The Crypto Daily – Movers and Shakers – August 18th, 2020

Bitcoin, BTC to USD, rallied by 3.18% on Monday. Following on from a 0.50% gain on Sunday, Bitcoin ended the day at $12,297.0.

It was a bearish start to the day. Bitcoin fell to an early afternoon intraday low $11,716 before making a move.

The pullback saw Bitcoin fall through the first major support level at $11,759 before striking an intraday high $12,485.5.

Bitcoin broke through the day’s major resistance levels before easing back to sub-$12,300 levels.

Bitcoin fell back through the third major resistance level at $12,347.83 to wrap up the day at sub-$12,300 levels. The third major resistance level had capped the upside late in the day.

The near-term bullish trend remained intact, supported by the latest move through to $12,000 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.

Binance Coin (-0.08%), EOS (-2.60%), Ethereum (-0.51%), Stellar’s Lumen (-1.37%), and Tezos (-4.71%) bucked the trend with losses on the day.

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

Tron’s TRX led the way, rallying by 8.00%.

Bitcoin Cash ABC (+4.12%), Litecoin (+5.25%), Monero’s XMR (+2.39%), and Ripple’s XRP (+3.51%) also saw solid gains.

Bitcoin Cash SV (+0.34%) and Cardano’s ADA (+1.17%).

At the start of the week, the crypto total market fell to an early Monday low $354.91bn before rising to a high $384.01bn. At the time of writing, the total market cap stood at $373.83bn.

Bitcoin’s dominance fell to a Monday low 59.97% before rising to a high 61.24%. At the time of writing, Bitcoin’s dominance stood at 60.95%.

This Morning

At the time of writing, Bitcoin was up by 0.33% to $12,337.0. A bullish start to the day saw Bitcoin rise from an early morning low $12,297.0 to a high $12,353.0.

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

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

At the time of writing, Tron’s TRX was up by 2.70% to lead the pack.

BTC/USD 18/08/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $12,166 to support a run at the first major resistance level at $12,616.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $12,485.5.

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 $12,935.67 and resistance at $13,000.

Failure to avoid a fall through the $12,166 pivot level would bring the first major support level at $11,847 into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$11,700 support levels. The second major support level sits at $11,397.

 

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