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The Crypto Daily – Movers and Shakers – October 16th, 2020

Bitcoin, BTC to USD, rose by 0.60% on Thursday. Following a 0.02% decline on Wednesday, Bitcoin ended the day at $11,509.0.

It was a bearish start to the day. Bitcoin fell to a late morning intraday low $11,277 before making a move.

The morning pullback saw Bitcoin fall through the first major support level at $11,311.

Finding support going into the afternoon, however, Bitcoin struck a late intraday high $11,632.

Bitcoin broke through the first major resistance level at $11,566 before falling back to sub-$11,500 levels.

Finding late support, however, Bitcoin broke back through to $11,500 levels to end the day in the green. Resistance at $11,500 continued to peg Bitcoin back, however.

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 a mixed day on Thursday.

Binance Coin (+1.69%), Bitcoin Cash ABC (+1.04%), and Bitcoin Cash SV (-0.14%) joined Bitcoin in the green.

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

Polkadot led the way down, falling by 3.00%.

Chainlink (-1.20%), and Ripple’s XRP (-1.23%) also struggled.

Cardano’s ADA (-0.36%), Coin (-0.29%), Ethereum (-0.28%), and Litecoin (-0.46%) saw relatively modest losses on the day.

In the current week, the crypto total market slid to a Monday low $344.29bn before rising to a Monday high $365.23bn. At the time of writing, the total market cap stood at $353.67bn.

Bitcoin’s dominance fell to a Monday low 59.47% before rising to a Thursday high 60.21%. At the time of writing, Bitcoin’s dominance stood at 60.19%.

This Morning

At the time of writing, Bitcoin was down by 0.06% to $11,502.0. A mixed start to the day saw Bitcoin fall to an early morning low $11,489.0 before rising to a high $11,512.0.

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

Elsewhere, it was a mixed start to the day for the crypto majors.

Cardano’s ADA (-0.64%), Chainlink (-0.61%), Ethereum (-0.10%), Litecoin (-0.26%), Polkadot (-0.15%), and Ripple’s XRP (-0.09%) joined Bitcoin in the red.

At the time of writing, Binance Coin was up by 0.56% to lead the way. Bitcoin Cash SV (+0.19%) and Coin (+0.14%) also found early support.

BTC/USD 16/10/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $11,473 to bring the first major resistance level at $11,668 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $11,600 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $11,632.0 would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test resistance at $11,900 before any pullback. The second major resistance level sits at $11,828.

Failure to avoid a fall through the $11,473 pivot would bring the first major support level at $11,313 into play.

Barring an extended crypto sell-off, Bitcoin should to steer clear of the second major support level at $11,118.