The Crypto Daily – Movers and Shakers – August 16th, 2020

Bitcoin, BTC to USD, rose by 0.70% on Saturday. Reversing a 0.19% loss from Friday, Bitcoin ended the day at $11,858.5.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $11,991.5 before hitting reverse.

The early rally saw Bitcoin break through the first major resistance level at $11,874 and the second major resistance level at $11,972.5.

A pullback through the morning saw Bitcoin slide to a mid-day intraday low $11,689.5.

Steering clear of the first major support level at $11,667, Bitcoin revisited $11,980 levels before easing back.

Bitcoin broke back through the first and second major resistance levels before wrapping up the day at sub-$11,900 levels.

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 Saturday.

EOS rallied by 14% to lead the way, with Bitcoin Cash SV (+4.82%) and Litecoin (+5.38%) seeing solid gains.

Bitcoin Cash ABC (+1.60%), Stellar’s Lumen (+2.02%), and Tron’s TRX (+2.1%) also joined Bitcoin in the green.

Binance Coin (-0.13%), Cardano’s ADA (-0.01%), Ethereum (-1.43%), Monero’s XMR (-1.92%), Ripple’s XRP (-0.55%), and Tezos (-1.16%) saw red on the day, however.

In the current week, the crypto total market cap fell to a Tuesday low $328.26bn before rising to a Saturday high $368.44bn. At the time of writing, the total market cap stood at $361.29bn.

Bitcoin’s dominance rose to a Monday high 62.63% before sliding to a Saturday low 60.06%. At the time of writing, Bitcoin’s dominance stood at 60.58%.

This Morning

At the time of writing, Bitcoin was down by 0.21% to $11,833.5. A mixed start to the day saw Bitcoin rose to an early high $11,872.5 before falling to a low $11,829.5.

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

Elsewhere, it was a mixed start to the day.

Monero’s XMR and Tezos bucked the trend with gains of 0.10% and 0.89% respectively.

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

At the time of writing, Stellar’s Lumen was down by 1.17% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $11,847 to support a run at the first major resistance level at $12,003.5.

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

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

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $12,149 before any pullback.

Failure to move back through the $11,847 pivot level would bring the first major support level at $11,702 into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$11,600 support levels. The second major support level sits at $11,545.