Yahoo Finanza The Crypto Daily – Movers and Shakers – August 8th, 2020
Bitcoin, BTC to USD, fell by 1.52% on Friday. Reversing a 0.20% gain from Thursday, Bitcoin ended the day at $11,580.0.
It was a mixed start to the day. Bitcoin rose to an early morning intraday high $11,900 before hitting reverse.
Falling short of the first major resistance level at $11,914, Bitcoin slid to a late afternoon intraday low $11,326.
Bitcoin fell through the first major support level at $11,581 and the second major support level at $11,402.
Finding late support, however, Bitcoin broke back through the second major support level to end the day at $11,580.
The first major support level at $11,581 pinned Bitcoin back late in 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 bearish day for the majors on Friday.
Bitcoin Cash SV (-4.48%), Cardano’s ADA (-3.93%), Ethereum (-3.93%), Litecoin (-3.10%), Stellar’s Lumen (-3.44%), and Tezos (-4.53%) led the way down.
Binance Coin (-1.85%), Bitcoin Cash ABC (-2.15%), EOS (-2.54%), Monero’s XMR (-1.10%), Ripple’s XRP (-2.87%), and Tron’s TRX (-1.83%) saw relatively modest losses on the day.
In the current week, the crypto total market cap rose from a Monday low $323.88bn to a Thursday high $355.09bn. At the time of writing, the total market cap stood at $342.33bn.
Bitcoin’s dominance fell from a Monday high 62.46% to a Tuesday low 61.24%. At the time of writing, Bitcoin’s dominance stood at 62.69%.
This Morning
At the time of writing, Bitcoin was up by 0.17% to $11,599.6. A mixed start to the day saw Bitcoin fall to an early morning low $11,523.0 before rising to a high $11,608.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (-1.02%), Cardano’s ADA (-0.09%), EOS (-0.38%), Monero’s XMR (-0.80%), Stellar’s Lumen (-0.02%), Tezos (-0.74%), and Tron’s TRX (-0.90%) saw red.
It was a bullish start for the rest of the majors, however.
Bitcoin Cash ABC was up by 0.22% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $11,600 pivot to support a run at the first major resistance level at $11,878.
Support from the broader market would be needed, however, for Bitcoin to break back through to $11,800 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s high $11,900 would likely cap any upside.
In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $12,176.
Failure to move through the $11,600 pivot level would bring the first major support level at $11,304 into play.
Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$11,000 levels. The second major support level at $11,028 should limit any downside.
This article was originally posted on FX Empire
More From FXEMPIRE:
Silver Price Forecast – Silver Markets Finally Acknowledging Gravity
Crude Oil Price Forecast – Crude Oil Markets Continue to Grind Sideways
Gold Weekly Price Forecast – Gold Markets Form Signs of Exhaustion
Gold Price Forecast – Gold Markets Form Bearish Engulfing Candlestick
Natural Gas Price Prediction – Prices Rise Forming Bull Flag Pattern
