The Crypto Daily – Movers and Shakers – August 6th, 2020
Bitcoin, BTC to USD, rallied by 4.91% on Wednesday. Reversing a 0.38% decline from, Bitcoin ended the day at $11,735.8.
It was a mixed start to the day. Bitcoin fell to an early morning intraday low $11,085 before making a move.
Steering clear of the first major support level at $10,993, Bitcoin rallied to a late intraday $11,800 before easing back.
Bitcoin broke through the first major resistance level at $11,386 and the second major resistance level at $11,587.
A late pullback saw Bitcoin briefly fall through the second resistance level before wrapping up the day at $11,700 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 another mixed day for the majors on Wednesday.
Binance Coin and Monero’s XMR rose by 4.48% and 3.59% to lead the pack.
Bitcoin Cash ABC (+2.71%), Bitcoin Cash SV (+2.89%), EOS (+0.71%), Ethereum (+2.94%), Litecoin (+2.29%), Ripple’s XRP (+0.38%) also found support.
It was a bearish day for the rest of the majors, however.
Cardano’s ADA (-0.99%), Stellar’s Lumen (-2.66%), Tezos (-4.04%), and Tron’s TRX (-0.68%) saw red.
In the current week, the crypto total market cap rose from a Monday low $323.88bn to a Wednesday high $352.79bn. At the time of writing, the total market cap stood at $344.35bn.
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 62.38%.
This Morning
At the time of writing, Bitcoin was down by 0.82% to $11,639.5. A mixed start to the day saw Bitcoin rise to an early morning high $11,799.0 before falling to a low $11,605.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day. Tezos bucked the trend early on, rising by 1.49%.
It was a bearish start for the rest of the majors, however. At the time of writing, Binance Coin was down by 1.59% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $11,540 pivot to support a run at the first major resistance level at $11,996.
Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $11,800.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a crypto breakout, the second major resistance level at $12,255 would come into play.
Failure to avoid a fall through the $11,540 pivot level would bring the first major support level at $11,280 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$11,000 levels. The second major support level sits at $10,825.
This article was originally posted on FX Empire
