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The Crypto Daily – Movers and Shakers – August 24th, 2020

By:
Bob Mason
Published: Aug 24, 2020, 00:51 GMT+00:00

It's a bearish start to the day for the crypto market. A Bitcoin move back through to $11,700 levels would support the pack, however.

crypto currency mining concept

Bitcoin, BTC to USD, slipped by 0.17% on Sunday. Following a 1.37% gain on Saturday, Bitcoin ended the week down by 2.19% to $11,663.0.

It was a mixed start to the day. Bitcoin rose to an early morning high $11,709.0 before hitting reverse.

Falling short of the first major resistance level at $11,787, Bitcoin slid to a late morning intraday low $11,538.0.

Steering clear of the first major support level at $11,465, Bitcoin struck a late intraday high $11,736.

Falling short of the first major resistance level at $11,787, Bitcoin fell back to $11,650 levels before finding support.

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 Sunday.

Litecoin and Stellar’s Lumen rose by 0.53% and by 0.60% to buck the trend on the day.

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

Cardano’s ADA (-3.17%), Monero’s XMR (-3.73%) and Tron’s TRX (-3.52%) led the way down.

Binance Coin (-1.71%), Bitcoin Cash ABC (-1.12%), Bitcoin Cash SV (-1.57%), EOS (-1.36%), Ethereum (-1.23%), and Tezos (-1.85%) also struggled.

Ripple’s XRP (-0.42%) saw modest losses on the day.

For the week, it was a bearish for the majors, however.

Tezos (-17.18%), EOS (-14.44%), Tron’s TRX (-13.82%), Bitcoin Cash SV (-13.10%), Cardano’s ADA (-12.59%), and Stellar’s Lumen (-10.86%) led the way down.

Binance Coin (-7.18%), Bitcoin Cash ABC (-6.49%), Ethereum (-9.92%), Litecoin (-5.22%), and Ripple’s XRP (-6.52%) also struggled.

Monero’s XMR fell by just 0.22%, however.

In the week, the crypto total market rose to a Monday high $384.00bn before sliding to a Saturday low $338.58bn. At the time of writing, the total market cap stood at $349.94bn.

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 61.41%.

This Morning

At the time of writing, Bitcoin was down by 0.31% to $11,627.3. A bearish start to the day saw Bitcoin fall from an early morning high $11,667 to a low $11,605.0.

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

Elsewhere, it was also a bearish start to the day.

At the time of writing, Stellar’s Lumen was down by 1.46% to lead the way down.

BTC/USD 24/08/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $11,646 to support a run at the first major resistance level at $11,753.

Support from the broader market would be needed, however, for Bitcoin to break out Sunday’s high $11,736.0.

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

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $11,844 before any pullback.

Failure to move through the $11,646 pivot level would bring the first major support level at $11,555 into play.

Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$11,500 and the second major support level at $11,448.

In the event of an extended sell-off, Bitcoin could test the third major support level at $11,250 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.

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