The Crypto Daily – Movers and Shakers – August 13th, 2020

Bitcoin, BTC to USD, rose by 1.59% on Wednesday. Partially reversing a 4.32% slide from Tuesday, Bitcoin ended the day at $11,569.5.

It was a bearish start to the day. Bitcoin slid to an early morning intraday low $11,155 before making a move.

Steering clear of the first major support level at $11,026, Bitcoin rallied to a late intraday high $11,628.0.

Falling short of the first major resistance level at $11,847, Bitcoin fell back to sub-$11,500 levels before finding late support.

Resistance at $11,600 pinned Bitcoin back, however.

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 Wednesday.

Bitcoin Cash SV (-1.24%) and Ripple’s XRP (-0.21%) bucked the trend.

It was a bullish day for the rest of the pack.

Tezos rallied by 8.87% to lead the way.

Binance Coin (+1.03%), Bitcoin Cash ABC (+1.32%), Ethereum (+2.20%), Monero’s XRM (+2.85%), Stellar’s Lumen (+1.32%) and also found strong support.

Cardano’s ADA (+0.05%), EOS (+0.69%), Litecoin (+0.83%), and Tron’s TRX (+0.42%) saw relatively modest gains on the day.

In the current week, the crypto total market cap rose to a Monday high $361.38bn before falling to a Tuesday low $328.26bn. At the time of writing, the total market cap stood at $347.81bn.

Bitcoin’s dominance rose to a Monday high 62.63% before sliding to a Wednesday low 61.54%. At the time of writing, Bitcoin’s dominance stood at 61.81%.


This Morning

At the time of writing, Bitcoin was up by 0.59% to $11,637.5. A mixed start to the day saw Bitcoin fall to an early morning low $11,551.0 before rising to a high $11,655.5.

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

Elsewhere, it was a mixed start to the day.

Binance Coin and Tezos were down by 0.22% and by 0.60% to buck the trend early on.

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

At the time of writing, Ethereum and Ripple’s XRP were up by 1.30% and by 1.06% to lead the way.

BTC/USD 13/08/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $11,451 pivot to support a run at the first major resistance level at $11,747.

Support from the broader market would be needed, however, for Bitcoin to break back through to $11,700 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $11,800 should cap any upside.

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $11,924 before any pullback.

A fall through the $11,451 pivot level would bring the first major support level at $11,274 into play.

Barring another extended crypto sell-off, however, Bitcoin should continue to avoid sub-$11,000 levels. The second major support level sits at $10,978.

Leave a Reply

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