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The Crypto Daily – Movers and Shakers – August 15th, 2020

By:
Bob Mason
Published: Aug 15, 2020, 02:04 UTC

It's a particularly bullish start to the day for the majors. A Bitcoin move through to $12,000 would support an extended rally on the day.

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Bitcoin, BTC to USD, slipped by 0.19% on Friday. Following a 1.98% gain on Thursday, Bitcoin ended the day at $11,775.5.

It was a mixed start to the day. Bitcoin rose to an early morning high $11,848.5 before hitting reverse.

Falling short of the first major resistance level at $11,981, Bitcoin slid to an early afternoon intraday low $11,656.0.

Steering clear of the first major support level at $11,445 struck a late afternoon intraday high $11,863.5.

Continuing to fall short of the first major resistance level at $11,981, Bitcoin slipped back to sub-$11,800 levels and 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 Friday.

Bitcoin Cash ABC (-0.70%), Bitcoin Cash SV (-1.06%), Cardano’s ADA (-0.75%), Litecoin (-0.65%), Monero’s XMR (-0.83%), and Tezos (-0.61%) joined Bitcoin in the red.

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

Tron’s TRX and Binance Coin led the way, with gains of 10.89% and 6.10% respectively.

EOS (+4.01%), Ethereum (+3.25%), Ripple’s XRP (+1.83%), and Stellar’s Lumen (+3.65%) also found support.

In the current week, the crypto total market cap fell to a Tuesday low $328.26bn before rising to a Saturday morning high $365.56bn. At the time of writing, the total market cap stood at $361.09bn.

Bitcoin’s dominance rose to a Monday high 62.63% before sliding to a Friday low 60.17%. At the time of writing, Bitcoin’s dominance stood at 60.82%.

This Morning

At the time of writing, Bitcoin was up by 1.12% to $11,907.5. A bullish start to the day saw Bitcoin rise from an early morning low $11,775.5 to a high $11,991.5.

Bitcoin broke through the first major resistance level at $11,874.0 and the second major resistance level at $11,972.5.

Elsewhere, it was a mixed start to the day.

Monero’s XMR (-0.02%), Tezos (-1.93%), and Tron’s TRX (-2.03%) saw red early on.

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

At the time of writing, EOS was up by 2.99% to lead the way.

BTC/USD 15/08/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the first major resistance level at $11,874 to support a move back through the second major resistance level at $11,972.5.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $11,991.5, however.

Barring an extended crypto rally, the second major resistance level and resistance at $12,000 should cap any upside.

In the event of a crypto breakout, Bitcoin could eye the third major resistance level at $12,180 before any pullback.

Failure to avoid a fall through the first major resistance level would bring the sub-$11,800 levels into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid the pivot level at $11,765 and the major support levels. The first major support level sits at $11,667.

 

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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