Cryptomania

The Crypto Daily – Movers and Shakers – August 28th, 2020

Bitcoin, BTC to USD, fell by 1.12% on Thursday. Reversing a 1.15% gain from Wednesday, Bitcoin ended the day at $11,343.0.

A bearish start to the day saw Bitcoin fall to a mid-day low $11,290 before making a move.

Steering clear of the first major support level at $11,279, Bitcoin struck an early afternoon intraday high $11,609.0.

Coming up against the first major resistance level at $11,605, Bitcoin slid to a late afternoon intraday low $11,145.0.

Bitcoin fell through the first major support level at $11,279 before recovering to $11,300 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 Thursday.

Binance Coin and Monero’s XMR bucked the trend on the day, rising by 4.05% and by 0.72% respectively.

It was a bearish day for the rest of the pack, however.

Cardano’s ADA slid by 6.21% to lead the way down.

Bitcoin Cash ABC (-4.60%), Bitcoin Cash SV (-4.07%), EOS (-4.47%), Litecoin (-3.44%), Ripple’s XRP (-4.37%), Stellar’s Lumen (-4.44%), Tezos (-4.32%), also saw heavy losses.

Ethereum (-0.74%) and Tron’s TRX (-2.12%) saw relatively modest losses on the day.

In the current week, the crypto total market rose to a Monday high $360.52bn before falling to a Tuesday low $329.92bn. At the time of writing, the total market cap stood at $338.20bn.

Bitcoin’s dominance fell to a Monday low 60.80% before rising to a Tuesday high 62.13%. At the time of writing, Bitcoin’s dominance stood at 61.77%.

 

This Morning

At the time of writing, Bitcoin was down by 0.28% to $11,311.0. A bearish start to the day saw Bitcoin fall from an early morning high $11,367.0 to a low $11,308.0.

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

Elsewhere, it was a mixed start to the day. Bitcoin Cash SV bucked the trend early on, rising by 1.15%.

It was bearish for the rest of the majors, however.

At the time of writing, Tezos was down by 2.07% to lead the way down.

BTC/USD 28/08/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $11,366 to support a run at the first major resistance level at $11,586.

Support from the broader market would be needed, however, for Bitcoin to break back through to $11,500 levels.

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 resistance at $11,700 before any pullback. The second major resistance level sits at $11,830.

Failure to move through the $11,366 pivot level would bring the first major support level at $11,122 into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$11,000 levels. The second major support level sits at $10,902.