The Crypto Daily – Movers and Shakers – July 28th, 2020

Bitcoin, BTC to USD, rallied by 11.01% on Monday. Following on from a 2.40% gain on Sunday, Bitcoin ended the day at $11,044.

It was bullish day, with Bitcoin rallying from an early morning intraday low $9,944.9 to a late intraday high $11,379.0.

Bitcoin broke through the day’s major resistance levels before falling back to sub-$10,800 levels.

The pullback saw Bitcoin fall back through the third major resistance level at $10,968.13 before finding support.

Finding late support, however, Bitcoin broke back through the third major resistance level to end the day at $11,000 levels.

The near-term bullish trend remained intact, supported by the latest run at $11,000 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 Monday.

Cardano’s ADA (-6.64%), Stellar’s Lumen (-4.75%), and Tezos (-5.30%) saw heavy losses on the day.

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

Bitcoin Cash ABC (+7.64%), Bitcoin Cash SV (+8.38%), and Litecoin (+10.91%) led the way.

Binance Coin (+1.02%), EOS (+5.07%), Ethereum (+3.47%), Monero’s XMR (+0.52%), Ripple’s XRP (+4.33%), and Tron’s TRX (+0.93%) trailed the front runners.

At the start of the week, the crypto total market cap rose from a Monday low $285.49bn to a high $335.80bn. At the time of writing, the total market cap stood at $319.54bn.

Bitcoin’s dominance rose from a Monday low 62.43% to a Monday high 64.85% before easing back. At the time of writing, Bitcoin’s dominance stood at 64.41%.

This Morning

At the time of writing, Bitcoin was up by 1.08% to $11,162.9. A bullish start to the day saw Bitcoin rise from an early morning low $11,044.0 to a high $11.263.0.

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

Elsewhere, Cardano’s ADA continued to buck the trend. At the time of writing, Cardano’s ADA was down by 0.95%.

It was a bullish start to the day for the rest of the majors, however, with Binance Coin up by 2.15% to lead the way.

BTC/USD 28/07/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $10,789 pivot to support a run at the first major resistance level at $11,634.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $11,379.

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

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $12,223.

Failure to avoid a fall through the $10,789 pivot level would bring the first major support level at $10,200 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer well clear of the first major support level at $10,200.

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