The Crypto Daily – Movers and Shakers – August 15th, 2020
Bitcoin, BTC to USD, slipped by 0.19% on Friday. Following a 1.98% gain on Thursday, Bitcoin ended the day at $11,775.5.
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It was a mixed start to the day. Bitcoin rose to an early morning high $11,848.5 before hitting reverse.
Falling short of the first major resistance level at $11,981, Bitcoin slid to an early afternoon intraday low $11,656.0.
Steering clear of the first major support level at $11,445 struck a late afternoon intraday high $11,863.5.
Continuing to fall short of the first major resistance level at $11,981, Bitcoin slipped back to sub-$11,800 levels and into the red.
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 Friday.
Bitcoin Cash ABC (-0.70%), Bitcoin Cash SV (-1.06%), Cardano’s ADA (-0.75%), Litecoin (-0.65%), Monero’s XMR (-0.83%), and Tezos (-0.61%) joined Bitcoin in the red.
It was a bullish day for the rest of the majors, however.
Tron’s TRX and Binance Coin led the way, with gains of 10.89% and 6.10% respectively.
EOS (+4.01%), Ethereum (+3.25%), Ripple’s XRP (+1.83%), and Stellar’s Lumen (+3.65%) also found support.
In the current week, the crypto total market cap fell to a Tuesday low $328.26bn before rising to a Saturday morning high $365.56bn. At the time of writing, the total market cap stood at $361.09bn.
Bitcoin’s dominance rose to a Monday high 62.63% before sliding to a Friday low 60.17%. At the time of writing, Bitcoin’s dominance stood at 60.82%.
This Morning
At the time of writing, Bitcoin was up by 1.12% to $11,907.5. A bullish start to the day saw Bitcoin rise from an early morning low $11,775.5 to a high $11,991.5.
Bitcoin broke through the first major resistance level at $11,874.0 and the second major resistance level at $11,972.5.
Elsewhere, it was a mixed start to the day.
Monero’s XMR (-0.02%), Tezos (-1.93%), and Tron’s TRX (-2.03%) saw red early on.
It was a bullish start for the rest of the majors.
At the time of writing, EOS was up by 2.99% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the first major resistance level at $11,874 to support a move back through the second major resistance level at $11,972.5.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $11,991.5, however.
Barring an extended crypto rally, the second major resistance level and resistance at $12,000 should cap any upside.
In the event of a crypto breakout, Bitcoin could eye the third major resistance level at $12,180 before any pullback.
Failure to avoid a fall through the first major resistance level would bring the sub-$11,800 levels into play.
Barring another extended crypto sell-off, however, Bitcoin should avoid the pivot level at $11,765 and the major support levels. The first major support level sits at $11,667.