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