The Crypto Daily – Movers and Shakers – August 15th, 2020

Bitcoin, BTC to USD, slipped by 0.19% on Friday. Following a 1.98% gain on Thursday, Bitcoin ended the day at $11,775.5.

It was a mixed start to the day. Bitcoin rose to an early morning high $11,848.5 before hitting reverse.

Falling short of the first major resistance level at $11,981, Bitcoin slid to an early afternoon intraday low $11,656.0.

Steering clear of the first major support level at $11,445 struck a late afternoon intraday high $11,863.5.

Continuing to fall short of the first major resistance level at $11,981, Bitcoin slipped back to sub-$11,800 levels and into the red.

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 Friday.

Bitcoin Cash ABC (-0.70%), Bitcoin Cash SV (-1.06%), Cardano’s ADA (-0.75%), Litecoin (-0.65%), Monero’s XMR (-0.83%), and Tezos (-0.61%) joined Bitcoin in the red.

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

Tron’s TRX and Binance Coin led the way, with gains of 10.89% and 6.10% respectively.

EOS (+4.01%), Ethereum (+3.25%), Ripple’s XRP (+1.83%), and Stellar’s Lumen (+3.65%) also found support.

In the current week, the crypto total market cap fell to a Tuesday low $328.26bn before rising to a Saturday morning high $365.56bn. At the time of writing, the total market cap stood at $361.09bn.

Bitcoin’s dominance rose to a Monday high 62.63% before sliding to a Friday low 60.17%. At the time of writing, Bitcoin’s dominance stood at 60.82%.

This Morning

At the time of writing, Bitcoin was up by 1.12% to $11,907.5. A bullish start to the day saw Bitcoin rise from an early morning low $11,775.5 to a high $11,991.5.

Bitcoin broke through the first major resistance level at $11,874.0 and the second major resistance level at $11,972.5.

Elsewhere, it was a mixed start to the day.

Monero’s XMR (-0.02%), Tezos (-1.93%), and Tron’s TRX (-2.03%) saw red early on.

It was a bullish start for the rest of the majors.

At the time of writing, EOS was up by 2.99% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the first major resistance level at $11,874 to support a move back through the second major resistance level at $11,972.5.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $11,991.5, however.

Barring an extended crypto rally, the second major resistance level and resistance at $12,000 should cap any upside.

In the event of a crypto breakout, Bitcoin could eye the third major resistance level at $12,180 before any pullback.

Failure to avoid a fall through the first major resistance level would bring the sub-$11,800 levels into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid the pivot level at $11,765 and the major support levels. The first major support level sits at $11,667.