The Crypto Daily – Movers and Shakers – October 1st, 2020

It’s a relatively bullish start to the day. Bitcoin will need to break through to $10,900 levels, however, to support the pack.
bitcoin with us dollars and calculator

Bitcoin, BTC to USD, fell by 0.57% on Wednesday. Partially reversing a 1.33% gain from Tuesday, Bitcoin ended the month down by 7.51% to $10,795.0.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $10,866.0 before hitting reverse.

Falling short of the first major resistance level at $10,945, Bitcoin slid to a late morning intraday low $10,684.0.

Bitcoin fell through the first major support level at $10,710 before striking an afternoon high $10,819.0.

A 2nd pullback, however, saw Bitcoin fall back to sub-$10,700 levels before a late move back through to $10,760 levels.

Late in the day, the first major support level at $10,710 limited the downside on the day.

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 Wednesday.

Binance Coin (+1.42%), Cardano’s ADA (+0.07%), Crypto.com Coin (+0.07%), and Litecoin (+1.29%) found support.

Bitcoin Cash ABC (-0.84%), Bitcoin Cash SV (-0.05%), Chainlink (-2.72%), Ethereum (-0.01%), Polkadot (-2.65%), and Ripple’s XRP (-0.28%) saw red on the day.

It was also a mixed month of September for the majors.

Binance Coin bucked the trend, rallying by 26.42%.

It was bearish for the rest of the pack, however

Chainlink (-36.68%), Litecoin (-24.08%), and Polkadot (-25.05%) led the way down.

Bitcoin Cash ABC (-16.76%), Bitcoin Cash SV (-10.55%), Cardano’s ADA (-17.39%), Crypto.com Coin (-14.99%), Ethereum (-17.05%), and Ripple’s XRP (-14.06%) also struggled.

In the current week, the crypto total market rose to a Monday high $344.32bn before falling to a Tuesday low $329.94bn. At the time of writing, the total market cap stood at $340.38bn.

Bitcoin’s dominance rose to a Monday high 59.60% before falling to a Thursday low 58.55%. At the time of writing, Bitcoin’s dominance stood at 58.63%.

This Morning

At the time of writing, Bitcoin was up by 0.20% to $10,816.1. It was a bullish start to the day. Bitcoin rose from an early morning low $10,797.0 to a high $10,849.0 before easing back.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.07%), Binance Coin (-1.08%), Crypto.com Coin (-0.52%), and Ethereum (-0.18%) saw red early on.

It was a bullish start to the day for the rest of the majors, however.

At the time of writing, Cardano’s ADA was up by 1.35% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $10,782 to bring the first major resistance level at $10,879 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $10,866.0.

Barring an extended crypto rally, the first major resistance level and resistance at $10,900 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $10,964 and resistance at $11,100 levels before any pullback.

Failure to avoid a fall through the $10,782 pivot would bring the first major support level at $10,697 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,600 levels. The second major support level sits at $10,600.

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