Closeup hand holding bitcoin over the Cryptocurrency trading scr

The Crypto Daily – The Movers and Shakers – August 26th, 2020

Bitcoin, BTC to USD, slid by 3.60% on Tuesday. Reversing a 0.90% gain from Monday, Bitcoin ended the day at $11,341.4.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $11,778.0 before hitting reverse.

Falling short of the first major resistance level at $11,875, Bitcoin slid to a late afternoon intraday low $11,137.0.

Bitcoin fell through the day’s major support levels before a brief recovery to $11,400 levels.

The late recovery saw Bitcoin move back through the third major support level at $11,256 to reduce the deficit on 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 bearish day for the majors on Tuesday.

Cardano’s ADA (-8.99%), EOS (-7.77%), and Tron’s TRX (-8.54%) led the way down.

Bitcoin Cash SV (-6.04%), Ethereum (-6.02%), and Tezos (-6.54%) weren’t far behind.

Binance Coin (-5.22%), Bitcoin Cash ABC (-4.74%), Litecoin (-5.91%), Monero’s XMR (-5.75%), Ripple’s XRP (-4.22%), and Stellar’s Lumen (-5.58%) also struggled on the day.

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 $341.48bn.

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 61.34%.

This Morning

At the time of writing, Bitcoin was up by 0.01% to $11,342.0. A bearish start to the day saw Bitcoin fall from an early morning high $11,350.0 to a low $11,219.9.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+1.39%) and Tron’s TRX (+1.51%) led the way early on.

Bitcoin Cash SV (+0.62%), EOS (+0.19%), Monero’s XMR (+0.37%), Ripple’s XRP (+0.04%), and Stellar’s Lumen (+0.32%) also found early support.

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

At the time of writing, Bitcoin Cash ABC was down by 0.77% to lead the way down.

BTC/USD 26/08/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $11,419 to support a run at the first major resistance level at $11,701.

Support from the broader market would be needed, however, for Bitcoin to break out $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 the second major resistance level at $12,060 before any pullback.

Failure to move through the $11,419 pivot level would bring the first major support level at $11,060 into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$11,000 levels and the second major support level at $10,778.