The Crypto Daily – Movers and Shakers – August 31st, 2020It’s a mixed start to the day for the majors. Avoiding the pivot levels will be key on the day. A Bitcoin move through to $11,800 would support the pack.
Bitcoin, BTC to USD, rose by 2.07% on Sunday. Reversing a 0.46% decline Saturday, Bitcoin ended the week up by 0.57% to $11,730.0.
It was a bullish start to the day. Bitcoin rallied from an early morning intraday low $11,480.0 to a late afternoon high $11,721.0.
Bitcoin broke through the first major resistance level at $11,582 and the second major resistance level at $11,672.
Late in the day, Bitcoin fell back to $11,620 levels before breaking back through the second major resistance level at $11,672.
The late recovery saw Bitcoin strike an intraday high $11,730 in the final hour.
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 bullish day for the majors on Sunday.
Ethereum (+7.62%), Litecoin (+10.45%), and Tron’s TRX (+8.65%) led the way.
Binance Coin (+2.87%), Bitcoin Cash ABC (+3.25%), Bitcoin Cash SV (+3.32%), EOS (+4.20%), Monero’s XMR (+3.86%), and Ripple’s XRP (+3.28%) also made solid gains.
Cardano’s ADA (+0.96%), Stellar’s Lumen (+2.01%), and Tezos (+1.13%) trailed the front runners.
For the week, it was a mixed bag for the majors, however.
Binance Coin (+8.00%), Bitcoin Cash SV (+1.11%), Ethereum (+9.73%), Litecoin (+3.76%), Monero’s XMR (+6.38%), and Tron’s TRX (+11.05%) joined Bitcoin in the green.
It was a bearish week for the rest of the majors.
Bitcoin Cash ABC (-1.78%), Cardano’s ADA (-3.48%), EOS (-1.92%), Ripple’s XRP (-0.62%), Stellar’s Lumen (-4.55%), and Tezos (-3.75%) saw red.
In the week, the crypto total market fell to a Thursday low $329.40bn before rising to a Sunday high $359.74bn. At the time of writing, the total market cap stood at $357.31bn.
Bitcoin’s dominance rose to a Thursday high 62.28% before falling to a Sunday low 60.17%. At the time of writing, Bitcoin’s dominance stood at 60.54%.
At the time of writing, Bitcoin was up by 0.04% to $11,735.0. A mixed start to the day saw Bitcoin fall to an early morning low $11,713.0 before striking a high $11,744.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (-0.77%), EOS (-0.24%), and Ethereum (-0.71%) saw red early on.
It was a bullish start for the rest of the majors.
At the time of writing, Tezos was up by 0.73% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $11,647 pivot level to support a run at the first major resistance level at $11,813.
Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $11,744.0.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a crypto breakout, the second major resistance level at $11,897 and resistance at $12,000 would likely be tested.
A fall through the $11,647 pivot would bring the first major support level at $11,563 into play.
Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$11,500 levels on the day. The second major support level sits at $11,397.