pivot to support a run at the first major resistance level at $9,185.07.

Support from the broader market would be needed, however, for Bitcoin to break out from Sunday’s high $9,152.3.

Barring an extended crypto rebound, the first major resistance level and Sunday’s high would likely cap any upside.

In the event of a crypto breakout, Bitcoin should break through the second major resistance level at $9,285.83 to visit $9,300 levels.

Failure to avoid a fall through the $9,052 pivot level would bring the first major support level at $8,950.77 into play.

Barring an extended crypto sell-off, Bitcoin should avoid sub-$8,900 levels. The 23.6% FIB of $8,900 should limit any downside.

The Crypto Daily – Movers and Shakers – July 5th, 2020

Bitcoin rose by 0.57% on Saturday. Reversing a 0.30% decline from Friday, Bitcoin ended the day at $9,147.7.

It was a mixed start to the day for Bitcoin. Bitcoin rose to an early morning high $9,104 before pulling back.

Falling short of the first major resistance level at $9,120.23, Bitcoin slid to a mid-afternoon intraday low $9,060.0.

Steering clear of the first major support level at $9,041.43, Bitcoin rallied to a late afternoon intraday high $9,204.0.

Bitcoin broke through the first major resistance level at $9,120.23 and second major resistance level at $9,167.27.

A late pullback saw Bitcoin fall back through the second major resistance level at $9,167.27.

The near-term bullish trend remained intact in spite of the recent 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 bullish day on Saturday.

Cardano’s ADA led the way, rallying by 3.78%.

Bitcoin Cash ABC (+2.07%), Litecoin (+2.43%), Monero’s XMR (+2.52%), and Tezos (+2.38%) also made solid gains.

Binance Coin (+1.90%), Bitcoin Cash SV (+0.14%), EOS (+1.66%), Ethereum (+1.94%), Ripple’s XRP (+1.09%), Stellar’s Lumen (+0.61%), and Tron’s TRX (+1.06%) trailed the front runners.

Through the current week, the crypto total market cap rose to a Wednesday high $260.82bn before falling to a Thursday low $249.45bn. At the time of writing, the total market cap stood at $257.34bn.

Bitcoin’s dominance rose to a Monday high 66.29% before falling to a Saturday low 65.30%. At the time of writing, Bitcoin’s dominance stood at 65.48%.

This Morning

At the time of writing, Bitcoin was flat at $9,147.9. A mixed start to the day saw Bitcoin rise to an early morning high $9,152.3 before falling to a low $9,142.7.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA was down by 1.83%, at the time of writing, to lead the way down.

Ethereum (-0.03%), Litecoin (-0.33%), and Monero’s XMR (-0.56%) were also in the red.

It was a bullish start for the rest of the majors. Bitcoin Cash SV and Tron’s TRX were both up by 0.36% to lead the way.

BTC/USD 05/07/20 Daily Chart
BTC/USD 05/07/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $9,137 pivot to support a run at the first major resistance level at $9,214.47.

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

Barring an extended crypto rebound, the first major resistance level and Saturday’s high $9,204.0 would likely cap any upside.

In the event of a crypto breakout, Bitcoin should break through the second major resistance level at $9,281.23 before any pullback.

Failure to avoid a fall through the $9,137 pivot level could see Bitcoin struggle on the day.

A fall back through to sub-$9,100 levels would bring the first major support level at $9,070.47 into play.

Barring an extended crypto sell-off, Bitcoin should avoid sub-$9,000 and the 23.6% FIB of $8,900. The second major support level sits at $8,993.23.

The Crypto Daily – Movers and Shakers – July 4th, 2020

Bitcoin fell by 0.30% on Friday. Following on from a 1.51% slide from Thursday, Bitcoin ended the day at $9,073.2.

It was a relatively range-bound day for Bitcoin. A bullish start to the day saw Bitcoin rise to a late morning intraday high $9,135.5 before pulling back.

Falling well short of the first major resistance level at $9,260.8, Bitcoin slid to a late morning intraday low $9,056.7.

Steering clear of the first major support level at $8,944.6, Bitcoin moved back through to $9,130 levels before easing back.

A bearish end to the day left Bitcoin in the red.

The near-term bullish trend remained intact in spite of the recent 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 Friday.

