The Crypto Daily – Movers and Shakers – August 22nd, 2020

Bitcoin, BTC to USD, fell by 2.81% on Friday. Reversing a 0.91% gain from Thursday, Bitcoin ended the day at $11,530.

It was a mixed start to the day. Bitcoin rose to an early morning high $11,887.0 before hitting reverse.

Falling short of the first major resistance level at $11,947, Bitcoin fell to a late intraday low $11,483.0.

Bitcoin fell through the first major support level at $11,729 and the second major support level at $11,594.

Finding late support, Bitcoin briefly revisited $11,590 levels before easing back. The second major resistance level pinned Bitcoin back late in the day.

The near-term bullish trend remained intact, supported by the latest move through to $12,000 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 for the majors on Friday.

Tezos and Tron’s TRX led the way down, with losses of 12.14% and 11.55% respectively.

Bitcoin Cash SV (-6.55%), Cardano’s ADA (-8.33%), Ethereum (-6.70%), Monero’s XMR (-9.28%), and Stellar’s Lumen (-7.19%) also saw particularly heavy losses.

Binance Coin (-4.33%), Bitcoin Cash ABC (-3.92%), EOS (-5.59%), Litecoin (-5.86%), and Ripple’s XRP (-4.53%) saw relatively modest losses.

In the current week, the crypto total market rose to a Monday high $384.00bn before sliding to an early Saturday low $339.58bn. At the time of writing, the total market cap stood at $341.81bn.

Bitcoin’s dominance fell to a Monday low 59.97% before rising to a Wednesday high 62.00%. At the time of writing, Bitcoin’s dominance stood at 61.78%.

This Morning

At the time of writing, Bitcoin was down by 0.81% to $11,463.5. A bearish start to the day saw Bitcoin fall from an early morning high $11,540.0 to a low $11,400.0.

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

Elsewhere, it was a particularly bearish start to the day.

At the time of writing, Monero’s XMR was down by 2.56% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $11,633 to support a run at the first major resistance level at $11,784.

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 test the second major resistance level at $12,037 before any pullback.

Failure to move through the $11,633 pivot level would bring the first major support level at $11,380 into play.

Barring an extended crypto sell-off, however, Bitcoin should avoid the second major support level at $11,229.

In the event of an extended sell-off, Bitcoin could test support at $11,000 before any recovery.