The Crypto Daily – Movers and Shakers – August 4th, 2020

It’s a bullish start to the day. Avoiding a fall back through the day’s pivot at $11,209 would support a run at the day’s resistance levels.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin, BTC to USD, rose by 1.52% on Monday. Partially reversing a 6.36% slide from Sunday, Bitcoin ended the day at $11,226.5.

It was a mixed start to the day. Bitcoin slid to an early morning intraday low $10,943 before making a move.

Steering clear of the first major support level at $10,369, Bitcoin rallied to a late afternoon intraday high $11,456.

Falling short of the first major resistance level at $11,918, Bitcoin fell to a 2nd half of the day low $11,125.

Finding support in the final hour, however, Bitcoin moved back through to $11,200 levels to deliver the upside 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 bullish day on Monday.

Ripple’s XRP rallied by 7.58% to lead the way.

Binance Coin (+5.29%), Bitcoin Cash ABC (+5.76%), Bitcoin Cash SV (+5.18%), Monero’s XMR (+5.18%), Tezos (+6.19%), and Tron’s TRX (+4.72%) also found strong support.

Cardano’s ADA (2.71%), EOS (+3.58%), Ethereum (+3.77%), Litecoin (3.06%), and Stellar’s Lumen (+3.14%) trailed the front runners.

At the start of the week, the crypto total market cap rose from a Monday low $323.11bn to a Monday high $345.06bn. At the time of writing, the total market cap stood at $340.35bn.

Bitcoin’s dominance fell from a Monday high 62.43% to a low 61.38%. At the time of writing, Bitcoin’s dominance stood at 61.65%.

This Morning

At the time of writing, Bitcoin was up by 1.14% to $11,354.4. A bullish start to the day saw Bitcoin rise from an early morning low $11,225.5 to a high $11,374.0.

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

Elsewhere, it was a mixed start to the day. Monero’s XMR bucked the trend early on, falling by 0.24%.

It was a bullish start for the rest of the majors, however. At the time of writing, Ethereum was up by 3.00% to lead the way, with Ripple’s XRP up by 2.41%.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $11,209 pivot to support a run at the first major resistance level at $11,474.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $11,456.

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 $11,722.

Failure to avoid a fall through the $11,209 pivot level would bring the first major support level at $10,961 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,800 levels on the day. The second major support level sits at $10,696.

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