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The Crypto Daily – Movers and Shakers – August 8th, 2020

Bob Mason
·3-min read

Bitcoin, BTC to USD, fell by 1.52% on Friday. Reversing a 0.20% gain from Thursday, Bitcoin ended the day at $11,580.0.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $11,900 before hitting reverse.

Falling short of the first major resistance level at $11,914, Bitcoin slid to a late afternoon intraday low $11,326.

Bitcoin fell through the first major support level at $11,581 and the second major support level at $11,402.

Finding late support, however, Bitcoin broke back through the second major support level to end the day at $11,580.

The first major support level at $11,581 pinned Bitcoin back late in the day.

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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 bearish day for the majors on Friday.

Bitcoin Cash SV (-4.48%), Cardano’s ADA (-3.93%), Ethereum (-3.93%), Litecoin (-3.10%), Stellar’s Lumen (-3.44%), and Tezos (-4.53%) led the way down.

Binance Coin (-1.85%), Bitcoin Cash ABC (-2.15%), EOS (-2.54%), Monero’s XMR (-1.10%), Ripple’s XRP (-2.87%), and Tron’s TRX (-1.83%) saw relatively modest losses on the day.

In the current week, the crypto total market cap rose from a Monday low $323.88bn to a Thursday high $355.09bn. At the time of writing, the total market cap stood at $342.33bn.

Bitcoin’s dominance fell from a Monday high 62.46% to a Tuesday low 61.24%. At the time of writing, Bitcoin’s dominance stood at 62.69%.

This Morning

At the time of writing, Bitcoin was up by 0.17% to $11,599.6. A mixed start to the day saw Bitcoin fall to an early morning low $11,523.0 before rising to a high $11,608.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-1.02%), Cardano’s ADA (-0.09%), EOS (-0.38%), Monero’s XMR (-0.80%), Stellar’s Lumen (-0.02%), Tezos (-0.74%), and Tron’s TRX (-0.90%) saw red.

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

Bitcoin Cash ABC was up by 0.22% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $11,600 pivot to support a run at the first major resistance level at $11,878.

Support from the broader market would be needed, however, for Bitcoin to break back through to $11,800 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $11,900 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $12,176.

Failure to move through the $11,600 pivot level would bring the first major support level at $11,304 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$11,000 levels. The second major support level at $11,028 should limit any downside.

This article was originally posted on FX Empire

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