The Crypto Daily – Movers and Shakers – September 11th, 2020

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Published: Sep 11, 2020, 00:50 UTC

It's a bullish start to the for the pack. A Bitcoin move back through to $10,500 levels would support the market and deliver further upside.

Binance is a finance exchange market. Crypto Currency background concept.

Bitcoin, BTC to USD, rose by 1.11% on Thursday. Following on from a 0.89% gain on Wednesday, Bitcoin ended the day at $10,355.0.

It was a bullish start to the day. Bitcoin rose from an early morning intraday low $10,223.1 to an early afternoon intraday high $10,516.0.

Bitcoin broke through the first major resistance level at $10,396 before easing back.

Coming up against resistance at $10,500, Bitcoin fell to an afternoon low $10,266.0 before finding support.

Late in the day, Bitcoin moved back through to $10,300 levels to deliver the upside. Bitcoin fell well short of the major resistance levels, however.

The near-term bullish trend remained intact, in spite of the latest pullback to sub-$10,000. 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 another mixed day on Thursday.

Bitcoin Cash ABC (-0.06%), Bitcoin Cash SV (-0.82%), and Tron’s TRX (-3.07%) saw red to buck the trend on the day.

It was a bullish day for the rest of the majors.

Cardano’s ADA (+4.17%), Ethereum (+4.83%), and Stellar’s Lumen (+3.75%) led the way.

Binance Coin (+0.29%), EOS (+0.96%), Litecoin (+1.90%), Monero’s XMR (+1.53%), Ripple’s XRP (+1.82%), and Tezos (+1.75%) trailed the front runners.

In the current week, the crypto total market fell to a Tuesday low $297.87bn before rising to a Thursday high $325.88bn. At the time of writing, the total market cap stood at $319.65bn.

Bitcoin’s dominance rose to a Monday high 61.28% before falling to a Thursday low 59.54%. At the time of writing, Bitcoin’s dominance stood at 59.93%.

This Morning

At the time of writing, Bitcoin was up by 0.22% to $10,377.7. A bullish start to the day saw Bitcoin rise from an early morning low $10,351.0 to a high $10,397.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-1.71%), Bitcoin Cash SV (-0.56%), Cardano’s Ada (-0.24%), Litecoin (-0.14%), Monero’s XMR (-0.05%), and Ripple’s XRP (-0.05%) saw red early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Tron’s TRX was up by 1.74% to lead the way.

BTC/USD 11/09/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $10,368 pivot level to support a run at the first major resistance level at $10,503.

Support from the broader market would be needed, however, for Bitcoin to break out from $10,450 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $10,500 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $10,651 and resistance at $10,700.

Failure to avoid a fall back through the $10,368 pivot would bring the first major support level at $10,220 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,000. The second major support level at $10,085 should limit any downside.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.