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

Bitcoin, BTC to USD, Bitcoin rose by 1.86% on Monday. Reversing a 0.75% fall from Sunday, Bitcoin ended the day at $11,892.0.

It was a bullish start to the day. Bitcoin rallied to an early morning intraday high $12,065 before hitting reverse.

Bitcoin broke through the first major resistance level at $11,799 and the second major resistance level at $11,922.

The reversal saw Bitcoin slide to a late morning intraday low $11,450 before finding support.

Bitcoin fell through the first major support level at $11,540.87 before rebounding to $11,970 levels.

The rebound saw Bitcoin break back through the first and second major resistance levels before easing back to sub-$11,900 levels.

In spite of the late pullback, Bitcoin avoided a fall back through the first major resistance level at $11,799.

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 a mixed day for the majors on Monday.

Bitcoin Cash ABC and Cardano’s ADA fell by 0.07% and by 0.83% to buck the trend on the day.

It was a bullish day for the rest of the majors, with Tezos surging by 15.12% to lead the pack.

EOS (+6.91%), Litecoin (+2.35%), Ripple’s XRP (+2.28%), and Tron’s TRX (+4.83%) also found strong support.

Binance Coin (+0.98%), Bitcoin Cash SV (+0.57%), Ethereum (+1.38%), Monero’s XMR (+0.87%), and Stellar’s Lumen (+0.64%) trailed the front runners.

In the current week, the crypto total market cap rose to a Monday high $361.35bn before falling to a low $339.21bn. At the time of writing, the total market cap stood at $353.42bn.

Bitcoin’s dominance rose to a Monday high 62.62% before sliding to a low 61.70%. At the time of writing, Bitcoin’s dominance stood at 61.98%.

This Morning

At the time of writing, Bitcoin was down by 0.14% to $11,875.0. A mixed start to the day saw Bitcoin rise to an early morning high $11,917.0 before falling to a low $11,867.0.

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

Elsewhere, it was a mixed start to the morning.

Ethereum (-0.17%) and Monero’s XMR (-0.42%) joined Bitcoin in the red.

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

Ripple’s XRP (+1.38%) and Tezos (+1.41%) led the pack early on.

BTC/USD 11/08/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $11,800 pivot to support a run at the first major resistance level at $12,155.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $12,065.

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

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $12,417.

A fall through the $11,800 pivot level would bring the first major support level at $11,540 into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$11,500 levels. The second major support level sits at $11,187.33.

Leave a Reply

Your email address will not be published. Required fields are marked *