The Crypto Daily – Movers and Shakers – October 15th, 2020

It’s a bearish start to the day for the majors. A Bitcoin move back through to $11,500 levels would support the broader market.
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Bitcoin, BTC to USD, slipped by 0.02% on Wednesday. Following a 1.02% fall from Tuesday, Bitcoin ended the day at $11,440.0.

It was a mixed start to the day. Bitcoin rose to an early morning high $11,500 before hitting reverse.

Coming up against resistance at $11,500, Bitcoin fell to a mid-day low $11,376.0.

Steering clear of the major support levels, Bitcoin rose to an early afternoon intraday high $11,564.0.

Coming up against the first major resistance level at $11,567, Bitcoin fell to a mid-afternoon intraday low $11,309.0.

Bitcoin fell through the first major support level at $11,325 before recovering to $11,440 levels.

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 Wednesday.

Binance Coin and Bitcoin Cash ABC rose by 0.26% and by 0.78% respectively to buck the trend.

It was a bearish day for the rest of the majors.

Crypto.com Coin led the way down, sliding by 5.55%.

Cardano’s ADA (-2.18%), Polkadot (-1.61%), and Ripple’s XRP (-2.83%) also saw relatively heavy losses.

Bitcoin Cash SV (-0.22%), Chainlink (-0.91%), Ethereum (-0.63%), Litecoin (-0.24%) saw relatively modest losses on the day.

In the current week, the crypto total market slid to a Monday low $344.29bn before rising to a Monday high $365.23bn. At the time of writing, the total market cap stood at $351.85bn.

Bitcoin’s dominance fell to a Monday low 59.47% before rising to a Wednesday high 60.17%. At the time of writing, Bitcoin’s dominance stood at 60.01%.

This Morning

At the time of writing, Bitcoin was down by 0.14% to $11,424.1. A bearish start to the day saw Bitcoin fall from an early morning high $11,440.0 to a low $11,424.1.

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

Elsewhere, it was also a bearish start to the day.

At the time of writing, Bitcoin Cash SV was down by 0.98% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $11,438 to bring the first major resistance level at $11,566 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $11,500 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $11,564.0 would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test resistance at $11,700 before any pullback. The second major resistance level sits at $11,693.

Failure to move back through the $11,438 pivot would bring the first major support level at $11,311 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of the second major support level at $11,183.

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