Bitcoin coin on white keyboard

The Crypto Daily – Movers and Shakers – September 28th, 2020

 

Bitcoin, BTC to USD, rose by 0.48% on Sunday. Following on from a 0.39% gain on Saturday, Bitcoin ended the week down by 1.21% to $10,803.0.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $10,824.0 before hitting reverse.

Falling short of the first major resistance level at $10,836, Bitcoin slid to a midday intraday low $10,594.0.

Bitcoin fell through the first major support level at $10,670 before finding support.

Steering clear of the second major support level at $10,589, Bitcoin moved back through to $10,800 levels and into the green.

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 Sunday.

Polkadot fell by 1.24% to buck the trend on the day.

It was a bullish end to the week for the rest of the majors, however.

Bitcoin Cash SV (+3.91%), Cardano’s ADA (+5.99%), and Chainlink (+4.25%) lead the way.

Bitcoin Cash ABC (+1.71%) and Ethereum (+1.06%) also found strong support.

Binance Coin (+0.11%), Crypto.com Coin (+0.06%), Litecoin (+0.04%), and Ripple’s XRP (+0.69%) trailed the front runners.

For the week, it was also a mixed bag for the majors.

Binance Coin (+10.81%), Bitcoin Cash SV (+16.52%), Cardano’s ADA (+13.31%), and Chainlink (+11.01%) led the way.

It was a bearish week for the rest of the pack, however.

Bitcoin Cash ABC (-0.08%), Ethereum (-3.57%), Crypto.com Coin (-5.05%), Litecoin (-2.17%), Polkadot (-6.34%), and Ripple’s XRP (-1.28%) joined Bitcoin in the red.

In the week, the crypto total market rose to a Monday high $334.04bn before sliding to a Wednesday low $300.97bn. At the time of writing, the total market cap stood at $330.8bn.

Bitcoin’s dominance rose to a Wednesday high 62.31% before falling to a Sunday low 60.65%. At the time of writing, Bitcoin’s dominance stood at 61.14%.

This Morning

At the time of writing, Bitcoin was up by 1.54% to $10,968.9. A bullish start to the day saw Bitcoin rise from an early morning low $10,803.3 to a high $10,986.0.

Bitcoin broke through the first major resistance level at $10,887 to test the second major resistance level at $10,970 early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.63%) and Polkadot (-1.04%) bucked the trend early on.

It was a bullish start for the broader market, however.

At the time of writing, Cardano’s ADA was up by 2.77% to lead the way.

BTC/USD 28/09/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the first major resistance level at $10,887 to support a breakout from the second major resistance level at $10,970.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $10,986.0.

Barring an extended crypto rally, the second major resistance level and resistance at $11,000 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the third major resistance level at $11,200 before any pullback.

Failure to avoid a fall through first major resistance level would bring the $10,740 pivot into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the first major support level at $10,657.