The Crypto Daily – Movers and Shakers – October 19th, 2020
Bitcoin, BTC to USD, rose by 1.25% on Sunday. Following on from a 0.44% gain on Saturday, Bitcoin ended the week up by 1.18% to $11,518.0.
It was a mixed start to the day. Bitcoin fell to an early morning intraday low $11,364.9 before making a move.
Steering clear of the first major support level at $11,294, Bitcoin rallied to a final hour intraday high $11,520.0.
Bitcoin broke through the first major resistance level at $11,437 and the second major resistance at $11,499.
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 Sunday.
Crypto.com Coin slid by 9.12% to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
Chainlink (+2.88%), Ethereum (+2.74%), and Polkadot (+2.00%) led the way.
Binance Coin (+1.52%), Cardano’s ADA (+1.49%), and Litecoin (+1.39%) also found strong support.
Bitcoin Cash ABC (+0.57%), Bitcoin Cash SV (+0.80%), and Ripple’s XRP (+0.63%) trailed the front runners on the day.
It was also a mixed week for the crypto majors in the week ending 18th October.
Crypto.com Coin slumped by 21.56% to lead the way down.
Bitcoin Cash SV (-6.73%), Litecoin (-5.73%), Polkadot (-4.29%), and Ripple’s XRP (-5.21%) also saw red.
Binance Coin (+7.57%), Bitcoin Cash ABC (+3.71%), Cardano’s ADA (+0.87%), Chainlink (+0.75%), and Ethereum (+1.12%) joined Bitcoin in the green, however.
For the week, the crypto total market rose to a Monday high $365.23bn before falling to a Friday low $343.10. At the time of writing, the total market cap stood at $353.28bn.
Bitcoin’s dominance fell to a Monday low 59.47% before rising to a Friday high 60.45%. At the time of writing, Bitcoin’s dominance stood at 60.18%.
At the time of writing, Bitcoin was down by 0.31% to $11,482.0. A mixed start to the day saw Bitcoin rise to an early morning high $11,550.0 before falling to a low $11,479.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day for the crypto majors.
Bitcoin Cash SV and Ripple’s XRP were up by 0.01% and by 0.06% respectively to buck the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was down by 1.23% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $11,468 to bring the first major resistance level at $11,570 back into play.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $11,550.0.
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 the second major resistance level sits at $11,623.
Failure to avoid a fall through the $11,468 pivot would bring the first major support level at $11,415 into play.
Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$11,400 support levels. The second major support level sits at $11,313.