Cardano’s ADA reversed Thursday’s slide, with a 3.87% gain to lead the way.

Bitcoin Cash SV (+0.70%), EOS (+2.46%), Litecoin (+0.22%), Ripple’s XRP (+1.02%), and Tron’s TRX (+0.78%) also found support.

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

Binance Coin (-0.59%), Bitcoin Cash ABC (-0.44%), Ethereum (-0.61%), Monero’s XMR (-3.48%), Stellar’s Lumen (-0.40%), and Tezos (-2.41%) struggled on the day.

Through the current week, the crypto total market cap rose to a Wednesday high $260.82bn before falling to a Thursday low $249.45bn. At the time of writing, the total market cap stood at $254.5bn.

Bitcoin’s dominance rose to a Monday high 66.29% before falling to a Friday low 65.39%. At the time of writing, Bitcoin’s dominance stood at 65.63%.

This Morning

At the time of writing, Bitcoin was down by 0.04% to $9,069.2. A mixed start to the day saw Bitcoin fall to an early morning low $9,063.2 before rising to a high $9,086.6.

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

Elsewhere, it’s a mixed start to the day.

Binance Coin (-0.34%), Ethereum (-0.03%), Monero’s XMR (-0.02%), Stellar’s Lumen (-0.01%), and Tezos (-0.20%) joined Bitcoin in the red.

It was a bullish start to the day for the rest of the majors. At the time of writing, Cardano’s ADA was up by 1.72% to lead the way.

BTC/USD 04/07/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $9,090 pivot to support a run at the first major resistance level at $9,120.23.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,100 levels.

Barring an extended crypto rebound, the first major resistance level and Friday’s high $9,135.5 would likely cap any upside.

In the event of a crypto breakout, Bitcoin should break through the second major resistance level at $9,167.27 before any pullback.

Failure to move through the $9,090 pivot level could see Bitcoin struggle on the day.

A fall back through Friday’s low $9,056.7 would bring the first major support level at $9,041.43 into play.

Barring an extended crypto sell-off, Bitcoin should avoid sub-$9,000 and the 23.6% FIB of $8,900. The second major support level at $9,009.67 should limit any downside on the day.

The Crypto Daily – The Movers and Shakers – July 3rd, 2020

Bitcoin fell by 1.51% on Thursday. Reversing a 0.98% gain from Wednesday, Bitcoin ended the day at $9,100.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $9,266.2 before hitting reverse.

Falling short of the first major resistance level at $9,322.13, Bitcoin fell to a mid-morning low $9,171.8.

Steering clear of the major support levels, Bitcoin recovered to $9,260 levels before a 2nd sell-off.

The 2nd sell-off saw Bitcoin slide to a late afternoon intraday low $8,950.

Bitcoin fell through the first major support level at $9,133.53 and the second major support level at $9,027.17.

Avoiding the 23.6% FIB of $8,900, Bitcoin recovered to $9,100 levels to limit the loss on the day.

While breaking back through the second major support level, the first major support level at $9,133.53 pinned Bitcoin back.

The near-term bullish trend remained intact in spite of the recent 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.

Cardano’s ADA slid by 4.03% to lead the way down.

Binance Coin (-2.72%), Bitcoin Cash ABC (-2.06%), Bitcoin Cash SV (-2.59%), Ethereum (-2.02%), Litecoin (-1.79%), Stellar’s Lumen (-2.48%), Tezos (-2.63%), and Tron’s TRX (-1.73%) also struggled.

EOS (-0.71%), and Ripple’s XRP (-0.83%) saw relatively modest losses.

Monero’s XMR bucked the trend, rising by 1.19%.

Through the current week, the crypto total market cap rose to a Wednesday high $260.82bn before falling to a Thursday low $249.3bn. At the time of writing, the total market cap stood at $254.86bn.

Bitcoin’s dominance rose to a Monday high 66.29% before falling to a Thursday low 65.63%. At the time of writing, Bitcoin’s dominance stood at 65.81%.

This Morning

At the time of writing, Bitcoin was up by 0.12% to $9,110.8. A mixed start to the day saw Bitcoin fall to an early morning low $9,083.0 before rising to a high $9,110.9.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.02%), Ethereum (-0.11%), Litecoin (-0.05%), Monero’s XMR (-0.12%), Stellar’s Lumen (-0.31%), and Tezos (-0.80%) struggled early on.

