Bitcoin, BTC to USD, rose by 1.59% on Saturday. Reversing a 1.52% fall from Friday, Bitcoin ended the day at $11,764.
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%.
At the time of writing, Bitcoin was down by 0.08% to $11,755. A mixed start to the day saw Bitcoin rise to an early morning high $11,777.1 before falling to a low $11,746.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA and Tezos led the way down, with losses of 1.23% and 1.38% respectively.
Binance Coin (-0.75%), EOS (-0.11%), Litecoin (-0.21%), Monero’s XMR and Stellar’s Lumen (-0.44%) also saw red.
Bitcoin Cash ABC (+0.80%), Bitcoin Cash SV (+0.80%), Ethereum (+0.06%), Ripple’s XRP (+0.09%), and Tron’s TRX (+0.47%) found early support.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $11,694 pivot to support a run at the first major resistance level at $11,866.
Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $11,796.
Barring an extended crypto rally, the first major resistance level and Saturday’s high would likely cap any upside.
In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $11,967.
A fall through the $11,694 pivot level would bring the first major support level at $11,593 into play.
Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$11,400 support levels. The second major support level at $11,421 should limit the downside.
This article was originally posted on FX Empire
More From FXEMPIRE:
- Gold Weekly Price Forecast – Gold Markets Form Signs of Exhaustion
- Price of Gold Fundamental Daily Forecast – Better Jobs Report Gives Investors Good Excuse to Book Profits
- European Equities: A Week in Review – 08/08/20
- Crude Oil Weekly Price Forecast – Crude Oil Markets Show Signs of Resistance Again
- The Weekly Wrap – A First Weekly Rise for the Greenback in 7-Weeks…
- EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – August 8th, 2020