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The Crypto Daily – Movers and Shakers – August 5th, 2020

By:
Bob Mason
Updated: Aug 5, 2020, 04:05 UTC

It's a bearish start to the day. Failure to move through the pivot level could deliver heavy losses for Bitcoin and the broader market.

Golden bitcoins on the black background closeup. Cryptocurrency virtual money

 

Bitcoin, BTC to USD, fell by 0.38% on Tuesday. Partially reversing a 1.52% gain from Monday, Bitcoin ended the day at $11,184.0.

It was a bullish start to the day. Bitcoin rose to an early morning intraday high $11,396.0 before hitting reverse.

Falling short of the first major resistance level at $11,474, Bitcoin slid to an early afternoon intraday low $11,003.0.

Steering clear of the first major support level at $10,961, Bitcoin briefly revisited $11,260 levels before falling back into the red.

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 mixed day for the majors on Tuesday.

Tezos rallied by 6.32% to lead the way.

Binance Coin (+0.95%), Bitcoin Cash SC (+5.76%), Cardano’s ADA (+4.42%), Ethereum (+0.92%), Stellar’s Lumen (+5.51%), and Tron’s TRX (+2.35%) also found support.

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

Bitcoin Cash ABC (-2.10%), EOS (-0.53%), Litecoin (-1.54%), Monero’s XMR (-2.32%), and Ripple’s XRP (-2.90%) saw red on the day.

At the start of the week, the crypto total market cap rose from a Monday low $323.12bn to a Monday high $345.20bn. At the time of writing, the total market cap stood at $333.57bn.

Bitcoin’s dominance fell from a Monday high 62.43% to a Tuesday low 61.21%. At the time of writing, Bitcoin’s dominance stood at 61.74%.

This Morning

At the time of writing, Bitcoin was down by 0.26% to $11,155.0. A bearish start to the day saw Bitcoin fall from an early morning high $11,213.1 to a low $11.085.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day. Bitcoin Cash SV bucked the trend early on, rising by 0.03%.

It was a bearish start for the rest of the majors, however. At the time of writing, Tezos (-2.93%), Stellar’s Lumen (-2.86%), and Ripple’s XRP (-2.64%) led the way down.

BTC/USD 05/08/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $11,194 pivot to support a run at the first major resistance level at $11,386.

Support from the broader market would be needed, however, for Bitcoin to break back through to $11,300 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $11,396 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $11,587. Expect plenty of resistance at $11,500, however.

Failure to move through the $11,194 pivot level would bring the first major support level at $10,993 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,800 levels on the day. The second major support level at $10,801 should limit any downside.

 

 

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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