The Crypto Daily – Movers and Shakers – October 11th, 2020
It’s a mixed start to the day for the broader market, A Bitcoin move back through to $11,500 levels should deliver another breakout.
Bitcoin, BTC to USD, rallied by 2.14% on Saturday. Following on from a 1.17% gain on Friday, Bitcoin ended the day at $11,308.0
It was a bullish start to the day. Bitcoin rallied from an intraday low $11,071.0 to an early morning intraday high $11,505.0.
Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $11,186 and the second major resistance level at $11,300.
Hitting resistance at $11,500, Bitcoin fell back to sub-$11,300 levels before finding support in the afternoon.
A move back through to $11,400 levels was brief, however, with Bitcoin falling back to end the day at $11,300 levels.
The second major resistance level at $11,300 delivered support late in the day.
The near-term bullish trend remained intact, supported by the latest move back 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 mixed day on Saturday.
Cardano’s ADA rallied by 3.65% to lead the way. Crypto.com Coin (+2.10%) and Litecoin (+2.26%) weren’t far behind.
Bitcoin Cash ABC (+0.53%), Bitcoin Cash SV (+1.47%), Chainlink (+1.01%), Ethereum (1.48%), and Ripple’s XRP (+0.36%) also joined Bitcoin in the green.
Binance Coin (-0.04%) and Polkadot (-2.33%) bucked the trend on the day, however.
In the current week, the crypto total market slid to a Wednesday low $322.55bn before rising to a Saturday high $357.46bn. At the time of writing, the total market cap stood at $350.08bn.
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 60.04%.
This Morning
At the time of writing, Bitcoin was up by 0.49% to $11,363.0. It was a mixed start to the day. Bitcoin fell to an early morning low $11,297.0 before striking a high $11,402.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (-0.83%), Bitcoin Cash ABC (-0.39%), Crypto.com Coin (-0.39%), Chainlink (-1.14%), and Polkadot (-0.88%) saw red early on..
It was a bullish start for the rest of the majors, however.
At the time of writing, Cardano’s ADA was up by 1.16% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $11,295 to bring the first major resistance level at $11,518 into play.
Support from the broader market would be needed, however, for Bitcoin to break back through to $11,500 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another crypto breakout, Bitcoin could test resistance at $11,700 and the second major resistance level at $11,729.
Failure to avoid a fall through the $11,295 pivot would bring the first major support level at $11,084 into play.
Barring an extended crypto sell-off, however, Bitcoin should continue to steer clear of sub-$11,000 levels. The second major support level sits at $10,861.
