The Crypto Daily – Movers and Shakers – September 14th, 2020
Bitcoin, BTC to USD, fell by 1.22% on Sunday. Reversing a 0.51% gain from Saturday, Bitcoin ended the week up by 0.54% to $10,331.0.
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It was a bullish start to the day. Bitcoin rose to an early morning intraday high $10,623.0 before hitting reverse.
Bitcoin broke through the first major resistance level at $10,538 and the second major resistance level at $10,617.
The reversal saw Bitcoin slide to a late afternoon intraday low $10,231.0.
Bitcoin fell the first major support level at $10,333 before finding late support.
A move back through to $10,330 levels limited the downside on the day. The first major support level at $10,333 pinned Bitcoin back in the final hour, however.
The near-term bullish trend remained intact, in spite of the latest pullback to sub-$10,000. 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 another mixed day on Sunday.
Binance Coin and Tezos rose by 9.26% and by 0.96% to buck the trend on the day.
It was a bearish day for the rest of the pack.
Bitcoin Cash ABC (-3.67%), Bitcoin Cash SV (-3.53%), Ethereum (-5.48%), Stellar’s Lumen (-4.52%), and Tron’s TRX (-6.13%) led the way down.
Cardano’s ADA (-2.76%), EOS (-2.69%), Litecoin (-1.65%), Monero’s XMR (-0.27%), and Ripple’s XRP (-2.39%) saw relatively modest losses on the day.
It was also a mixed week for the majors.
Bitcoin Cash ABC (-3.91%), Bitcoin Cash SV (-0.28%), EOS (-6.09%), and Tron’s TRX (-2.54%) saw red for the week.
It was a bullish week for the rest of the pack.
Binance Coin surged by 34.54% to lead the way.
Cardano’s ADA (2.64%), Ethereum (3.89%), Litecoin (+0.50%), Monero’s XMR (6.93%), Ripple’s XRP (1.02%), Stellar’s Lumen (3.52%), and Tezos (2.97%) joined Bitcoin in the green.
In the week, the crypto total market fell to a Tuesday low $297.87bn before rising to a Sunday high $331.58bn. At the time of writing, the total market cap stood at $320.00bn.
Bitcoin’s dominance rose to a Monday high 61.28% before falling to a Sunday low 58.97%. At the time of writing, Bitcoin’s dominance stood at 59.90%.
This Morning
At the time of writing, Bitcoin was up by 0.42% to $10,374.1. A mixed start to the day saw Bitcoin fall to an early morning low $10,259.0 before rising to a high $10,381.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash ABC (+0.06%), Ethereum (+0.31%), Litecoin (+0.02%), Ripple’s XRP (+0.59%), and Stellar’s Lumen (+0.43%) found early support.
It was a bearish start for the rest of the majors, however.
At the time of writing, Binance Coin was down by 4.75% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $10,395 pivot level to support a run at the first major resistance level at $10,559.
Support from the broader market would be needed, however, for Bitcoin to break back through to $10,500 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $10,500 would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test resistance at $10,700 before any pullback. Bitcoin would likely fall short of the second major resistance level at $10,787, however.
Failure to move through the $10,395 pivot would bring the first major support level at $10,167 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,000. The second major support level at $10,003 should limit any downside.