The Crypto Daily – Movers and Shakers – August 25th, 2020

Bitcoin coin on white keyboard

Bitcoin, BTC to USD, rose by 0.90% on Monday. Reversing a 0.17% loss from Sunday, Bitcoin ended the day at $11,768.0.

It was a mixed start to the day. Bitcoin fell to an early morning intraday low $11,605.0 before making a move.

Steering clear of the first major support level at $11,555, Bitcoin struck a late morning intraday high $11,847.0.

Bitcoin broke through the first major resistance level at $11,755 before falling back to an afternoon low $11,714. The second major resistance level at $11,844 had pinned Bitcoin back in the late morning.

Finding support late in the day, however, Bitcoin broke back through the first major resistance level. Resistance at $11,800 limited the upside 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 bullish day for the majors on Monday.

Ethereum (+4.37%), Bitcoin Cash SV (+4.94%), and Tezos (+4.60%) led the way.

Binance Coin (+3.43%), Bitcoin Cash ABC (+3.26%), Litecoin (+2.36%), Monero’s XMR (+3.69%), and Tron’s TRX (+3.34%) also found strong support.

Cardano’s ADA (+1.79%), EOS (+1.99%), Ripple’s XRP (+1.38%), and Stellar’s Lumen (+0.14%) trailed the front runners.

In the current week, the crypto total market rose from a Monday low $348.45bn to a high $358.21bn. At the time of writing, the total market cap stood at $345.46bn.

Bitcoin’s dominance rose to a Monday high 61.44% before falling to a Monday low 60.94%. At the time of writing, Bitcoin’s dominance stood at 61.01%.

This Morning

At the time of writing, Bitcoin was down by 0.15% to $11,750.0. A bearish start to the day saw Bitcoin fall from an early morning high $11,776.0 to a low $11,750.0.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Tezos was down by 1.28% to lead the way down.

Monero’s XMR bucked the trend early on, however, rising by 0.04%.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $11,740 to support a run at the first major resistance level at $11,875.

Support from the broader market would be needed, however, for Bitcoin to break out Monday’s high $11,847.

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

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $11,982 and resistance at $12,000 before any pullback.

Failure to avoid a fall through the $11,740 pivot level would bring the first major support level at $11,633 into play.

Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$11,500 levels and the second major support level at $11,498.

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