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The Crypto Daily – Movers and Shakers – October 10th, 2020

By:
Bob Mason
Published: Oct 10, 2020, 00:48 UTC

It'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 with us dollars and calculator

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%.

This Morning

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.

BTC/USD 10/10/20 Hourly Chart

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.

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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