It was a relatively bullish start for the rest of the majors.

At the time of writing, Cardano’s ADA was up by 0.54% to lead the way.

BTC/USD 03/07/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $9,100 pivot to support a run at the first major resistance level at $9,260.8.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $9,266.2.

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

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,421.6 before any pullback.

Failure to avoid a fall back through the $9,100 pivot level could see Bitcoin struggle on the day.

A fall back through to sub-$9,100 would bring the first major support level at $8,944.6 into play.

Barring another extended crypto sell-off, Bitcoin should avoid the second major support level at $8,789.2. The 23.6% FIB of $8,900 should limit any downside on the day.

The Crypto Daily – Movers and Shakers – July 1st, 2020

Bitcoin fell by 0.48% on Tuesday. Partially reversing a 0.76% gain from Monday, Bitcoin ended June down by 3.18% to $9,150.8. While down for the month, Bitcoin surged by 42.33% in the 2nd quarter…

It was a mixed start to the day for Bitcoin. In the early hours, Bitcoin rose to an early morning high intraday high $9,206.5 before hitting reverse.

Falling short of the first major resistance level at $9,286.23, Bitcoin slid to an early afternoon intraday low $9,077.0.

Steering clear of the first major support level at $9,060.33, Bitcoin revisited $9,190 levels before easing back into the red.

The near-term bullish trend remained intact in spite of the recent 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 Tuesday.

Stellar’s Lumen and Tron’s TRX rose by 2.85% and 1.17% respectively to buck the trend.

It was a bearish end to the month for the rest of the majors.

Tezos led the way down, with a 2.19% loss.

Bitcoin Cash ABC (-1.65%), Bitcoin Cash SV (-1.17%), Cardano’s ADA (-1.04%), Ethereum (-1.02%), Litecoin (-1.70%), and Ripple’s XRP (-1.07%) also struggled.

Binance Coin (-0.52%), EOS (-0.51%), and Monero’s XMR (-0.87%) saw relatively modest losses on the day.

For the month of June, it was also a mixed bag.

Cardano’s ADA and Tron’s TRX bucked the trend, with gains of 12.27% and 3.82% respectively.

Bitcoin Cash SV (-18.07%), Ripple’s XRP (-13.21%), and Tezos (-15.97%) led the way down.

Binance Coin (-9.95%), Bitcoin Cash ABC (-7.54%), and Litecoin (-9.66%) also struggled.

Ethereum (-2.57%), Monero’s XMR (-2.07%), and Stellar’s Lumen (-4.18%) saw relatively modest losses.

It was also a mixed 2nd quarter for the crypto majors.

Cardano’s ADA led the way, surging by 172.45%.

Binance Coin (+22.43%), Ethereum (+69.43%), Monero’s XMR (+33.05%), Stellar’s Lumen (+65.45%), Tezos (+46.32%), and Tron’s TRX (+41.46%) also saw solid gains.

Bitcoin Cash ABC (+1.26%), EOS (+6.98%), Litecoin (+5.03%), and Ripple’s XRP (+0.91%) trailed the pack.

Bucking the trend in the quarter, was Bitcoin Cash SV, however, which fell by 4.63%.

Through the current week, the crypto total market cap fell to a Monday low $250.49bn before rising to a Monday high $258.71bn. At the time of writing, the total market cap stood at $254.52bn.

Bitcoin’s dominance rose to a Monday high 66.29% before falling to a low 65.79%. At the time of writing, Bitcoin’s dominance stood at 66.04%.

This Morning

At the time of writing, Bitcoin was down by 0.17% to $9,134.9. A bearish start to the day saw Bitcoin fall from an early morning high $9,150.6 to a low $9,109.4.

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

Elsewhere, it was a mixed start to the day.

Binance Coin bucked the trend early on, rising by 0.39%.

It was a bearish start to the quarter for the rest of the majors.

At the time of writing, Stellar’s Lumen was down by 0.97% to lead the way down.

BTC/USD 01/07/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $9,145 pivot to support a run at the first major resistance level at $9,212.47.

Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $9,206.5.

Barring an extended crypto rebound, the first major resistance level and Tuesday’s high would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $9,274.23 and $9,300 levels before any pullback.

