The Crypto Daily – Movers and Shakers – August 17th, 2020

Bitcoin, BTC to USD, rose by 0.50% on Sunday. Following on from a 0.70% gain on Saturday, Bitcoin ended the week up by 2.07% to $11,917.5.

It was a mixed start to the day. Bitcoin recovered from an early morning low $11,764 to strike a mid-morning intraday high $11,940.5.

Falling short of the first major resistance level at $12,004, Bitcoin slid to a mid-day intraday low $11,691.5.

Bitcoin fell through the first major support level at $11,702 before recovering to $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 Sunday.

Bitcoin Cash SV fell by 0.41% to buck the trend on the day.

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

Tron’s TRX led the way, rallying by 12.26%.

EOS (+4.11%), Litecoin (+6.64%), Stellar’s Lumen (+7.60%), and Tezos (+4.12%) also found strong support.

Binance Coin (+1.82%), Bitcoin Cash ABC (+2.32%), Cardano’s ADA (+0.30%), Ethereum (+0.24%), Monero’s XMR (+1.59%), and Ripple’s XRP (+1.93%) trailed the front runners.

For the week, it was also mixed for the broader market.

Bitcoin Cash SV (-0.19%), Cardano’s ADA (-4.28%), and Monero’s XMR (-1.69%) saw red.

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

EOS and Tron’s TRX surged by 28.09% and by 38.31% respectively to lead the way.

Ethereum (+11.09%), Litecoin (+12.18%), Stellar’s Lumen (+9.41%), and Tezos (+14.88%) also found strong support.

Binance Coin (+4.95%), Bitcoin Cash ABC (+2.11%), and Ripple’s XRP (+5.71%) trailed the front runners.

In the week, the crypto total market cap fell to a Tuesday low $328.26bn before rising to a Sunday high $367.82bn. At the time of writing, the total market cap stood at $362.51bn.

Bitcoin’s dominance rose to a Monday high 62.63% before sliding to a Sunday low 59.93%. At the time of writing, Bitcoin’s dominance stood at 60.29%.

This Morning

At the time of writing, Bitcoin was down by 0.51% to $11,856.5. A mixed start to the day saw Bitcoin rise to an early morning high $11,940.0 before falling to a low $11,803.0.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA bucked the trend early on, rising by 0.20%.

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

At the time of writing, Tron’s TRX was down by 3.09% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $11,850 to support a run at the first major resistance level at $12,008.

Support from the broader market would be needed, however, for Bitcoin to break out from the Sunday’s high $11,940.5.

Barring an extended crypto rally, the first major resistance level and resistance at $12,000 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $12,099.

Failure to avoid a fall back through the $11,850 pivot level would bring the first major support level at $11,759 into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$11,600 support levels. The second major support level at $11,601 should limit any downside.