The Crypto Daily – Movers and Shakers – August 8th, 2020

Fibo Quantum

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $11,900 before hitting reverse.

Falling short of the first major resistance level at $11,914, Bitcoin slid to a late afternoon intraday low $11,326.

Bitcoin fell through the first major support level at $11,581 and the second major support level at $11,402.

Finding late support, however, Bitcoin broke back through the second major support level to end the day at $11,580.

The first major support level at $11,581 pinned Bitcoin back late in 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 bearish day for the majors on Friday.

Bitcoin Cash SV (-4.48%), Cardano’s ADA (-3.93%), Ethereum (-3.93%), Litecoin (-3.10%), Stellar’s Lumen (-3.44%), and Tezos (-4.53%) led the way down.

Binance Coin (-1.85%), Bitcoin Cash ABC (-2.15%), EOS (-2.54%), Monero’s XMR (-1.10%), Ripple’s XRP (-2.87%), and Tron’s TRX (-1.83%) saw relatively modest losses on the day.

In the current week, the crypto total market cap rose from a Monday low $323.88bn to a Thursday high $355.09bn. At the time of writing, the total market cap stood at $342.33bn.

Bitcoin’s dominance fell from a Monday high 62.46% to a Tuesday low 61.24%. At the time of writing, Bitcoin’s dominance stood at 62.69%.