The Crypto Daily – Movers and Shakers – September 28th, 2020

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Published: Sep 28, 2020, 02:11 UTC

It's a bullish start to the day with Bitcoin eyeing $11,000 levels. A break out from $11,000 would deliver a boost to the broader market.

Bitcoin, BTC to USD, rose by 0.48% on Sunday. Following on from a 0.39% gain on Saturday, Bitcoin ended the week down by 1.21% to $10,803.0.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $10,824.0 before hitting reverse.

Falling short of the first major resistance level at $10,836, Bitcoin slid to a midday intraday low $10,594.0.

Bitcoin fell through the first major support level at $10,670 before finding support.

Steering clear of the second major support level at $10,589, Bitcoin moved back through to $10,800 levels and into the green.

The near-term bullish trend remained intact, in spite of the latest pullback. 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 mixed day on Sunday.

Polkadot fell by 1.24% to buck the trend on the day.

It was a bullish end to the week for the rest of the majors, however.

Bitcoin Cash SV (+3.91%), Cardano’s ADA (+5.99%), and Chainlink (+4.25%) lead the way.

Bitcoin Cash ABC (+1.71%) and Ethereum (+1.06%) also found strong support.

Binance Coin (+0.11%), Crypto.com Coin (+0.06%), Litecoin (+0.04%), and Ripple’s XRP (+0.69%) trailed the front runners.

For the week, it was also a mixed bag for the majors.

Binance Coin (+10.81%), Bitcoin Cash SV (+16.52%), Cardano’s ADA (+13.31%), and Chainlink (+11.01%) led the way.

It was a bearish week for the rest of the pack, however.

Bitcoin Cash ABC (-0.08%), Ethereum (-3.57%), Crypto.com Coin (-5.05%), Litecoin (-2.17%), Polkadot (-6.34%), and Ripple’s XRP (-1.28%) joined Bitcoin in the red.

In the week, the crypto total market rose to a Monday high $334.04bn before sliding to a Wednesday low $300.97bn. At the time of writing, the total market cap stood at $330.8bn.

Bitcoin’s dominance rose to a Wednesday high 62.31% before falling to a Sunday low 60.65%. At the time of writing, Bitcoin’s dominance stood at 61.14%.

This Morning

At the time of writing, Bitcoin was up by 1.54% to $10,968.9. A bullish start to the day saw Bitcoin rise from an early morning low $10,803.3 to a high $10,986.0.

Bitcoin broke through the first major resistance level at $10,887 to test the second major resistance level at $10,970 early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.63%) and Polkadot (-1.04%) bucked the trend early on.

It was a bullish start for the broader market, however.

At the time of writing, Cardano’s ADA was up by 2.77% to lead the way.

BTC/USD 28/09/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the first major resistance level at $10,887 to support a breakout from the second major resistance level at $10,970.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $10,986.0.

Barring an extended crypto rally, the second major resistance level and resistance at $11,000 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the third major resistance level at $11,200 before any pullback.

Failure to avoid a fall through first major resistance level would bring the $10,740 pivot into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the first major support level at $10,657.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.