The Crypto Daily – Movers and Shakers – October 13th, 2020

It’s a mixed start to the day for the majors. A Bitcoin move back through to $11,700 levels should deliver support to the broader market.
Coins of crypto currency are presented on a dark background. Virtual money concept.

Bitcoin, BTC to USD, rose by 1.55% on Monday. Following on from a 0.68% gain on Sunday, Bitcoin ended the day at $11,560.0.

It was a bearish start to the day. Bitcoin fell to a late morning intraday low $11,111.0 before making a move.

Bitcoin fell through the first major support level at $11,293 and the second major support level at $11,200.

Finding support going into the afternoon, Bitcoin rallied to a late intraday high $11,740.0.

Bitcoin broke through the day’s major resistance levels before sliding back to sub-$11,520 levels.

The pullback saw Bitcoin fall back through the third major resistance level at $11,715 and the second major resistance level at $11,543.

A late move back through to $11,560 levels, however, saw Bitcoin break back through the second major resistance level.

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 Monday.

Bitcoin Cash SV fell by 1.30% to buck the trend on the day.

It was a bullish day for the rest of the majors. Binance Coin and Chainlink rallied by 7.39% and by 5.20% respectively to lead the way.

Cardano’s ADA (+2.63%) and Ethereum (+3.30%) also found strong support.

Bitcoin Cash ABC (+0.71%), Crypto.com Coin (+0.13%), Litecoin, (+0.28%), Polkadot (+0.21%), and Ripple’s XRP (+0.30%) trailed the front runners.

At the start of the week, the crypto total market slid to a Monday low $346.01bn before rising to a Monday high $363.26bn. At the time of writing, the total market cap stood at $356.03bn.

Bitcoin’s dominance rose to a Monday high 59.96% before falling to a Monday low 59.65%. At the time of writing, Bitcoin’s dominance stood at 59.67%.

This Morning

At the time of writing, Bitcoin was down by 0.62% to $11,488.0. A mixed start to the day saw Bitcoin rise to an early morning high $11,564.6 before falling to a low $11,457.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin (+0.47%), Cardano’s ADA (+0.52%), and Polkadot (+0.26%) found early support.

It was a bearish start for the rest of the majors, however.

At the time of writing Crypto.com Coin was down by 0.71% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $11,470 to bring the first major resistance level at $11,830 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $11,740.0.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test resistance at $12,000 before any pullback. The second major resistance level sits at $12,099.

Failure to avoid a fall back through the $11,470 pivot would bring the first major support level at $11,201 into play.

Barring an extended crypto sell-off, however, Bitcoin should to steer clear of sub-$11,000 levels. The second major support level sits at $10,841.

Most Recent

Top Articles