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The Crypto Daily – Movers and Shakers – August 24th, 2020

Bitcoin, BTC to USD, slipped by 0.17% on Sunday. Following a 1.37% gain on Saturday, Bitcoin ended the week down by 2.19% to $11,663.0.

It was a mixed start to the day. Bitcoin rose to an early morning high $11,709.0 before hitting reverse.

Falling short of the first major resistance level at $11,787, Bitcoin slid to a late morning intraday low $11,538.0.

Steering clear of the first major support level at $11,465, Bitcoin struck a late intraday high $11,736.

Falling short of the first major resistance level at $11,787, Bitcoin fell back to $11,650 levels before finding support.

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 Sunday.

Litecoin and Stellar’s Lumen rose by 0.53% and by 0.60% to buck the trend on the day.

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

Cardano’s ADA (-3.17%), Monero’s XMR (-3.73%) and Tron’s TRX (-3.52%) led the way down.

Binance Coin (-1.71%), Bitcoin Cash ABC (-1.12%), Bitcoin Cash SV (-1.57%), EOS (-1.36%), Ethereum (-1.23%), and Tezos (-1.85%) also struggled.

Ripple’s XRP (-0.42%) saw modest losses on the day.

For the week, it was a bearish for the majors, however.

Tezos (-17.18%), EOS (-14.44%), Tron’s TRX (-13.82%), Bitcoin Cash SV (-13.10%), Cardano’s ADA (-12.59%), and Stellar’s Lumen (-10.86%) led the way down.

Binance Coin (-7.18%), Bitcoin Cash ABC (-6.49%), Ethereum (-9.92%), Litecoin (-5.22%), and Ripple’s XRP (-6.52%) also struggled.

Monero’s XMR fell by just 0.22%, however.

In the week, the crypto total market rose to a Monday high $384.00bn before sliding to a Saturday low $338.58bn. At the time of writing, the total market cap stood at $349.94bn.

Bitcoin’s dominance fell to a Monday low 59.97% before rising to a Wednesday high 62.00%. At the time of writing, Bitcoin’s dominance stood at 61.41%.

This Morning

At the time of writing, Bitcoin was down by 0.31% to $11,627.3. A bearish start to the day saw Bitcoin fall from an early morning high $11,667 to a low $11,605.0.

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

Elsewhere, it was also a bearish start to the day.

At the time of writing, Stellar’s Lumen was down by 1.46% to lead the way down.

BTC/USD 24/08/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $11,646 to support a run at the first major resistance level at $11,753.

Support from the broader market would be needed, however, for Bitcoin to break out Sunday’s high $11,736.0.

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

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $11,844 before any pullback.

Failure to move through the $11,646 pivot level would bring the first major support level at $11,555 into play.

Barring an extended crypto sell-off, however, Bitcoin should avoid sub-$11,500 and the second major support level at $11,448.

In the event of an extended sell-off, Bitcoin could test the third major support level at $11,250 before any recovery.