The Crypto Daily – The Movers and Shakers – August 10th, 2020

Bitcoin, BTC to USD, fell by 0.75% on Sunday. Partially reversing a 1.59% gain from Saturday, Bitcoin ended the week up by 5.57% to $11,675.3.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $11,788 before hitting reverse.

Falling short of the first major resistance level at $11,866, Bitcoin slid to a late afternoon intraday low $11,530.0.

Bitcoin fell through the first major support level at $11,593 before finding support.

A late move back through to $11,600 levels cut the deficit on the day.

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 Sunday.

Stellar’s Lumen and Tezos bucked the trend, with gains of 2.03% and 8.98% respectively.

It was a bearish day for the rest of the majors.

Bitcoin Cash SV led the way down, falling by 3.51%.

Bitcoin Cash ABC (-2.36%), Binance Coin (-2.23%), Ethereum (-1.78%), Litecoin (-2.55%), Monero’s XMR (-2.13%), and Ripple’s XRP (-2.56%) also saw heavy losses.

Cardano’s ADA (-1.28%), EOS (-1.20%), and Tron’s TRX (-0.43%) saw modest losses on the day.

It was also a mixed week for the majors.

Ripple’s XRP bucked the trend with a 0.04% loss.

It was bullish for the rest of the pack, however.

Tezos led the way, rallying by 27.30%.

Binance Coin (+6.82%), Bitcoin Cash ABC (+6.61%), Cardano’s ADA (+8.36%), Monero’s XMR (+9.69%), and Tron’s TRX (+7.38%) also found strong support.

Bitcoin Cash SV (+1.90%), EOS (+2.95%), Ethereum (+4.90%), Litecoin (+0.30%), and Stellar’s Lumen (+2.73%) trailed the front runners.

In the week, the crypto total market cap rose from a Monday low $322.88bn to a Thursday high $355.09bn. At the time of writing, the total market cap stood at $349.50bn.

Bitcoin’s dominance fell to a Tuesday low 61.24% before rising to a Friday high $63.16. At the time of writing, Bitcoin’s dominance stood at 62.15%.

This Morning

At the time of writing, Bitcoin was up by 0.80% to $11,769.0. A bullish start to the day saw Bitcoin rise from an early morning low $11,746.3 to a high $11,789.0.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA bucked the trend early on, falling by 0.16%.

It was a bullish start for the rest of the majors, however, with Tezos up by 2.71% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $11,664 pivot to support a run at the first major resistance level at $11,799.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $11,789.

Barring an extended crypto rally, the first major resistance level and the morning high would likely cap any upside.

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $11,922.

A fall through the $11,664 pivot level would bring the first major support level at $11,541 into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid the second major support level at $11,406.

This article was originally posted on FX Empire

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