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The Crypto Daily – Movers and Shakers – August 3rd, 2020

Bob Mason

Bitcoin, BTC to USD, slid by 6.36% on Sunday. Reversing a 4.01% rally from Saturday, Bitcoin ended the week up by 11.11% to $11,053.8.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $12,097 before hitting reverse.

Bitcoin broke through the first major resistance level at $12,022.8 before sliding to an early morning intraday low $10,548.0.

Bitcoin fell through the first major support level at $11,406.8 and the second major support level at $11,008.9.

Steering clear of the third major support level at $10,392.9, Bitcoin briefly revisited $11,300 levels before easing back.

Bitcoin broke back through the second major support level to limit the loss 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 bearish day on Sunday.

Bitcoin Cash ABC (-11.53%), Bitcoin Cash SV (-11.14%), EOS (-10.93%) led the way down.

Cardano’s ADA (-7.16%), Litecoin (-8.02%), and Tron’s TRX (-7.24%) also saw heavy losses

Binance Coin (-3.10%), Ethereum (-3.92%), Monero’s XMR (-5.16%), Ripple’s XRP (-1.25%), Stellar’s Lumen (-4.85%), and Tezos (-4.89%) saw relatively modest losses on the day.

While it was a bearish Sunday, it was a mixed week.

Ripple’s XRP rallied by 33.5% to lead the way.

Bitcoin Cash ABC (+13.82%), Bitcoin Cash SV (+15.09%), Ethereum (+19.52%), and Litecoin (+17.95%) also found strong support.

Binance Coin (+7.10%), EOS (+8.23%), Monero’s XMR (+8.71%), Stellar’s Lumen (+3.29%), and Tron’s TRX (+2.29%) trailed the front runners.

Cardano’s ADA (-9.99%) and Tezos (-3.19%) bucked the trend in the week, however.

In the week, the crypto total market cap rose from a Monday low $284.79bn to a Sunday high $362.06bn. At the time of writing, the total market cap stood at $331.14bn.

Bitcoin’s dominance rose to a Tuesday high 64.58% before sliding to a Sunday low 61.66%. At the time of writing, Bitcoin’s dominance stood at 62.07.

This Morning

At the time of writing, Bitcoin was up by 0.69% to $11,130.5. A mixed start to the day saw Bitcoin fall to an early morning low $10,943.0 before rising to a high $11,169.0.

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

Elsewhere, it was a bullish start to the day. Stellar’s Lumen was up by 2.46%, at the time of writing, to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $11,233 pivot to support a run at the first major resistance level at $11,918.

Support from the broader market would be needed, however, for Bitcoin to break out from $11,500 levels.

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

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $12,782.

Failure to move through the $11,233 pivot level would bring the first major support level at $10,369 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,500 levels on the day.

 

This article was originally posted on FX Empire

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