The Crypto Daily – Movers and Shakers – August 9th, 2020
It was a mixed start to the day. Bitcoin fell to an early morning intraday low $11,523 before finding support.
Steering clear of the first major support level at $11,304, Bitcoin rose to a mid-day intraday high $11,796.
Falling short of the first major resistance level at $11,878, Bitcoin fell back to a low $11,601.
Avoiding sub-$11,600 levels, Bitcoin moved back through to $11,700 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 for the majors on Saturday.
Cardano’s ADA and Tezos led the way, with gains of 5.74% and 9.84% respectively.
Binance Coin (+2.64%), Ethereum (+4.67%), Litecoin (+2.15%), and Tron’s TRX (+3.19%) also found strong support.
Bitcoin Cash ABC (+1.61%), Bitcoin Cash SV (+1.25%), EOS (+1.89%), Monero’s XMR (+1.08%), Ripple’s XRP (+0.40%), and Stellar’s Lumen (+0.97%) trailed the pack.
In the current week, the crypto total market cap rose from a Monday low $322.88bn to a Thursday high $355.09bn. At the time of writing, the total market cap stood at $349.48bn.
Bitcoin’s dominance fell to a Tuesday low 61.24% before rising to a Friday high 63.16%. At the time of writing, Bitcoin’s dominance stood at 62.15%.