Failure to move through the $9,145 pivot level could see Bitcoin struggle on the day.

A fall back through to sub-$9,100 would bring the first major support level at $9,082.97 into play.

Barring an extended crypto sell-off, Bitcoin should avoid the 23.6% FIB of $8,900. The second major support level at $9,015.23 should limit any downside on the day.

 

How to Invest in Cryptocurrencies: The Complete Guide for 2020

Seasoned investors continue to cross over from the more mature asset classes and regulators have eased off on the Crypto assault that led to the 2018 slump.

With Bitcoin and the broader market sitting at more than 50% below their all-time highs, there is still plenty of incentive to enter the crypto sphere.

For many, however, the crypto market may seem like a maze. There are a tremendous number of exchanges and brokers and that is before considering regulations imposed by regulators in recent years.

Investing in cryptocurrencies requires a level of due diligence not too dissimilar to the research involved in other more mature asset classes.

The volatility and sizeable returns on offer have certainly allowed investors to dream. After all, Bitcoin has yielded a mass number of Bitcoin millionaires, more commonly known as whales.

So, how do we invest in cryptocurrencies?

While there are multiple considerations, some are more important than others when looking to enter the crypto market.

Just jumping in on a whim that the majors will reach historical highs is a dangerous game. This is no dissimilar to jumping into the equity markets when they are sitting at record highs.

There is one material difference, however. The regulatory landscape has materially changed since late 2017. For this very reason, investors may continue to face plenty of uncertainty before the market can find a return to the hay days.

Understanding the key drivers and market characteristics are therefore particularly important.

Basic Essentials

In this guide, you will learn the key preparations that you need in order to build your cryptocurrency portfolio.

Before making an investment, deciding on the source of funds would certainly be step 1.

In spite of the current interest rate environment, it is recommended that you avoid funding the portfolio with debt.

Credit Card or Bank Account – Investors will, therefore, need to decide on cash or credit card. As an investor, you can either fund your crypto trading account with a debit/credit card or by funding with a bank transfer.

It is worth noting, however, that certain jurisdictions have banned the funding of crypto exchanges with credit cards. Some banks have even taken a step further and banned the transfer of fiat money to such exchanges.

Nonetheless, the simplest method to fund a crypto exchange account is with a credit/debit card. This does tend to come with higher fees and caps on transfer amounts, however.

Fiat to Bitcoin Exchange

First, you need to decide on which cryptocurrency or cryptocurrencies that you wish to trade.

You would then need to identify the exchanges that have the largest trading volumes for the chosen cryptocurrencies.

One consideration here is your source of funds. Not all exchanges allow fiat money deposits. A vast majority of exchanges restrict deposits to Bitcoin.

Carrying out the necessary research on the most appropriate exchange is important. If you are looking for an exchange that accommodates the purchase of Bitcoin with fiat money:

Coinbase is popular and easy to use, with a strong global presence. The exchange has the necessary security measures as well as delivering adequate liquidity for trading.

When searching for the right exchange, it is worth noting that each has its pros and cons. The important thing is to identify the exchange that, first and foremost, delivers on your personal requirements.

Other popular exchanges include:

These crypto exchanges not only cater to Bitcoin investors and traders but altcoins in general.

It’s also worth considering exchanges that offer a wider choice of cryptocurrencies and altcoins. This would allow you to diversify your investments and gain exposure to the broader crypto market.

We recommend that you use Coingecko to research the respective cryptocurrencies and volumes across the exchanges.

Bitcoin to Crypto Exchange

The next exchanges that you should look into are the ones you will be using for the Altcoins. Many of the smaller coins, my market cap, are generally not supported by larger exchanges. Generally speaking, the only way to buy those smaller coins is by buying them using Bitcoins or Ethereum.

On most exchanges, you need to deposit Bitcoins as you cannot buy coins directly from the exchange. This is why it’s crucial that you have a Fiat to Bitcoin Exchange first.

You can buy Altcoins from Binance, BitTrex, Kucoin, and Kraken.

Choose the Right Wallet

The next step in the crypto investment journey is to select the appropriate crypto wallets. It is essential to have your crypto wallet before buying any cryptocurrencies. You will need wallets to store your coins within your secure personal wallets.

