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The Crypto Daily – The Movers and Shakers – August 10th, 2020

By:
Bob Mason
Published: Aug 10, 2020, 01:35 UTC

It's a bullish start to the day, with Tezos leading the majors once more. A Bitcoin move through to $11,800 levels would support the broader market.

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin, BTC to USD, fell by 0.75% on Sunday. Partially reversing a 1.59% gain from Saturday, Bitcoin ended the week up by 5.57% to $11,675.3.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $11,788 before hitting reverse.

Falling short of the first major resistance level at $11,866, Bitcoin slid to a late afternoon intraday low $11,530.0.

Bitcoin fell through the first major support level at $11,593 before finding support.

A late move back through to $11,600 levels cut the deficit on 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 mixed day for the majors on Sunday.

Stellar’s Lumen and Tezos bucked the trend, with gains of 2.03% and 8.98% respectively.

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

Bitcoin Cash SV led the way down, falling by 3.51%.

Bitcoin Cash ABC (-2.36%), Binance Coin (-2.23%), Ethereum (-1.78%), Litecoin (-2.55%), Monero’s XMR (-2.13%), and Ripple’s XRP (-2.56%) also saw heavy losses.

Cardano’s ADA (-1.28%), EOS (-1.20%), and Tron’s TRX (-0.43%) saw modest losses on the day.

It was also a mixed week for the majors.

Ripple’s XRP bucked the trend with a 0.04% loss.

It was bullish for the rest of the pack, however.

Tezos led the way, rallying by 27.30%.

Binance Coin (+6.82%), Bitcoin Cash ABC (+6.61%), Cardano’s ADA (+8.36%), Monero’s XMR (+9.69%), and Tron’s TRX (+7.38%) also found strong support.

Bitcoin Cash SV (+1.90%), EOS (+2.95%), Ethereum (+4.90%), Litecoin (+0.30%), and Stellar’s Lumen (+2.73%) trailed the front runners.

In the week, the crypto total market cap rose from a Monday low $322.88bn to a Thursday high $355.09bn. At the time of writing, the total market cap stood at $349.50bn.

Bitcoin’s dominance fell to a Tuesday low 61.24% before rising to a Friday high $63.16. At the time of writing, Bitcoin’s dominance stood at 62.15%.

This Morning

At the time of writing, Bitcoin was up by 0.80% to $11,769.0. A bullish start to the day saw Bitcoin rise from an early morning low $11,746.3 to a high $11,789.0.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA bucked the trend early on, falling by 0.16%.

It was a bullish start for the rest of the majors, however, with Tezos up by 2.71% to lead the way.

BTC/USD 10/08/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $11,664 pivot to support a run at the first major resistance level at $11,799.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $11,789.

Barring an extended crypto rally, the first major resistance level and the morning high would likely cap any upside.

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $11,922.

A fall through the $11,664 pivot level would bring the first major support level at $11,541 into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid the second major support level at $11,406.

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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