The Crypto Daily – Movers and Shakers – October 8th, 2020

It’s a bearish start to the day for Bitcoin. A move through to $10,700 levels should support the broader market.
Closeup hand holding bitcoin over the Cryptocurrency trading scr

Bitcoin, BTC to USD, rose by 0.70% on Wednesday. Partially reversing a 1.79% fall from Tuesday, Bitcoin ended the day at $10,687.0.

It was a mixed start to the day. Bitcoin fell to an early morning intraday low of $10,563.0 before making a move.

Steering clear of the first major support level at $10,501, Bitcoin rose to a late intraday high $10,691.0.

Coming up short the first major resistance level at $10,773, Bitcoin eased back to end the day at $10,680 levels.

The near-term bullish trend remained intact, in spite of the pullback to sub-$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.

Crypto.com Coin fell by 1.27% to buck the trend on the day.

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

Bitcoin Cash SV rallied by 2.85% to lead the way.

Bitcoin Cash ABC (+1.94%), Chainlink (+2.33%), Litecoin (+1.22%), Polkadot (+2.18%), and Ripple’s XRP (+1.31%) also made solid gains.

Binance Coin (+0.02%), Cardano’s ADA (+0.97%), and Ethereum (+0.26%) saw modest gains on the day.

In the current week, the crypto total market rose to a Monday high of $338.14bn before sliding to a Wednesday low of $322.55bn. At the time of writing, the total market cap stood at $328.13bn.

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 60.07%.

This Morning

At the time of writing, Bitcoin was down by 0.20% to $10,666.0. A mixed start to the day saw Bitcoin rise to an early morning high of $10,688.0 before falling to a low $10,664.2.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+0.08%) and Crypto.com Coin (+0.07%) avoided the red to buck the trend early on.

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

At the time of writing, Cardano’s ADA was down by 0.94% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $10,647 to bring the first major resistance level at $10,731 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $10,700 levels.

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

In the event of a crypto breakout, Bitcoin could test resistance at $10,800 before any pullback. The second major resistance level sits at $10,775.

Failure to avoid a fall through the $10,647 pivot would bring the first major support level at $10,603 into play.

Barring an extended crypto sell-off, however, Bitcoin should continue to steer clear of sub-$10,500 support levels. The second major support level at $10,519 should limit any downside.

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