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The Crypto Daily – The Movers and Shakers – August 14th, 2020
By:
It's a mixed start to the day for the majors. A Bitcoin move through to $11,900 levels would signal another broad-based crypto rally.
Bitcoin, BTC to USD, rose by 1.98% on Thursday. Following on from a 1.59% gain on Wednesday, Bitcoin ended the day at $11,798.0.
It was a mixed start to the day. Bitcoin rose to an early morning high $11,658.5 before hitting reverse.
Falling short of the first major resistance level at $11,747, Bitcoin slid to a late morning intraday low $11,274.5.
Finding support at the first major support level at $11,274, Bitcoin moved back through to $11,500 levels going into the afternoon.
Through the 2nd half of the day, Bitcoin rallied to a late intraday high $11,811.0 before easing back.
Bitcoin broke through the first major resistance level at $11,747 to wrap up the day at $11,790 levels.
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 Thursday.
Tezos and Stellar’s Lumen fell by 5.00% and by 0.10% to buck the trend.
It was a bullish day for the rest of the majors, however.
Tron’s TRX (+11.27%) and Ethereum (+9.73%) led the way.
Bitcoin Cash ABC (+3.00%), Bitcoin Cash SV (+2.66%), EOS (+3.74%), Litecoin (+4.84%), Monero’s XMR (+2.99%), and Ripple’s XRP (+4.51%) also found strong support.
Binance Coin (+1.30%) and Cardano’s ADA (+2.12%) trailed the front runners on the day.
In the current week, the crypto total market cap rose to a Monday high $361.38bn before falling to a Tuesday low $328.26bn. At the time of writing, the total market cap stood at $355.24bn.
Bitcoin’s dominance rose to a Monday high 62.63% before sliding to a Thursday low 60.48%. At the time of writing, Bitcoin’s dominance stood at 61.11%.
This Morning
At the time of writing, Bitcoin was down by 0.33% to $11,759.0. A mixed start to the day saw Bitcoin rise to an early morning high $11,848.5 before falling to a low $11,737.5
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
EOS (-0.04%), Litecoin (-0.59%), Monero’s XMR (-0.43%), and Tezos (-0.62%) joined Bitcoin in the red.
It was a bullish start for the rest of the majors, however.
At the time of writing, Cardano’s ADA was up by 0.90% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $11,628 pivot to support a run at the first major resistance level at $11,981.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $11,848.5.
Barring an extended crypto rally, the first major resistance level and resistance at $12,000 should cap any upside.
In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $12,164 before any pullback.
Failure to avoid a fall through the $11,628 pivot level would bring the first major support level at $11,445 into play.
Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$11,500 levels. The second major support level sits at $11,091.
About the Author
Bob Masonauthor
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.
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