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The Crypto Daily – The Movers and Shakers – August 19th, 2020

By:
Bob Mason
Updated: Aug 19, 2020, 05:51 UTC

It's a bearish start for the majors. A Bitcoin move back through to $12,000 levels should provide support.

Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin, BTC to USD, fell by 2.79% on Tuesday. Reversing most of a 3.18% rally from Monday, Bitcoin ended the day at $11,954.5.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $12,402.0 before hitting reverse.

Falling short of the first major resistance level at $12,616.33, Bitcoin tumbled to an early afternoon intraday low $11,811.5.

Bitcoin fell through the first major support level at $11,846.83 before briefly revisiting $12,000 levels.

A bearish end to the day left Bitcoin back at sub-$12,000 levels and in the deep red.

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 bearish day for the majors on Tuesday.

Bitcoin Cash ABC (-4.99%), Bitcoin Cash SV (-3.83%), EOS (-5.35%), Ripple’s XRP (-3.98%), Stellar’s Lumen (-4.90%), Tezos (-5.07%), and Tron’s TRX (-5.15%) led the way down.

Binance Coin (-2.21%), Cardano’s ADA (-2.42%), Ethereum (-2.13%), Litecoin (-2.62%), and Monero’s XMR (-0.28%) saw relatively modest losses on the day.

At the start of the week, the crypto total market rose to a Monday high $384.00bn before sliding to an early Wednesday low $349.40bn. At the time of writing, the total market cap stood at $352.81bn.

Bitcoin’s dominance fell to a Monday low 59.97% before rising to a Wednesday morning high 61.61%. At the time of writing, Bitcoin’s dominance stood at 61.39%.

This Morning

At the time of writing, Bitcoin was down by 1.76% to $11,744.0. A mixed start to the day saw Bitcoin rise to an early morning high $12,022.5 before sliding to a low $11,650.0.

Bitcoin fell through the first major support level at $11,710.0 early on.

Elsewhere, it was also a bearish start to the day for the crypto majors.

At the time of writing, Tron’s TRX was down by 6.66% to lead the way down.

BTC/USD 19/08/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $12,056 to support a run at the first major resistance level at $12,301.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $12,022.5.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test resistance at $12,500 before any pullback.

Failure to move through the $12,056 pivot level would bring the first major support level at $11,710 back into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$11,500 support levels. The second major support level sits at $11,466.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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