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

By:
Bob Mason
Published: Oct 14, 2020, 00:46 GMT+00:00

It's a bullish start to the day. Bitcoin would need to break back through to $11,500 levels, however, to support the broader market.

Bitcoin coin on white keyboard

Bitcoin, BTC to USD, fell by 1.02% on Tuesday. Partially reversing a 1.55% gain from Monday, Bitcoin ended the day at $11,442.0.

It was a mixed start to the day. Bitcoin rose to a late morning intraday high $11,574.9 before hitting reverse.

Falling well short of the first major resistance level at $11,830, Bitcoin fell to an early afternoon intraday low $11,333.0.

Steering clear of the first major support level at $11,201 Bitcoin briefly revisited $11,470 levels before easing back.

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 Tuesday.

Binance Coin (+0.26%), Bitcoin Cash ABC (+5.77%), Bitcoin Cash SV (+0.71%), and Ripple’s XRP (+0.25%) found support.

It was a bearish day for the rest of the majors. Chainlink and Crypto.com Coin slid by 3.84% and by 4.77% respectively to lead the way down.

Cardano’s ADA (-0.24%), Ethereum (-1.40%), Litecoin (-1.30%), and Polkadot (-0.35%) saw relatively modest losses on the day.

At the start of the week, the crypto total market slid to a Monday low $344.29bn before rising to a Monday high $365.23bn. At the time of writing, the total market cap stood at $355.63bn.

Bitcoin’s dominance rose to a Monday high 60.10% before falling to a Monday low 59.47%. At the time of writing, Bitcoin’s dominance stood at 59.66%.

This Morning

At the time of writing, Bitcoin was up by 0.22% to $11,467.0. A mixed start to the day saw Bitcoin fall to an early morning low $11,427.0 before rising to a high $11,467.0.

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

Elsewhere, it was a bullish start to the day.

At the time of writing, Chainlink was up by 1.72% to lead the way.

BTC/USD 14/10/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $11,450 to bring the first major resistance level at $11,567 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 and Tuesday’s high $11,574.9 would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test resistance at $11,700 before any pullback. The second major resistance level sits at $11,692.

Failure to avoid a fall back through the $11,450 pivot would bring the first major support level at $11,325 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$11,200 levels. The second major support level at $11,208 should limit any downside.

About the Author

Bob Masonauthor

With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.

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