The Crypto Daily – The Movers and Shakers – October 12th, 2020It’s a mixed start to the day for the majors. A Bitcoin move back through to $11,400 levels should provide support.
Bitcoin, BTC to USD, rose by 0.68% on Sunday. Following on from a 2.14% rally on Saturday, Bitcoin ended the week up by 6.53% to $11,385.0.
It was a bullish start to the day. Bitcoin rose to a mid-afternoon intraday high $11,451.0 before easing back.
Falling short of the first major resistance level at $11,518, Bitcoin fell to a late intraday low $11,279.5.
Steering well clear of the first major support level at $11,084, Bitcoin briefly moved back through to $11,400 levels before easing back. The late recovery delivered the upside on the day.
The near-term bullish trend remained intact, supported by the latest move back through 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 mixed day on Sunday.
Crypto.com Coin (-0.51%) and Polkadot (-0.80%) bucked the trend on the day.
It was a bullish day for the rest of the majors, with Chainlink and Litecoin rallying by 3.33% and by 3.32% to lead the way.
Binance Coin (+0.46%), Bitcoin Cash ABC (+0.48%), Bitcoin Cash SV (+0.26%), Cardano’s ADA (+1.61%), Ethereum (0.98%), and Ripple’s XRP (+0.54%) also joined Bitcoin in the green.
For the week, it was also a mixed bag for the majors.
Binance Coin (-1.52%) and Polkadot (-4.49%) saw red for the week.
It was a bullish week for the rest of the pack, however.
Cardano’s ADA (+10.15%) and Chainlink (+15.7%) led the way, with Bitcoin Cash ABC (+7.47%) and Litecoin (+8.07%) also seeing solid gains.
Bitcoin Cash SV (+6.21%), Crypto.com Coin (+5.09%), Ethereum (+6.23%), and Ripple’s XRP (+3.07%), trailed the front runners.
In the week, the crypto total market slid to a Wednesday low $322.55bn before rising to a Saturday high $357.46bn. At the time of writing, the total market cap stood at $351.25bn.
Bitcoin’s dominance fell to a Monday low 59.15% before rising to a Tuesday high 61.29%. At the time of writing, Bitcoin’s dominance stood at 59.95%.
At the time of writing, Bitcoin was down by 0.01% to $11,384.0. A mixed start to the day saw Bitcoin rise to an early morning high $11,388.0 before falling to a low $11,360.0
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (+1.25%) and Bitcoin Cash SV (+0.30%) bucked the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Chainlink was down by 1.43% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $11,372 to bring the first major resistance level at $11,464 into play.
Support from the broader market would be needed, however, for Bitcoin to break back through to $11,400 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $11,451 would likely cap any upside.
In the event of another crypto breakout, Bitcoin could test resistance at $11,500 and the second major resistance level at $11,543.
Failure to avoid a fall through the $11,372 pivot would bring the first major support level at $11,293 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$11,200 levels. The second major support level sits at $11,200.