While exchanges allow investors to hold purchases coins within assigned exchange wallets, it’s recommended that you withdraw your cryptos and hold them in private wallets. This protects you and your investments from hackers and theft. It is also worth noting that wallet compatibility also needs to be considered.

Crypto wallets to choose from include but are not limited to:

Before Getting Started

Prior to deciding on the most suitable crypto exchanges and wallets to support your trading activity, you need a trading strategy. As part of your strategy build, there are a number of factors to keep in mind:

  • Only invest in what you can afford to lose
  • Do not take a loan to invest
  • Do your own research, monitor the news wires, and view technical analysis on the respective cryptos that you decide to go with. FX Empire covers the largest cryptos, with exchanges also providing technical analysis to their users free of cost.
  • Set realistic expectations, don’t be greedy, and know when to accept a loss. (It is easy to be influenced by the news wires and overzealous analysts talking of the next crypto boom or doom. It is best to block out such noise.

Forming a Crypto Trading Strategy

While identifying the most appropriate wallets and exchanges are vital, formulating a trading strategy is undoubtedly the most important pre-investment step for a prospective trader.

Key Decisions:

  • Cryptocurrency selection – A blend of the largest cryptos along with medium-sized to small cryptos by market cap is recommended. This also addresses any liquidity issues for the overall portfolio.
  • Worth noting – A certain cryptocurrencies may have values that exceed the intended investment size. In such instances, identifying an exchange that offers CFDs or partial investment of a crypto coin is important.
  • Trader durations – For traders with adequate time to trade, a short, medium, and longer-term trading strategy would make sense.
    • Smaller size, more volatile, coins increase earnings potential intraday. These should ideally form no more than 20% of the total investment pool.
    • The Largest coins should form longer-term strategies. With adequate research, however, smaller coins may also form part of this strategy.
    • For the more medium-term strategies, which would be anything beyond intraday but less than a month, a blended portfolio is recommended. This can comprise of small, medium, and large-cap coins.
  • In any trading strategy -using risk management tools and indicators is recommended. While there are fees incurred for using stop loss and trade profit, using these would protect your downside.

80/20 Rule

When considering crypto market volatility and the rise and fall of the smaller coins, an 80/20 blend of large-cap to mid to small-cap would be recommended.

This would provide the opportunity to make sizeable gains any sudden surge in the small to mid-cap cryptos, whilst also holding the more stable coins. Do note that stable is a relative term in the crypto market. Even Bitcoin can see sizeable swings on a given day…

Does the Number of Coins Matter?

It ultimately boils down to the investment strategy that you build. With a blended portfolio, 1 Bitcoin may make up your large-cap portfolio, or 20 Litecoin for instance. It is important to focus on the blend rather than the actual number of coins that make up each component of the portfolio.

Recommendations

Below is a range of cryptos to consider the different components of your portfolio. This is not a comprehensive breakdown of the broader market and there may be coins that are more to your liking. As always, carry out the necessary research before hitting the buy or sell order…

Large Caps

Tezos, Ripple, Bitcoin, Ethereum, EOS, Cardano, Bitcoin Cash SV, Bitcoin Cash ABC, and Binance Coin.

Mid-Caps

Zcash, VeChain, True USD, Tron’s TRX, Qtum, OmiseGo, OKB, NEO, Ethereum Classic, Dogecoin, DASH, and Cosmos. These have been selected based on 24-hour volumes and have market caps of between $100m and $1bn.

Low Caps

This will consist of cryptos with a market cap of less than $100m and will likely have lower trading volumes. That means less liquidity, which is why this component should form a lower proportion of the portfolio.

Unibright, Theta Fuel, Status, MCO, Matic Network, IOST, HyperCash, BitTorrent, and ABBC Coin.

Next Steps

Once you have built your strategy, selected your cryptos, opened your trading accounts, and set up your wallets, it’s time to trade.

While you may be able to have a better sense of when to enter more mature markets, such as the global equity market, it’s less simple to pick the right entry point in the crypto world.

Other than entering at an all-time high, there’s no hard and fast rule other than waiting for any sell-off to flatten out.

Once you start trading, remain disciplined, and ensure you run your risk parameters each day.

These will include your charts that should have your support and resistance levels embedded.

And remember, not every trade will yield a return, so don’t panic should your first trade take a hit.