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