The Crypto Daily – Movers and Shakers – September 17th, 2020
Bitcoin, BTC to USD, rose by 1.60% on Wednesday. Following on from a 1.00% gain on Tuesday, Bitcoin ended the day at $10,971.3.
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It was a bearish start to the day. Bitcoin fell to an early morning intraday low $10,682.0 before making a move.
Steering clear of the first major support level at $10,647, Bitcoin rallied to a late afternoon intraday high $11,105.0.
Bitcoin broke through the first major resistance level at $10,946 and the second major resistance level at $11,094.
A late pullback, however, saw Bitcoin fall back through the second major resistance level to wrap up the day at sub-$11,000 levels.
The near-term bullish trend remained intact, supported by the latest move back through to $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 another mixed day on Wednesday.
Binance Coin (+2.73%), EOS (+0.30%), Ethereum (+0.32%), Ripple’s XRP (+1.66%), and Stellar’s Lumen (+2.71%) joined Bitcoin in the green.
It was a bearish day for the rest of the majors, however.
Tron’s TRX and Monero’s XMR led the way down, with losses of 3.19% and 5.15% respectively.
Bitcoin Cash ABC (-0.55%), Bitcoin Cash SV (-2.93%), Cardano’s ADA (-1.63%), Litecoin (-1.20%), and Tezos (-1.21%) also struggled.
In the current week, the crypto total market fell to a Monday low $314.21bn before rising to a Tuesday high $337.85bn. At the time of writing, the total market cap stood at $335.17bn.
Bitcoin’s dominance rose from a Monday low 59.64% to a Wednesday high 61.56%. At the time of writing, Bitcoin’s dominance stood at 60.87%.
This Morning
At the time of writing, Bitcoin was up by 0.74% to $11,052.7. A bullish start to the day saw Bitcoin rise from an early morning low $10,947.1 to a high $11,069.2.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bullish start to the day for the crypto majors.
At the time of writing, Ethereum and Ripple’s XRP were up by 3.77% and by 3.59% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the $10,919 pivot level to support a run at the first major resistance level at $11,157.
Support from the broader market would be needed, however, for Bitcoin to breakout from Wednesday’s high $11,105.0.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $11,342 before any pullback.
Failure to avoid a fall through the $10,919 pivot would bring the first major support level at $10,734 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,700 levels. The second major support level sits at $10,496.