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.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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.