The Crypto Daily – Movers and Shakers – August 7th, 2020

Bitcoin, BTC to USD, rose by 0.20% on Thursday. Following on from a 4.91% rally on Wednesday, Bitcoin ended the day at $11,759.

It was a mixed start to the day. Bitcoin fell to an early morning intraday low $11,557 before making a move.

Steering clear of the first major support level at $11,281, Bitcoin rallied to a late intraday $11,890 before easing back.

Falling short of the first major resistance level at $11,996 Bitcoin fell back to $11,600 levels and into the red.

Finding late support, however, Bitcoin moved back through to $11,700 levels to deliver the upside.

The near-term bullish trend remained intact, supported by the latest move through to $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 another mixed day for the majors on Thursday.

Binance Coin (-2.36%), Ethereum (-1.48%), Stellar’s Lumen (-1.43%), and Tron’s TRX (-0.62%) saw red.

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

Bitcoin Cash ABC (+5.74%), Monero’s XMR (+5.37%), and Tezos (+3.75%) led the way.

Bitcoin Cash SV (+1.29%), Cardano’s ADA (+1.41%), EOS (+1.05%), Litecoin (+0.25%), and Ripple’s XRP (+0.19%) also joined Bitcoin in the green.

In the current week, the crypto total market cap rose from a Monday low $323.88bn to a Thursday high $355.09bn. At the time of writing, the total market cap stood at $348.75bn.

Bitcoin’s dominance fell from a Monday high 62.46% to a Tuesday low 61.24%. At the time of writing, Bitcoin’s dominance stood at 62.35%.

This Morning

At the time of writing, Bitcoin was up by 0.29% to $11,793.0. A mixed start to the day saw Bitcoin fall to an early morning low $11,738.0 before rising to a high $11,795.0.

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

Elsewhere, it was a mixed start to the day. Monero’s XMR bucked the trend early on, falling by 0.68%.

It was a bullish start for the rest of the majors, however. At the time of writing, Cardano’s ADA was up by 1.66% to lead the way.

BTC/USD 07/08/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $11,735 pivot to support a run at the first major resistance level at $11,914.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $11,890.

Barring an 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 $12,068.

Failure to avoid a fall through the $11,735 pivot level would bring the first major support level at $11,581 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$11,500 levels. The second major support level sits at $11,402.

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