The Crypto Daily – Movers and Shakers – September 19th, 2020
Bitcoin, BTC to USD, slipped by 0.02% on Friday. Following on from a 0.11% decline on Thursday, Bitcoin ended the day at $10,957.2.
It was a mixed start to the day. Bitcoin fell to an early low $10,903.4 before making a move.
Steering clear of the first major support level at $10,794, Bitcoin struck a late morning intraday high $11,064.0.
Falling short of the first major resistance level at $11,097, Bitcoin slid to a late afternoon intraday low $10,825.0.
Steering clear of the first major support level at $10,794, Bitcoin revisited $10,970 levels 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 Friday.
Binance Coin (+1.99%), Bitcoin Cash ABC (+0.49%), and Tron’s TRX (+3.35%) bucked the trend on the day.
It was a bearish day for the rest of the majors, however.
Bitcoin Cash SV (-1.94), Cardano’s ADA (-3.29%), EOS (-1.86%), Ethereum (-1.25%), Stellar’s Lumen (-2.65%), and Tezos (-3.42%) struggled on the day.
Litecoin (-0.68%), Monero’s XMR (-0.55%), and Ripple’s XRP (-0.49%) saw relatively modest losses, however.
In the current week, the crypto total market fell to a Monday low $314.21bn before rising to a Thursday high $340.01bn. At the time of writing, the total market cap stood at $333.33bn.
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 60.80%.
At the time of writing, Bitcoin was up by 0.24% to $10,984.0. A bullish start to the day saw Bitcoin rise from an early morning low $10,957.0 to a high $10,995.8.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (+0.85%), Cardano’s ADA (+0.25%), Monero’s XMR (+0.23%), and Tron’s TRX (+0.25%) joined Bitcoin in the green.
It was a bearish start to the day for the rest of the majors, however.
At the time of writing, Tezos was down by 1.44% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $10,949 pivot level to support a run at the first major resistance level at $11,073.
Support from the broader market would be needed, however, for Bitcoin to breakout from Friday’s high $11,064.0.
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 $11,188 before any pullback.
Failure to avoid a fall through the $10,949 pivot would bring the first major support level at $10,834 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,700 levels. The second major support level at $10,710 should limit any downside.