The Crypto Daily – Movers and Shakers – August 23rd, 2020

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Updated: Aug 23, 2020, 00:37 UTC

It's a bearish start to the day. Bitcoin would need to avoid a fall through the $11,578 pivot level to support another positive crypto market day ahead.

Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin, BTC to USD, rose by 1.24% on Saturday. Partially reversing a 2.81% loss from Friday, Bitcoin ended the day at $11,673.5.

It was a bearish start to the day. Bitcoin slid to an early morning intraday low $11,369.5 before finding support.

The reversal saw Bitcoin fall through the first major support level at $11,379.67 before rising to a late intraday high $11,692.0.

Falling short of the first major resistance level at $11,783.67, Bitcoin wrapped up the day at sub-$11,700 levels.

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 bullish day for the majors on Saturday.

EOS (+3.48%), Tezos (+5.69%), and Tron’s TRX (+3.61%) led the way.

Bitcoin Cash ABC (+2.30%), Litecoin (+2.08%), Monero’s XMR (+2.55%), Ripple’s XRP (+2.50%), and Stellar’s Lumen (+2.65%) also found strong support.

Binance Coin (+0.59%), Bitcoin Cash SV (+0.36%), Cardano’s ADA (+1.68%), and Ethereum (+1.96%) trailed the front runners.

In the current week, the crypto total market rose to a Monday high $384.00bn before sliding to a Saturday low $338.56bn. At the time of writing, the total market cap stood at $351.70bn.

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 61.27%.

This Morning

At the time of writing, Bitcoin was down by 0.08% to $11,664.5. A mixed start to the day saw Bitcoin rise to an early morning high $11,694.5 before falling to a low $11,660.5.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash ABC (+0.06%), Bitcoin Cash SV (+0.33%), and Cardano’s ADA (+0.07% found early support.

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

At the time of writing, Tron’s TRX was down by 1.51% to lead the way down.

BTC/USD 23/08/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $11,578 to support a run at the first major resistance level at $11,787.

Support from the broader market would be needed, however, for Bitcoin to break out Saturday’s high $11,692.0.

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

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $11,901 and resistance at $12,000.

Failure to avoid a fall through the $11,578 pivot level would bring the first major support level at $11,465 into play.

Barring an extended crypto sell-off, however, Bitcoin should avoid the second major support level at $11,256.

In the event of an extended sell-off, Bitcoin could test support at $11,000 before any recovery.

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.