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The Crypto Daily – Movers and Shakers – August 29th, 2020

By:
Bob Mason
Updated: Aug 29, 2020, 06:28 GMT+00:00

It's a mixed start to the day for the majors. A Bitcoin move through to $11,600 levels would support the broader market.

Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

Bitcoin, BTC to USD, rose by 1.78% on Friday. Reversing a 1.12% decline from Thursday, Bitcoin ended the day at $11,545.0.

A bullish start to the day saw Bitcoin rise from an early morning intraday low $11,303.0 to a mid-afternoon intraday high $11,567.0.

Steering clear of the major support levels, Bitcoin came within range of the first major resistance level at $11,586.

A late afternoon pullback saw Bitcoin fall to sub-$11,500 levels before a final hour move back through to $11,500 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 mixed day for the majors on Friday.

Binance Coin slipped by 0.13% to buck the trend on the day.

It was a bullish day for the rest of the majors. Monero’s XMR and EOS rallied by 5.92% and by 4.63% to lead the way.

Bitcoin Cash SV (+2.42%), Cardano’s ADA (+2.01%), Ethereum (+3.18%), Litecoin (+2.28%), Ripple’s XRP (+2.59%), Stellar’s Lumen (+2.01%), and Tron’s TRX (+3.80%) also found strong support.

Bitcoin Cash ABC (+0.55%) and Tezos (+1.52%) trailed the front runners on the day.

In the current week, the crypto total market rose to a Monday high $360.52bn before falling to a Tuesday low $329.92bn. At the time of writing, the total market cap stood at $346.76bn.

Bitcoin’s dominance fell to a Monday low 60.80% before rising to a Tuesday high 62.13%. At the time of writing, Bitcoin’s dominance stood at 61.33%.

This Morning

At the time of writing, Bitcoin was down by 0.19% to $11,523.0. A bearish start to the day saw Bitcoin fall from an early morning high $11,555.0 to a low $11,483.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+1.36%), Cardano’s ADA (+0.18%), Litecoin (+0.10%), Monero’s XMR (+0.19%), and Tron’s TRX (+0.62%) found early support.

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

At the time of writing, Stellar’s Lumen was down by 0.68% to lead the way down.

BTC/USD 29/08/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $11,472 to support a run at the first major resistance level at $11,640.

Support from the broader market would be needed, however, for Bitcoin to break back through to $11,600 levels.

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 resistance at $11,700 before any pullback. The second major resistance level sits at $11,736.

A fall through the $11,472 pivot level would bring the first major support level at $11,376 into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$11,000 levels. The second major support level at $11,208 should limit any downside.

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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