The Crypto Daily – Movers and Shakers – August 21st, 2020
Bitcoin, BTC to USD, rose by 0.91% on Thursday. Partially reversing a 1.65% fall from Wednesday, Bitcoin ended the day at $11,864.0.
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It was a mixed start to the day. Bitcoin rose to an early morning high $11,831.0 before hitting reverse.
Falling short of the first major resistance level at $11,998, Bitcoin fell to a mid-morning intraday low $11,677.0.
Steering clear of the first major support level at $11,541, Bitcoin rose to a late intraday high $11,894.5.
Coming up short of the first major resistance level, Bitcoin slipped back to limit the upside on 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 Thursday.
Monero’s XMR jumped by 10.79% to lead the way.
Binance Coin (+3.13%), Cardano’s ADA (+3.48%), Stellar’s Lumen (+7.13%), Tezos (+6.15%), and Tron’s TRX (+3.51%) also found strong support.
Bitcoin Cash SV (+0.10%), EOS (+2.74%), Ethereum (+2.04%), Litecoin (+1.08%), and Ripple’s XRP (+0.84%) trailed the front runners.
Bitcoin Cash ABC bucked the trend, falling by 0.19%.
In the current week, the crypto total market rose to a Monday high $384.00bn before sliding to a Wednesday low $344.71bn. At the time of writing, the total market cap stood at $358.95bn.
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 60.94%.
This Morning
At the time of writing, Bitcoin was down by 0.18% to $11,842.5. A mixed start to the day saw Bitcoin rise to an early morning high $11,887.0 before falling to a low $11,834.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Monero’s XMR was up by 1.84% to lead the way.
Bitcoin Cash ABC (+0.59%), Bitcoin Cash SV (+0.42%), and Tron’s TRX (+0.25%) also found early support.
It was a bearish start for the rest of the majors, however.
At the time of writing, Tezos was down by 1.82% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $11,812 to support a run at the first major resistance level at $11,947.
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 Thursday’s high $11,894.5 would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $12,029 before any pullback.
Failure to avoid a fall through the $11,812 pivot level would bring the first major support level at $11,729 into play.
Barring an extended crypto sell-off, however, Bitcoin should avoid the second major support level at $11,594.