The Crypto Daily – Movers and Shakers – September 18th, 2020It’s a bearish start for Bitcoin and the broader market. A Bitcoin move back through to $11,000 levels would be needed to support the pack.
Bitcoin, BTC to USD, slipped by 0.11% on Thursday. Following a 1.60% gain on Wednesday, Bitcoin ended the day at $10,959.0.
It was a mixed start to the day. Bitcoin rose to an early morning intraday high $11,069.2 before hitting reverse.
Falling short of the first major resistance level at $11,157, Bitcoin slid to an early afternoon intraday low $10,765.9.
Steering clear of the first major support level at $10,734, Bitcoin recovered to a high $10,985.3 before falling back into the red.
The near-term bullish trend remained intact, supported by the latest visit 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 another mixed day on Thursday.
Binance Coin and Bitcoin Cash ABC bucked the trend, falling by 2.69% and by 0.77% respectively.
It was a bullish day for the rest of the majors, however.
Ethereum (+6.63%), Monero’s XMR (+4.98%), and Tron’s TRX (+6.96%) led the way.
Cardano’s ADA (+2.78%), Litecoin (+2.41%), and Ripple’s XRP (+2.07%) also found strong support.
Bitcoin Cash SV (+1.19%), EOS (+0.96%), Stellar’s Lumen (+0.49%), and Tezos (+0.13%) trailed the front runners, however.
In the current week, the crypto total market fell to a Monday low $314.21bn before rising to a Thursday high $339.95bn. At the time of writing, the total market cap stood at $332.77bn.
Bitcoin’s dominance rose from a Monday low 59.64% to a Wednesday high 61.56%. At the time of writing, Bitcoin’s dominance stood at 60.54%.
At the time of writing, Bitcoin was down by 0.40% to $10,915.0. A mixed start to the day saw Bitcoin rise to an early morning high $10,971.0 before falling to a low $10,912.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin ABC was up by 0.26% to buck the trend early on.
It was a bearish start to the day for the rest of the majors, however.
At the time of writing, Tron’s TRX was down by 1.17% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the $10,931 pivot level to support a run at the first major resistance level at $11,097.
Support from the broader market would be needed, however, for Bitcoin to breakout from Thursday’s high $11,069.2.
Barring an extended crypto rally, the first major resistance level and current week high $11,105 would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $11,235 before any pullback.
Failure to move back through the $10,931 pivot would bring the first major support level at $10,794 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,700 levels. The second major support level sits at $10,628.