The Crypto Daily – Movers and Shakers – October 9th, 2020It’s a bearish start to the day for the majors. A Bitcoin move back through to $10,900 levels would support the broader market.
Bitcoin, BTC to USD, rallied by 2.39% on Thursday. Following on from a 0.70% gain on Wednesday, Bitcoin ended the day at $10,943.0.
It was a bearish start to the day. Bitcoin fell to an early morning intraday low $10,541.0 before making a move.
The reversal saw Bitcoin fall through the first major support level at $10,603.
Supported by a broad-based crypto rebound, however, Bitcoin rallied to a late afternoon intraday high $10,971.0.
Bitcoin broke through the day’s major resistance levels to wrap up the day at $10,900 levels.
The near-term bullish trend remained intact, in spite of the 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 Thursday.
Chainlink (+6.18%) and Polkadot (+4.16%) led the way.
Bitcoin Cash ABC (+2.84%), Cardano’s ADA (+2.75%), and Ethereum (+2.79%) weren’t far behind.
Binance Coin (+0.07%), Bitcoin Cash SV (+0.70%), Crypto.com Coin (+1.97%), Litecoin (+1.50%), and Ripple’s XRP (+1.01%) trailed the pack, however.
In the current week, the crypto total market slid to a Wednesday low $322.55bn before rising to a Thursday high $339.24bn. At the time of writing, the total market cap stood at $334.78bn.
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 60.12%.
At the time of writing, Bitcoin was down by 0.50% to $10,888.6. A mixed start to the day saw Bitcoin rise to an early morning high $10,959.0 before falling to a low $10,885.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bearish start to the day for the broader market.
At the time of writing, Chainlink was down by1.31% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $10,818 to bring the first major resistance level at $11,096 into play.
Support from the broader market would be needed, however, for Bitcoin to break through to $11,000 levels.
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 $11,248 and resistance at $11,300.
Failure to avoid a fall through the $10,818 pivot would bring the first major support level at $10,666 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 $10,388.