The Crypto Daily – Movers and Shakers – September 20th, 2020It’s another mixed start to the day for the majors. Bitcoin would need to avoid sub-$11,070 levels to support the broader market.
Bitcoin, BTC to USD, rose by 1.29% on Saturday. Following a 0.02% slip on Friday, Bitcoin ended the day at $11,098.
It was a range-bound start to the day. Bitcoin dipped to a late morning intraday low $10,920.0 before making a move.
Steering clear of the first major support level at $10,834, Bitcoin struck a mid-day intraday high $11,185.0.
Bitcoin broke through the first major resistance level at $11,073 before easing back.
Coming up against the second major resistance level at $11,188, Bitcoin fell back through the first major resistance level to sub-$11,040 levels.
Finding late support, however, Bitcoin broke back through the first major resistance level to wrap up the day at $11,090 levels.
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 Saturday.
Binance Coin (-1.74%), Bitcoin Cash SV (-0.70%), Litecoin (-0.14%), Tezos (-2.79%), and Tron’s TRX (-4.81%) saw red on the day.
It was a bullish day for the rest of the majors, however.
Bitcoin Cash ABC (0.10%), Cardano’s ADA (+0.56%), EOS (+0.47%), Ethereum (+0.16%), Monero’s XMR (+2.11%), Ripple’s XRP (+0.17%), and Stellar’s Lumen (+0.28%) joined Bitcoin in the green.
In the current week, the crypto total market fell to a Monday low $314.21bn before rising to a Saturday high $341.59bn. At the time of writing, the total market cap stood at $336.10bn.
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 60.89%.
At the time of writing, Bitcoin was down by 0.13% to $11,084.0. A bearish start to the day saw Bitcoin fall from an early morning high $11,098.0 to a low $11,081.0
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was another mixed start to the day
Bitcoin Cash SV (+0.31%) and Tezos (+0.28%) bucked the trend with modest gains 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 0.92% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $11,068 pivot level to support a run at the first major resistance level at $11,215.
Support from the broader market would be needed, however, for Bitcoin to breakout from Saturday’s high $11,185.0.
Barring an extended crypto rally, the first major resistance level and current week high $11,185.0 would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $11,333 and resistance at $11,500 before any pullback.
Failure to avoid a fall through the $11,068 pivot would bring the first major support level at $11,950 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,700 levels. The second major support level at $11,803 should limit any downside.