The Crypto Daily – Movers and Shakers – August 12th, 2020

Bitcoin, BTC to USD, slid by 4.32% on Tuesday. Reversing a 1.86% gain from Monday, Bitcoin ended the day at $11,379.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $11,943 before hitting reverse.

Falling short of the first major resistance level at $12,155, Bitcoin slid to a late intraday low $11,123.

Bitcoin fell through the first major support level at $11,540 and the second major support level at $11,187.

Finding late support, Bitcoin moved back through the second major support level to limit the loss.

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 Tuesday.

EOS (-7.30%) and Litecoin (-7.22%) led the way down.

Binance Coin (-5.96%), Bitcoin Cash ABC (-6.44%), Bitcoin Cash SV (-6.84%), Monero’s XMR (-6.79%), Stellar’s Lumen (-5.81%), Tezos (-5.73%), and Tron’s TRX (-6.02%) also saw heavy losses.

Cardano’s ADA (-4.87%), Ethereum (-4.27%), and Ripple’s XRM (-4.21%) saw relatively modest losses on the day.

In the current week, the crypto total market cap rose to a Monday high $361.38bn before falling to a Tuesday low $328.26bn. At the time of writing, the total market cap stood at $337.05bn.

Bitcoin’s dominance rose to a Monday high 62.63% before sliding to a Tuesday low 61.61%. At the time of writing, Bitcoin’s dominance stood at 62.19%.

This Morning

At the time of writing, Bitcoin was down by 0.10% to $11,367.5. A mixed saw Bitcoin rise to an early morning high $11,396.4 before falling to a low $11,340.0.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Tezos was down by 2.78% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $11,482 pivot to support a run at the first major resistance level at $11,840.

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

Barring an extended crypto rally, resistance at $11,500 would leave Bitcoin short of the first major resistance level.

In the event of a crypto breakout, Bitcoin could eye $12,000 levels before any pullback.

Failure to move through the $11,482 pivot level would bring the first major support level at $11,020 into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$11,000 levels. The second major support level sits at $10,662.