The Crypto Daily – Movers and Shakers – August 20th, 2020

Bitcoin, BTC to USD, fell by 1.65% on Wednesday. Following on from a 2.79% slide on Tuesday, Bitcoin ended the day at $11,757.0.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $12,022.5 before hitting reverse.

Falling short of the first major resistance level at $12,300.5, Bitcoin tumbled to a late intraday low $11,565.5.

Bitcoin fell through the first major support level at $11,710.0 before wrapping up the day at $11,750 levels.

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 also another bearish day for the majors on Wednesday.

EOS (-6.31%) and Tron’s TRX (-7.76%) led the way down.

Bitcoin Cash ABC (-4.17), Bitcoin Cash SV (-4.36%), Cardano’s ADA (-5.30%), Litecoin (-5.13%), Stellar’s Lumen (-5.66%), and Ripple’s XRP (-4.29%), and Tezos (-5.29%) also saw heavy losses.

Binance Coin (-2.65%), Ethereum (-3.49%), and Monero’s XMR (-2.45%) saw relatively modest losses on the day.

In the current week, the crypto total market rose to a Monday high $384.00bn before sliding to a Wednesday low $344.69bn. At the time of writing, the total market cap stood at $355.40bn.

Bitcoin’s dominance fell to a Monday low 59.97% before rising to a Wednesday high 62.00%. At the time of writing, Bitcoin’s dominance stood at 61.27%.

This Morning

At the time of writing, Bitcoin was up by 0.32% to $11,794.5. A bullish start to the day saw Bitcoin rise from an early morning low $11,757.0 to a high $11,831.0.

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 2.98% to lead the way.

BTC/USD 20/08/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $11,782 to support a run at the first major resistance level at $11,998.

Support from the broader market would be needed, however, for Bitcoin to break back through to $11,900 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $12,022.5 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $12,239 before any pullback.

Failure to avoid a fall through the $11,782 pivot level would bring the first major support level at $11,541 into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid the second major support level at $11,325.

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