The Crypto Daily – Movers and Shakers – August 30th, 2020It’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.
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%.
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.
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.