The Crypto Daily – Movers and Shakers – October 10th, 2020It’s a bullish start to the day. A Bitcoin breakthrough to $11,200 levels would deliver support to the broader market following yesterday’s gains.
Bitcoin, BTC to USD, rose by 1.17% on Friday. Following on from a 2.39% rally on Thursday, Bitcoin ended the day at $11,071.0
It was another bearish start to the day. Bitcoin fell to a mid-morning intraday low $10,853.1 before making a move.
Steering clear of the first major support level at $10,666, Bitcoin rallied to a late morning intraday high $11,134.0.
Bitcoin broke through the first major resistance level at $11,096 to visit $11,100 levels before easing back. It was Bitcoin’s first close out at $11,000 levels since 20th September.
The near-term bullish trend remained intact, in spite of the recent pullback to sub-$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 Friday.
Cardano’s ADA (+5.05%) and Chainlink (+8.89%) led the way.
Binance Coin (+2.31%), Ethereum (4.04%), and Polkadot (+2.39%) weren’t far behind.
Bitcoin Cash ABC (+1.47%), Bitcoin Cash SV (+1.79%), Crypto.com Coin (+0.86%), Litecoin (+1.23%), and Ripple’s XRP (+0.68%) trailed the pack, however.
In the current week, the crypto total market slid to a Wednesday low $322.55bn before rising to a Friday high $346.22bn. At the time of writing, the total market cap stood at $344.02bn.
Bitcoin’s dominance fell to a Monday low 59.15% before rising to a Tuesday high 61.29%. At the time of writing, Bitcoin’s dominance stood at 59.62%.
At the time of writing, Bitcoin was up by 0.22% to $11,095.8. A bullish start to the day saw Bitcoin rise from an early morning low $11,071.0 to a high $11,111.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin was down by 0.26% to buck the trend early in the day.
It was a bullish start for the rest of the majors, however.
At the time of writing, Cardano’s ADA was up by 2.29% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $11,019 to bring the first major resistance level at $11,186 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from Friday’s high $11,134.0.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $11,300.
Failure to avoid a fall through the $11,019 pivot would bring the first major support level at $10,905 into play.
Barring an extended crypto sell-off, however, Bitcoin should continue to steer clear of sub-$10,800 levels. The second major support level sits at $10,739.