The Crypto Daily – Movers and Shakers – September 21st, 2020

It’s a bullish start to the day for Bitcoin and the broader market. A Bitcoin move back through to $10,700 levels would signal a rebound.
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Bitcoin, BTC to USD, slid by 4.57% on Monday. Following on from a 1.47% decline on Sunday, Bitcoin ended the day at $10,435.0.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $11,000.0 before hitting reverse.

Falling short of the first major resistance level at $11,095, Bitcoin slid to an early afternoon intraday low $10,321.0.

Bitcoin fell through the first major support level at $10,777 and the second major support level at $10,618.

Finding late support, however, Bitcoin tested resistance at $10,500 before wrapping up the day at $10,435.0.

The near-term bullish trend remained intact, supported by 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 bearish start to the week.

Cardano’s ADA and Tezos led the way down with losses of 10.73% and 11.06% respectively.

Bitcoin Cash ABC (-5.98%), EOS (-6.31%), Ethereum (-8.33%), Litecoin (-8.43%), Ripple’s XRP (-6.39%), Stellar’s Lumen (-8.98%), and Tron’s TRX (-7.76%) also saw heavy losses.

Binance Coin (-2.41%), Bitcoin Cash SV (-0.75%), and Monero’s XMR (-3.34%) saw relatively modest losses on the day.

At the start of the week, the crypto total market rose to a Monday high $334.04bn before sliding to a Monday low $306.69bn. At the time of writing, the total market cap stood at $313.92bn.

Bitcoin’s dominance fell to a Monday low 60.89% before rising to a high 62.04%. At the time of writing, Bitcoin’s dominance stood at 61.62%.

This Morning

At the time of writing, Bitcoin was up by 0.31% to $10,467.0. A mixed start to the day saw Bitcoin fall to an early morning low $10,465.0 before rising to a high $10,488.2.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV was down by 0.11% to buck the trend early on.

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

At the time of writing, Tezos was up by 1.91% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $10,585 pivot level to support a run at the first major resistance level at $10,850.

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

Barring an extended crypto rally, resistance at $10,700 would likely leave Bitcoin short of the first major resistance level.

In the event of a crypto breakout, Bitcoin could test resistance at $11,000 before any pullback. The second major resistance level sits at $11,264.

Failure to move through the $10,585 pivot would bring the first major support level at $10,171 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,000 levels. The second major support level sits at $9,906.

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