The Crypto Daily – Movers and Shakers – September 21st, 2020
Bitcoin, BTC to USD, fell by 1.47% on Sunday. Reversing a 1.29% gain from Saturday, Bitcoin ended week up by 5.84% to $10,934.5.
It was a bearish start to the day. Bitcoin slid from an early morning intraday high $11,098.0 to a late afternoon intraday low $10,779.0.
Bitcoin fell through the first major support level at $10,950 and the second major support level at $10,803.
Finding late support, however, Bitcoin broke back through the second major support level to wrap up the day at $10,930 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 a bearish end to the week.
Bitcoin Cash SV and Tezos led the way down, with losses of 4.78% and 4.11% respectively.
Binance Coin (-3.05%), Bitcoin Cash ABC (-3.60%), and Ethereum (-3.78%) weren’t far behind.
Cardano’s ADA (-2.17%), EOS (-1.05%), Litecoin (-2.89%), Monero’s XMR (-1.72%), Ripple’s XRP (-1.79%), Stellar’s Lumen (-2.16%), and Tron’s TRX (-2.14%) saw relatively modest losses.
It was a mixed week for the crypto majors, however.
Bitcoin Cash ABC (+1.58%), Ethereum (+1.12%), Monero’s XMR (+8.00%), and Ripple’s XRP (+1.83%) bucked the trend in the week.
It was a bearish week for the rest of the pack.
Binance Coin (-15.52%), Tezos (-15.40%), and Tron’s TRX (-11.84%) led the way down.
Bitcoin Cash SV (-6.01%), Cardano’s ADA (-6.07%), EOS (-2.07%), Litecoin (-2.28%), and Stellar’s Lumen (-3.85%) also saw red.
In the 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 $330.57bn.
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 61.25%.
At the time of writing, Bitcoin was up by 0.30% to $10,967.0. A mixed start to the day saw Bitcoin fall to an early morning low $10,917.0 before rising to a high $10,967.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (-0.25%), Bitcoin Cash SV (-0.59%), EOS (-0.19%), Litecoin (-0.23%), Monero’s XMR (-0.36%), Ripple’s XRP (-0.22%), and Tezos (-0.19%) saw early losses.
It was a relatively bullish day for the rest of the pack, however.
At the time of writing, Tron’s TRX was up by 0.62% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the $10,937 pivot level to support a run at the first major resistance level at $11,095.
Support from the broader market would be needed, however, for Bitcoin to break back through to $11,000 levels.
Barring an extended crypto rally, the first major resistance level and Sunday high $11,098 would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $11,256 before any pullback.
Failure to avoid a fall back through the $10,937 pivot would bring the first major support level at $10,776 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,500 levels. The second major support level at $10,618 should limit any downside.