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The Crypto Daily – Movers and Shakers – August 21st, 2020

By:
Bob Mason
Published: Aug 21, 2020, 00:54 UTC

It's a mixed start to the day for the majors. A Bitcoin move through to $11,900 levels would support the broader pack.

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin, BTC to USD, rose by 0.91% on Thursday. Partially reversing a 1.65% fall from Wednesday, Bitcoin ended the day at $11,864.0.

It was a mixed start to the day. Bitcoin rose to an early morning high $11,831.0 before hitting reverse.

Falling short of the first major resistance level at $11,998, Bitcoin fell to a mid-morning intraday low $11,677.0.

Steering clear of the first major support level at $11,541, Bitcoin rose to a late intraday high $11,894.5.

Coming up short of the first major resistance level, Bitcoin slipped back to limit the upside on the day.

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 mixed day for the majors on Thursday.

Monero’s XMR jumped by 10.79% to lead the way.

Binance Coin (+3.13%), Cardano’s ADA (+3.48%), Stellar’s Lumen (+7.13%), Tezos (+6.15%), and Tron’s TRX (+3.51%) also found strong support.

Bitcoin Cash SV (+0.10%), EOS (+2.74%), Ethereum (+2.04%), Litecoin (+1.08%), and Ripple’s XRP (+0.84%) trailed the front runners.

Bitcoin Cash ABC bucked the trend, falling by 0.19%.

In the current week, the crypto total market rose to a Monday high $384.00bn before sliding to a Wednesday low $344.71bn. At the time of writing, the total market cap stood at $358.95bn.

Bitcoin’s dominance fell to a Monday low 59.97% before rising to a Wednesday high 62.00%. At the time of writing, Bitcoin’s dominance stood at 60.94%.

This Morning

At the time of writing, Bitcoin was down by 0.18% to $11,842.5. A mixed start to the day saw Bitcoin rise to an early morning high $11,887.0 before falling to a low $11,834.0.

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

Elsewhere, it was a mixed start to the day.

Monero’s XMR was up by 1.84% to lead the way.

Bitcoin Cash ABC (+0.59%), Bitcoin Cash SV (+0.42%), and Tron’s TRX (+0.25%) also found early support.

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

At the time of writing, Tezos was down by 1.82% to lead the way down.

BTC/USD 21/08/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $11,812 to support a run at the first major resistance level at $11,947.

Support from the broader market would be needed, however, for Bitcoin to break back through to $11,900 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $11,894.5 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $12,029 before any pullback.

Failure to avoid a fall through the $11,812 pivot level would bring the first major support level at $11,729 into play.

Barring an extended crypto sell-off, however, Bitcoin should avoid the second major support level at $11,594.

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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