The Crypto Daily – The Movers and Shakers – August 27th, 2020

It’s a bullish start to the day for the broader crypto market. A Bitcoin break out from $11,500 levels would support a run at the resistance levels.
Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin, BTC to USD, rose by 1.15% on Wednesday. Partially reversing a 3.60% slide from Tuesday, Bitcoin ended the day at $11,471.1.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $11,219.9 before making a move.

Steering clear of the first major support level at $11,059.6, Bitcoin rose to a late afternoon intraday high $11,546.0.

Falling short of the first major resistance level at $11,700.6, Bitcoin fell back to end the day at sub-$11,500 levels.

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 mixed day for the majors on Wednesday.

Binance Coin and Tron’s TRX rallied by 3.83% and by 3.24% to lead the way on the day.

Bitcoin Cash ABC (+0.17%), Cardano’s ADA (+1.75%), Ethereum (+0.74%), Monero’s XMR (+0.42%), Ripple’s XRP (+0.05%), and Stellar’s Lumen (+0.80%), also found support.

Bitcoin Cash SV (-0.15%), EOS (-0.15%), Litecoin (-0.45%), and Tezos (-2.16%) saw red on the day, however.

In the current week, the crypto total market rose to a Monday high $360.52bn before falling to a Tuesday low $331.45bn. At the time of writing, the total market cap stood at $345.56bn.

Bitcoin’s dominance fell to a Monday low 60.62% before rising to a Tuesday high 64.08%. At the time of writing, Bitcoin’s dominance stood at 61.26%.

This Morning

At the time of writing, Bitcoin was up by 0.07% to $11,479.0. A mixed start to the day saw Bitcoin fall to an early morning low $11,459.0 before rising to a high $11,492.0.

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

Elsewhere, it was a bullish start to the day for the majors.

At the time of writing, Tron’s TRX was up by 2.34% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $11,412 to support a run at the first major resistance level at $11,605.

Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $11,546.0.

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

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $11,738 before any pullback.

Failure to avoid a fall through the $11,412 pivot level would bring the first major support level at $11,279 into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$11,000 levels. The second major support level at $11,086 should limit any downside.

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