A bearish start to the day saw Bitcoin fall to an early morning intraday low $11,227 before making a move.

Steering clear of the first major support level at $11,080, Bitcoin rallied to a late intraday high $11,843.0.

Bitcoin broke through the first major resistance level at $11,530 and the second major resistance level at $11,710.

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 on Saturday.

Ethereum (+11.69%), Ripple’s XRP (+12.06%), and Stellar’s Lumen (+10.76%) led the way.

Bitcoin Cash ABC (+6.05%), Bitcoin Cash SV (+5.97%), EOS (+6.71%), Litecoin (+6.01%), Monero’s XMR (+5.94%), and Tezos (+6.87%) also found strong support.

Binance Coin (+4.64%), Cardano’s ADA (+3.79%), and Tron’s TRX (+3.92%) trailed the front runners on the day.

In the current week, the crypto total market cap rose from a Monday low $285.49bn to a Saturday high $349.72bn. At the time of writing, the total market cap stood at $348.82bn.

Bitcoin’s dominance rose from a Monday low 62.44% to a Tuesday high 64.58% before sliding back. At the time of writing, Bitcoin’s dominance stood at 62.69.

(Excerpt) Read more Here | 2020-08-01 17:32:38
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