The Crypto Daily – Movers and Shakers – September 12th, 2020
Bitcoin, BTC to USD, rose by 0.49% on Friday. Following on from a 1.11% gain on Thursday, Bitcoin ended the day at $10,405.0.
It was a mixed start to the day. Bitcoin rose to an early morning high $10,397.0 before sliding to an early morning intraday low $10,197.0.
Bitcoin fell through the first major support level at $10,220 before rallying to a late intraday high $10,438.0.
Falling short of the first major resistance level at $10,503, Bitcoin eased back to limit the upside on the day.
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 Friday.
Bitcoin Cash ABC (-1.01%), Bitcoin Cash SV (-1.60%), Cardano’s ADA (-0.25%), Monero’s XMR (-1.95%), and Ripple’s XRP (-0.10%) saw red on the day.
It was a bullish day for the rest of the majors.
Binance Coin (+3.50%), EOS (+0.39%), Ethereum (+1.63%), Litecoin (+0.55%), Stellar’s Lumen (+3.11%), Tezos (+0.02%), and Tron’s TRX (+1.44%) joined Bitcoin in the green.
In the current week, the crypto total market fell to a Tuesday low $297.87bn before rising to a Thursday high $325.95bn. At the time of writing, the total market cap stood at $319.75bn.
Bitcoin’s dominance rose to a Monday high 61.28% before falling to a Friday low 59.51%. At the time of writing, Bitcoin’s dominance stood at 59.79%.
At the time of writing, Bitcoin was down by 0.44% to $10,359.4. A mixed start to the day saw Bitcoin rise to an early morning high $10,415.0 before falling to a low $10,351.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (+3.92%), Bitcoin Cash SV (+0.44%), Cardano’s ADA (+0.80%), and Stellar’s Lumen (+0.65%) found early support.
It was a bearish start for the rest of the majors, however.
At the time of writing, Tezos was down by 2.00% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $10,347 pivot level to support a run at the first major resistance level at $10,496.
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 $10,588.
Failure to avoid a fall through the $10,347 pivot would bring the first major support level at $10,255 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,000. The second major support level at $10,106 should limit any downside.