The Crypto Daily – The Movers and Shakers – October 6th, 2020

It’s a mixed start to the day. Bitcoin would need to avoid a fall through the pivot at $10,753 to support a run at the major resistance levels.
Closeup hand holding bitcoin over the Cryptocurrency trading scr

Bitcoin, BTC to USD, rose by 1.12% on Monday. Following on from a 1.22% gain on Sunday, Bitcoin ended the day at $10,807.0.

It was a mixed start to the day. Bitcoin rose to an early morning high $10,758.0 before hitting reverse.

Coming up against the first major resistance level at $10,753, Bitcoin slid to a mid-morning intraday low $10,637.0.

Steering clear of the first major support level at $10,581, Bitcoin rallied to a final hour intraday high $10,816.0.

Bitcoin broke back through the first major resistance level to wrap up the day at $10,800 levels.  The second major resistance level at $10,819 pinned Bitcoin back late in the day.

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 start to the week.

Chainlink rallied by 2.33% to lead the way.

Cardano’s ADA (+0.65%), Crypto.com Coin (+1.02%), Ethereum (+0.37%), and Ripple’s XRP (+1.07%) also joined Bitcoin in the green.

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

Polkadot and Binance Coin slid by 1.69% and by 1.17% respectively to lead the way down.

Bitcoin Cash ABC (-0.55%), Bitcoin Cash SV (-0.20%), and Litecoin (-0.77%) saw relatively modest losses on the day.

At the start of the week, the crypto total market fell to a Monday low $330.63bn before rising to a Monday high $335.65bn. At the time of writing, the total market cap stood at $334.56bn.

Bitcoin’s dominance fell to a Monday low 59.28% before rising to a Monday high 59.61%. At the time of writing, Bitcoin’s dominance stood at 59.58%.

This Morning

At the time of writing, Bitcoin was down by 0.25% to $10,780.0. A mixed start to the day saw Bitcoin rise to an early morning high $10,820.0 before falling to a low $10,769.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash ABC (+0.14%), Bitcoin Cash SV (+0.78%), Crypto.com Coin (+0.47%), Polkadot (+0.17%, and Ripple’s XRP (+0.23%) found early support.

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

At the time of writing, Binance Coin was down by 0.70% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $10,753 to bring the first major resistance level at $10,870 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $10,820.0.

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 the second major resistance level at $10,932 before any pullback.

Failure to avoid a fall through the $10,753 pivot would bring the first major support level at $10,691 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 $10,574 should limit any downside.

Most Recent

Top Articles