The Crypto Daily – Movers and Shakers – August 2nd, 2020

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Updated: Aug 3, 2020, 10:47 GMT+00:00

It's a mixed start to the day for the majors. For Bitcoin, a move back through Saturday's high would bring $12,000 levels into play.

Coins of crypto currency are presented on a dark background. Virtual money concept.

Bitcoin, BTC to USD, rallied by 4.01% on Saturday. Following a 2.04% gain on Friday, Bitcoin ended the day at $11,804.7.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $11,227 before making a move.

Steering clear of the first major support level at $11,080, Bitcoin rallied to a late intraday high $11,843.0.

Bitcoin broke through the first major resistance level at $11,530 and the second major resistance level at $11,710.

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 bullish day on Saturday.

Ethereum (+11.69%), Ripple’s XRP (+12.06%), and Stellar’s Lumen (+10.76%) led the way.

Bitcoin Cash ABC (+6.05%), Bitcoin Cash SV (+5.97%), EOS (+6.71%), Litecoin (+6.01%), Monero’s XMR (+5.94%), and Tezos (+6.87%) also found strong support.

Binance Coin (+4.64%), Cardano’s ADA (+3.79%), and Tron’s TRX (+3.92%) trailed the front runners on the day.

In the current week, the crypto total market cap rose from a Monday low $285.49bn to a Saturday high $349.72bn. At the time of writing, the total market cap stood at $348.82bn.

Bitcoin’s dominance rose from a Monday low 62.44% to a Tuesday high 64.58% before sliding back. At the time of writing, Bitcoin’s dominance stood at 62.69.

This Morning

At the time of writing, Bitcoin was down by 0.04% to $11,800. A mixed start to the day saw Bitcoin fall to an early morning low $11,788 before rising to a high $11,845.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+0.09%), Ethereum (+0.45%), Monero’s XMR (+0.30%), Stellar’s Limen (+0.58%), and Tron’s TRX (+0.87%) found early support.

It was a bearish start for the rest of the majors, however, with Litecoin down by 0.87% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $11,625 pivot to support a run at the first major resistance level at $12,023.

Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $11,843.

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 $12,241.

Failure to avoid a fall through the $11,625 pivot level would bring the first major support level at $11,407 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $11,009 and sub-$11,000 levels.

About the Author

Bob Masonauthor

With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.