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The Crypto Daily – Movers and Shakers – August 30th, 2020

By:
Bob Mason
Updated: Aug 30, 2020, 03:13 UTC

It's a bullish day for the majors, with resistance levels in play. A Bitcoin move through to $11,700 levels would support a breakout day.

Golden bitcoins on the black background closeup. Cryptocurrency virtual money

Bitcoin, BTC to USD, fell by 0.46% on Saturday. Partially reversing a 1.78% gain from Friday, Bitcoin ended the day at $11,492.0.

It was a mixed start to the day. Bitcoin fell to an early morning low $11,483.0 before rising to a late morning intraday high $11,606.3.

Falling short of the first major resistance level at $11,640, Bitcoin slid to a late morning intraday low $11,450.0.

Steering clear of the first major support level at $11,376, Bitcoin moved back through to $11,500 levels.

A bearish end to the day, however, saw Bitcoin slip back to sub-$11,500 levels and into the red.

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 Saturday.

Binance Coin (-0.61%), Bitcoin Cash ABC (-0.47%), Bitcoin Cash SV (-0.78%), Litecoin (-0.71%), and Monero’s XMR (-2.06%) joined Bitcoin in the red.

It was a bullish day for the rest of the majors, however.

Cardano’s ADA rallied by 6.34% to lead the way.

EOS (+0.27%), Ethereum (+0.82%), Ripple’s XRP (+0.80%), Stellar’s Lumen (+0.59%), Tezos (+2.65%), and Tron’s TRX (+4.22%) also made gains 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 $351.97bn.

Bitcoin’s dominance rose to a Tuesday high 62.13% before falling to a Saturday low 60.69%. At the time of writing, Bitcoin’s dominance stood at 61.01%.

This Morning

At the time of writing, Bitcoin was up by 1.36% to $11,648.0. A bullish start to the day saw Bitcoin rise from an early morning low $11,480.0 to a high $11,668.4.

Bitcoin broke through the first major resistance level at $11,582 early on.

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

At the time of writing, Tron’s TRX was up by 5.15% to lead the way.

BTC/USD 30/08/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through to sub-$11,600 levels to support a run at the second major resistance level at $11,672.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $11,668.4.

Barring an extended crypto rally, the second 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 third major resistance level sits at $11,829.

A fall back through to sub-$11,600 levels and the $11,516 pivot would bring the first major support level at $11,426 into play.

Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$11,400 levels on the day. The second major support level sits at $11,360.

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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