The Crypto Daily – Movers and Shakers – August 2nd, 2020It’s a mixed start to the day for the majors. For Bitcoin, a move back through Saturday’s high would bring $12,000 levels into play.
Bitcoin, BTC to USD, rallied by 4.01% on Saturday. Following a 2.04% gain on Friday, Bitcoin ended the day at $11,804.7.
A bearish start to the day saw Bitcoin fall to an early morning intraday low $11,227 before making a move.
Steering clear of the first major support level at $11,080, Bitcoin rallied to a late intraday high $11,843.0.
Bitcoin broke through the first major resistance level at $11,530 and the second major resistance level at $11,710.
The near-term bullish trend remained intact, supported by the latest move through to $11,000 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 on Saturday.
Ethereum (+11.69%), Ripple’s XRP (+12.06%), and Stellar’s Lumen (+10.76%) led the way.
Bitcoin Cash ABC (+6.05%), Bitcoin Cash SV (+5.97%), EOS (+6.71%), Litecoin (+6.01%), Monero’s XMR (+5.94%), and Tezos (+6.87%) also found strong support.
Binance Coin (+4.64%), Cardano’s ADA (+3.79%), and Tron’s TRX (+3.92%) trailed the front runners on the day.
In the current week, the crypto total market cap rose from a Monday low $285.49bn to a Saturday high $349.72bn. At the time of writing, the total market cap stood at $348.82bn.
Bitcoin’s dominance rose from a Monday low 62.44% to a Tuesday high 64.58% before sliding back. At the time of writing, Bitcoin’s dominance stood at 62.69.
At the time of writing, Bitcoin was down by 0.04% to $11,800. A mixed start to the day saw Bitcoin fall to an early morning low $11,788 before rising to a high $11,845.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (+0.09%), Ethereum (+0.45%), Monero’s XMR (+0.30%), Stellar’s Limen (+0.58%), and Tron’s TRX (+0.87%) found early support.
It was a bearish start for the rest of the majors, however, with Litecoin down by 0.87% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $11,625 pivot to support a run at the first major resistance level at $12,023.
Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $11,843.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $12,241.
Failure to avoid a fall through the $11,625 pivot level would bring the first major support level at $11,407 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $11,009 and sub-$11,000 levels.