Cryptomania

The Crypto Daily – Movers and Shakers – October 4th, 2020

Bitcoin, BTC to USD, slipped by 0.26% on Saturday. Following on from a 0.44% decline on Friday, Bitcoin ended the day at $10,558.6.

It was a relatively range-bound day on Saturday. Bitcoin fell to a mid-morning intraday low $10,513.0 before finding support.

Steering clear of the first major support level at $10,423, Bitcoin rose to a late afternoon intraday high $10,616.0.

Falling well short of the first major resistance level at $10,718, Bitcoin fell back to sub-$10,600 levels and into the red.

The near-term bullish trend remained intact, in spite of 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 mixed day on Saturday.

Binance Coin rose by 3.18% to lead the way.

Cardano’s ADA (+0.52%), Chainlink (+0.52%), Ethereum (+0.13%), and Litecoin (+1.47%) also found support.

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

Polkadot slid by 1.28% to lead the way down.

Bitcoin Cash ABC (-0.93%), Bitcoin Cash SV (-0.36%), Crypto.com Coin (-0.14%), and Ripple’s XRP (-0.57%) also joined Bitcoin in the red.

In the current week, the crypto total market rose to a Thursday high $344.75bn before falling to a Friday low $320.20bn. At the time of writing, the total market cap stood at $328.15bn.

Bitcoin’s dominance fell to a Thursday low 58.78% before rising to a Friday high 59.99%. At the time of writing, Bitcoin’s dominance stood at 59.55%.

This Morning

At the time of writing, Bitcoin was up by 0.20% to $10,579.4. A mixed start to the day saw Bitcoin fall to an early morning low $10,541.0 before rising to a high $10,580.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash ABC (-0.35%), Bitcoin Cash SV (-0.59%), Cardano’s ADA (-0.29%), Chainlink (-0.51%), Polkadot (-0.48%), and Ripple’s XRP (-0.03%) saw red early on.

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

At the time of writing, Binance Coin was up by 0.54% to lead the way.

 BTC/USD 04/10/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $10,563 to bring the first major resistance level at $10,612 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $10,600 levels.

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 $10,666 and resistance at $10,700 before any pullback.

Failure to avoid a fall back through the $10,563 pivot would bring the first major support level at $10,509 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,400 support levels. The second major support level at $10,460 should limit any downside.