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The Crypto Daily – Movers and Shakers – July 29th, 2020

Bob Mason
·3 min read

Bitcoin, BTC to USD, fell by 1.02% on Tuesday. Following Monday’s 11.01% breakout, Bitcoin ended the day at $10,932.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $11,263 before hitting reverse.

Falling short of the first major resistance level at $11,634, Bitcoin fell to a late morning intraday low $10,590.

Steering clear of the first major support level at $10,200, Bitcoin moved back through to $11,200 levels.

A bearish end to the day, however, saw Bitcoin give up the $11,000 handle to end the day in the red.

The near-term bullish trend remained intact, supported by the latest run at $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 on Tuesday.

Ethereum joined Bitcoin in the red, with a 1.49% loss.

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

Bitcoin Cash ABC and Cardano’s ADA led the way, with gains of 7.54% and 7.83% respectively.

Bitcoin Cash SV (+3.73%), EOS (+5.06%), Litecoin (+4.61%), Monero’s XMR (+3.77%), and Stellar’s Lumen (+3.66%) also found strong support.

Binance Coin (+2.27%), Ripple’s XRP (+2.67%), Tezos (+0.47%), and Tron’s TRX (+2.26%) trailed the front runners.

At the start of the week, the crypto total market cap rose from a Monday low $285.49bn to a high $335.80bn. At the time of writing, the total market cap stood at $315.11bn.

Bitcoin’s dominance rose from a Monday low 62.43% to a Tuesday high 64.57% before easing back. At the time of writing, Bitcoin’s dominance stood at 63.88%.

This Morning

At the time of writing, Bitcoin was down by 0.06% to $10,925. A mixed start to the day saw Bitcoin rise to an early morning high $10,994 before falling to a low $10,915.6.

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

Elsewhere, it was a mixed start to the day. Tezos was up by 0.10%, at the time of writing, to buck the trend.

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

Cardano’s ADA was down by 1.85% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $10,928 pivot to support a run at the first major resistance level at $11,267.

Support from the broader market would be needed, however, for Bitcoin to break back through to $11,200 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $11,263 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $11,601.

Failure to move back through the $10,928 pivot level would bring the first major support level at $10,594 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer well clear of the second major support level at $10,255.

This article was originally posted on FX Empire

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