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The Crypto Daily – Movers and Shakers – August 8th, 2020

By:
Bob Mason
Published: Aug 8, 2020, 01:04 UTC

It's a mixed start to the morning for the major cryptos. A Bitcoin move back through to $11,800 would support the broader market.

Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin, BTC to USD, fell by 1.52% on Friday. Reversing a 0.20% gain from Thursday, Bitcoin ended the day at $11,580.0.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $11,900 before hitting reverse.

Falling short of the first major resistance level at $11,914, Bitcoin slid to a late afternoon intraday low $11,326.

Bitcoin fell through the first major support level at $11,581 and the second major support level at $11,402.

Finding late support, however, Bitcoin broke back through the second major support level to end the day at $11,580.

The first major support level at $11,581 pinned Bitcoin back late in the day.

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 bearish day for the majors on Friday.

Bitcoin Cash SV (-4.48%), Cardano’s ADA (-3.93%), Ethereum (-3.93%), Litecoin (-3.10%), Stellar’s Lumen (-3.44%), and Tezos (-4.53%) led the way down.

Binance Coin (-1.85%), Bitcoin Cash ABC (-2.15%), EOS (-2.54%), Monero’s XMR (-1.10%), Ripple’s XRP (-2.87%), and Tron’s TRX (-1.83%) saw relatively modest losses on the day.

In the current week, the crypto total market cap rose from a Monday low $323.88bn to a Thursday high $355.09bn. At the time of writing, the total market cap stood at $342.33bn.

Bitcoin’s dominance fell from a Monday high 62.46% to a Tuesday low 61.24%. At the time of writing, Bitcoin’s dominance stood at 62.69%.

This Morning

At the time of writing, Bitcoin was up by 0.17% to $11,599.6. A mixed start to the day saw Bitcoin fall to an early morning low $11,523.0 before rising to a high $11,608.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-1.02%), Cardano’s ADA (-0.09%), EOS (-0.38%), Monero’s XMR (-0.80%), Stellar’s Lumen (-0.02%), Tezos (-0.74%), and Tron’s TRX (-0.90%) saw red.

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

Bitcoin Cash ABC was up by 0.22% to lead the way.

BTC/USD 08/08/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $11,600 pivot to support a run at the first major resistance level at $11,878.

Support from the broader market would be needed, however, for Bitcoin to break back through to $11,800 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $11,900 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $12,176.

Failure to move through the $11,600 pivot level would bring the first major support level at $11,304 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$11,000 levels. The second major support level at $11,028 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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