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The Crypto Daily – Movers and Shakers – September 11th, 2020

Bitcoin, BTC to USD, rose by 1.11% on Thursday. Following on from a 0.89% gain on Wednesday, Bitcoin ended the day at $10,355.0.

It was a bullish start to the day. Bitcoin rose from an early morning intraday low $10,223.1 to an early afternoon intraday high $10,516.0.

Bitcoin broke through the first major resistance level at $10,396 before easing back.

Coming up against resistance at $10,500, Bitcoin fell to an afternoon low $10,266.0 before finding support.

Late in the day, Bitcoin moved back through to $10,300 levels to deliver the upside. Bitcoin fell well short of the major resistance levels, 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 Thursday.

Bitcoin Cash ABC (-0.06%), Bitcoin Cash SV (-0.82%), and Tron’s TRX (-3.07%) saw red to buck the trend on the day.

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

Cardano’s ADA (+4.17%), Ethereum (+4.83%), and Stellar’s Lumen (+3.75%) led the way.

Binance Coin (+0.29%), EOS (+0.96%), Litecoin (+1.90%), Monero’s XMR (+1.53%), Ripple’s XRP (+1.82%), and Tezos (+1.75%) trailed the front runners.

In the current week, the crypto total market fell to a Tuesday low $297.87bn before rising to a Thursday high $325.88bn. At the time of writing, the total market cap stood at $319.65bn.

Bitcoin’s dominance rose to a Monday high 61.28% before falling to a Thursday low 59.54%. At the time of writing, Bitcoin’s dominance stood at 59.93%.

This Morning

At the time of writing, Bitcoin was up by 0.22% to $10,377.7. A bullish start to the day saw Bitcoin rise from an early morning low $10,351.0 to a high $10,397.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-1.71%), Bitcoin Cash SV (-0.56%), Cardano’s Ada (-0.24%), Litecoin (-0.14%), Monero’s XMR (-0.05%), and Ripple’s XRP (-0.05%) saw red early on.

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

At the time of writing, Tron’s TRX was up by 1.74% to lead the way.

BTC/USD 11/09/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $10,368 pivot level to support a run at the first major resistance level at $10,503.

Support from the broader market would be needed, however, for Bitcoin to break out from $10,450 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 the second major resistance level at $10,651 and resistance at $10,700.

Failure to avoid a fall back through the $10,368 pivot would bring the first major support level at $10,220 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,000. The second major support level at $10,085 should limit any downside.