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The Crypto Daily – Movers and Shakers – September 14th, 2020

By:
Bob Mason
Updated: Oct 13, 2020, 08:50 UTC

It's a choppy start to the day for the majors. A Bitcoin move through to $10,400 levels should support the broader market.

Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin, BTC to USD, fell by 1.22% on Sunday. Reversing a 0.51% gain from Saturday, Bitcoin ended the week up by 0.54% to $10,331.0.

It was a bullish start to the day. Bitcoin rose to an early morning intraday high $10,623.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $10,538 and the second major resistance level at $10,617.

The reversal saw Bitcoin slide to a late afternoon intraday low $10,231.0.

Bitcoin fell the first major support level at $10,333 before finding late support.

A move back through to $10,330 levels limited the downside on the day. The first major support level at $10,333 pinned Bitcoin back in the final hour, however.

The near-term bullish trend remained intact, in spite of the latest pullback to sub-$10,000. 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 another mixed day on Sunday.

Binance Coin and Tezos rose by 9.26% and by 0.96% to buck the trend on the day.

It was a bearish day for the rest of the pack.

Bitcoin Cash ABC (-3.67%), Bitcoin Cash SV (-3.53%), Ethereum (-5.48%), Stellar’s Lumen (-4.52%), and Tron’s TRX (-6.13%) led the way down.

Cardano’s ADA (-2.76%), EOS (-2.69%), Litecoin (-1.65%), Monero’s XMR (-0.27%), and Ripple’s XRP (-2.39%) saw relatively modest losses on the day.

It was also a mixed week for the majors.

Bitcoin Cash ABC (-3.91%), Bitcoin Cash SV (-0.28%), EOS (-6.09%), and Tron’s TRX (-2.54%) saw red for the week.

It was a bullish week for the rest of the pack.

Binance Coin surged by 34.54% to lead the way.

Cardano’s ADA (2.64%), Ethereum (3.89%), Litecoin (+0.50%), Monero’s XMR (6.93%), Ripple’s XRP (1.02%), Stellar’s Lumen (3.52%), and Tezos (2.97%) joined Bitcoin in the green.

In the week, the crypto total market fell to a Tuesday low $297.87bn before rising to a Sunday high $331.58bn. At the time of writing, the total market cap stood at $320.00bn.

Bitcoin’s dominance rose to a Monday high 61.28% before falling to a Sunday low 58.97%. At the time of writing, Bitcoin’s dominance stood at 59.90%.

This Morning

At the time of writing, Bitcoin was up by 0.42% to $10,374.1. A mixed start to the day saw Bitcoin fall to an early morning low $10,259.0 before rising to a high $10,381.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash ABC (+0.06%), Ethereum (+0.31%), Litecoin (+0.02%), Ripple’s XRP (+0.59%), and Stellar’s Lumen (+0.43%) found early support.

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

At the time of writing, Binance Coin was down by 4.75% to lead the way down.

BTC/USD 14/09/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $10,395 pivot level to support a run at the first major resistance level at $10,559.

Support from the broader market would be needed, however, for Bitcoin to break back through to $10,500 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $10,500 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test resistance at $10,700 before any pullback. Bitcoin would likely fall short of the second major resistance level at $10,787, however.

Failure to move through the $10,395 pivot would bring the first major support level at $10,167 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,000. The second major support level at $10,003 should limit any downside.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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