The Crypto Daily – Movers and Shakers – August 5th, 2020
Bitcoin, BTC to USD, fell by 0.38% on Tuesday. Partially reversing a 1.52% gain from Monday, Bitcoin ended the day at $11,184.0.
Your capital is at risk
It was a bullish start to the day. Bitcoin rose to an early morning intraday high $11,396.0 before hitting reverse.
Falling short of the first major resistance level at $11,474, Bitcoin slid to an early afternoon intraday low $11,003.0.
Steering clear of the first major support level at $10,961, Bitcoin briefly revisited $11,260 levels before falling back 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 Tuesday.
Tezos rallied by 6.32% to lead the way.
Binance Coin (+0.95%), Bitcoin Cash SC (+5.76%), Cardano’s ADA (+4.42%), Ethereum (+0.92%), Stellar’s Lumen (+5.51%), and Tron’s TRX (+2.35%) also found support.
It was a bearish day for the rest of the majors, however.
Bitcoin Cash ABC (-2.10%), EOS (-0.53%), Litecoin (-1.54%), Monero’s XMR (-2.32%), and Ripple’s XRP (-2.90%) saw red on the day.
At the start of the week, the crypto total market cap rose from a Monday low $323.12bn to a Monday high $345.20bn. At the time of writing, the total market cap stood at $333.57bn.
Bitcoin’s dominance fell from a Monday high 62.43% to a Tuesday low 61.21%. At the time of writing, Bitcoin’s dominance stood at 61.74%.
This Morning
At the time of writing, Bitcoin was down by 0.26% to $11,155.0. A bearish start to the day saw Bitcoin fall from an early morning high $11,213.1 to a low $11.085.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day. Bitcoin Cash SV bucked the trend early on, rising by 0.03%.
It was a bearish start for the rest of the majors, however. At the time of writing, Tezos (-2.93%), Stellar’s Lumen (-2.86%), and Ripple’s XRP (-2.64%) led the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $11,194 pivot to support a run at the first major resistance level at $11,386.
Support from the broader market would be needed, however, for Bitcoin to break back through to $11,300 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $11,396 would likely cap any upside.
In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $11,587. Expect plenty of resistance at $11,500, however.
Failure to move through the $11,194 pivot level would bring the first major support level at $10,993 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,800 levels on the day. The second major support level at $10,801 should limit any downside.