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The Crypto Daily – Movers and Shakers – 08/01/20

Bob Mason

Bitcoin rallied by 5.09% on Tuesday. Following on from a 5.35% bounce on Monday, Bitcoin ended the day at $8,154.1.

A mixed start to the day saw Bitcoin rise to a late morning high $7,952.0 before falling to a late afternoon intraday low $7,741.9.

Bitcoin broke through the first major resistance level at $7,909.27 before the pullback.

Steering clear of the first major support level at $7,482.27, Bitcoin rallied to a late intraday high $8,210.3.

Bitcoin broke through the first major resistance level at $7,909.27 and the second major resistance level at $8,060.63.

The 23.6% FIB of $8,200 limited the upside on the day.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the current week rally.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed day for the majors.

Binance Coin (+0.47%), EOS (+0.06%), and Litecoin (+1.20%) joined Bitcoin in the green.

It was a bearish day for the rest of the pack, however.

Ripple’s XRP and Stellar’s Lumen led the way down, sliding by 4.30% and 3.93% respectively.

Bitcoin Cash SV (-3.42%) and Tron’s TRX (-3.00%) also saw relatively heavy losses.

Bitcoin Cash ABC (-0.31%), Ethereum (-0.78%), and Monero’s XMR (-0.81%) saw modest losses on the day.

Through the start of the week, the crypto total market cap jumped to an early Wednesday current week high $220.27bn. At the time of writing, the total market cap stood at $220.00bn, with the majors seeing further upside early on this morning.

Bitcoin’s dominance surged to 69% levels, driven by 2 solid days in the green. Trading volumes hit $92bn levels on Tuesday. At the time of writing, volumes were at $93bn levels.

This Morning

At the time of writing, Bitcoin was up by 2.91% to $8,391.0. A particularly bullish start to the day saw Bitcoin rise from an early morning low $8,148.8 to a high $8,442.0.

Breaking out from the 23.6% FIB of $8,200, Bitcoin broke through the first major resistance level at $8,328.97 early on.

Elsewhere, it was also a bullish start to the day.

Bitcoin Cash ABC (+2.52%), EOS (+2.73%), Ethereum (+2.49%), Litecoin (+3.86%), Monero’s XMR (+2.77%) and Tron’s TRX (+2.00%) also found strong support early on.

Binance Coin (+0.94%), Bitcoin Cash SV (+1.71%), Ripple’s XRP (+1.21%), and Stellar’s Lumen (+1.32%) trailed the pack.

For the Bitcoin Day Ahead

Bitcoin would need to hold above the first major resistance level at $8,328.97 to support a run at the second major resistance level at $8,503.83.

We can expect the news wires to have a material influence on the day, with this week’s gains likely to have come from events in the Middle East.

Expect Bitcoin to break out from the second major resistance level should the U.S respond to Iran’s attacks on military bases in Iraq.

Resistance at $8,972.23 would likely limit any upside in the event of an extended rally on the day, however.

Failure to hold above the first major resistance level could see Bitcoin hit reverse.

A fall through the 23.6% FIB of $8,200 to sub-$8,040 levels would bring the first major support level at $7,860.57 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$8,000 levels.

This article was originally posted on FX Empire

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