The Crypto Daily – The Movers and Shakers – October 12th, 2020

Bitcoin, BTC to USD, rose by 0.68% on Sunday. Following on from a 2.14% rally on Saturday, Bitcoin ended the week up by 6.53% to $11,385.0.

It was a bullish start to the day. Bitcoin rose to a mid-afternoon intraday high $11,451.0 before easing back.

Falling short of the first major resistance level at $11,518, Bitcoin fell to a late intraday low $11,279.5.

Steering well clear of the first major support level at $11,084, Bitcoin briefly moved back through to $11,400 levels before easing back. The late recovery delivered the upside on the day.

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 Sunday.

Crypto.com Coin (-0.51%) and Polkadot (-0.80%) bucked the trend on the day.

It was a bullish day for the rest of the majors, with Chainlink and Litecoin rallying by 3.33% and by 3.32% to lead the way.

Binance Coin (+0.46%), Bitcoin Cash ABC (+0.48%), Bitcoin Cash SV (+0.26%), Cardano’s ADA (+1.61%), Ethereum (0.98%), and Ripple’s XRP (+0.54%) also joined Bitcoin in the green.

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

Binance Coin (-1.52%) and Polkadot (-4.49%) saw red for the week.

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

Cardano’s ADA (+10.15%) and Chainlink (+15.7%) led the way, with Bitcoin Cash ABC (+7.47%) and Litecoin (+8.07%) also seeing solid gains.

Bitcoin Cash SV (+6.21%), Crypto.com Coin (+5.09%), Ethereum (+6.23%), and Ripple’s XRP (+3.07%), trailed the front runners.

In the week, the crypto total market slid to a Wednesday low $322.55bn before rising to a Saturday high $357.46bn. At the time of writing, the total market cap stood at $351.25bn.

Bitcoin’s dominance fell to a Monday low 59.15% before rising to a Tuesday high 61.29%. At the time of writing, Bitcoin’s dominance stood at 59.95%.

This Morning

At the time of writing, Bitcoin was down by 0.01% to $11,384.0. A mixed start to the day saw Bitcoin rise to an early morning high $11,388.0 before falling to a low $11,360.0

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

Elsewhere, it was a mixed start to the day.

Binance Coin (+1.25%) and Bitcoin Cash SV (+0.30%) bucked the trend early on.

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

At the time of writing, Chainlink was down by 1.43% to lead the way down.

BTC/USD 12/10/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $11,372 to bring the first major resistance level at $11,464 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $11,400 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $11,451 would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test resistance at $11,500 and the second major resistance level at $11,543.

Failure to avoid a fall through the $11,372 pivot would bring the first major support level at $11,293 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$11,200 levels. The second major support level sits at $11,200.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 12th, 2020

Ethereum

Ethereum rose by 0.98% on Sunday. Following on from a 1.48% gain on Saturday, Ethereum ended the week up by 6.23% to $374.38.

A bearish start to the day saw Ethereum fall to an early morning intraday low $369.02 before making a move.

Steering clear of the 37.2% FIB of $367 and the first major support level at $363.58, Ethereum rallied to a late morning intraday high $377.49.

Falling short of the first major resistance level at $379.37, Ethereum slipped back to end the day at $374 levels.

At the time of writing, Ethereum was down by 0.10% to $374.02. A Bearish start to the day saw Ethereum fall from an early morning high $348.38 to a low $373.80.

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

ETH/USD 12/10/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $373.63 pivot to support a run at the first major resistance level at $378.24.

Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $377.49.

Barring an extended crypto rally, the first major resistance level would likely cap any upside. In the event of another breakout, Ethereum could test resistance at $380 before any pullback. The second major resistance level sits at $382.24.

Failure to avoid a fall through the $373.63 pivot would bring the first major support level at $369.77 and the 38.2% FIB into play.

Barring another extended sell-off, however, Ethereum should continue to avoid sub-$360 levels. The second major support level at $365.16 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $369.77

Pivot Level: $373.63

First Major Resistance Level: $378.24

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rallied by 3.32% on Sunday. Following on from a 2.26% gain on Saturday, Litecoin ended the week up by 8.07% to $50.48.

Tracking the broader market, Litecoin slipped to an early morning intraday low $48.71 before making a move.

Steering clear of the first major support level at $47.65, Litecoin rallied to a late afternoon intraday high $51.25.

Litecoin broke through the first major resistance level at $50.32 before falling back to sub-$50 levels.

Finding late support, however, Litecoin broke back through to $50 levels to deliver the upside on the day.

At the time of writing, Litecoin was down by 0.38% to $50.29. A bearish start to the day saw Litecoin fall from an early morning high $50.47 to a low $50.24.

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

LTC/USD 12/10/20 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $50.15 pivot to support a run at the first major resistance level at $51.58.

Support from the broader market would be needed, however, for Litecoin to break out from Sunday’s high $51.25.

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

In the event of another breakout, Litecoin would likely test the second major resistance level at $52.69.

Failure to avoid a fall through the $50.15 pivot level would bring the first major support level at $49.04 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $47.61.

Looking at the Technical Indicators

First Major Support Level: $49.04

Pivot Level: $50.15

First Major Resistance Level: $51.58

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rose by 0.54% on Sunday. Following on from a 0.36% gain on Saturday, Ripple’s XRP ended the week up by 3.07% to $0.25549.

It was also a bearish start to the day. Ripple’s XRP fell to an early morning intraday low $0.25354 before making a move.

Steering clear of the first major support level at $0.2513, Ripple’s XRP rose to a late morning intraday high $0.25837.

Ripple’s XRP came up against the first major resistance level at $0.2586 before easing back to sub-$0.0254 levels.

Finding late support, however, Ripple’s XRP moved back through to $0.255 levels to deliver the upside on the day.

At the time of writing, Ripple’s XRP was down by 0.06% to $0.25533. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.25571 before falling to a low $0.25533.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 12/10/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to move back through the $0.2558 pivot to support a run at the first major resistance level at $0.2581.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.2580 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.25837 would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.2606 would likely come into play.

Failure to move back through the $0.2558 pivot would bring the first major support level at $0.2532 into play.

Barring an extended crypto sell-off, Ripple’s XRP should continue to steer clear of sub-$0.25 levels. The second major support level at $0.2510 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2532

Pivot Level: $0.2558

First Major Resistance Level: $0.2581

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

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

Bitcoin, BTC to USD, rallied by 2.14% on Saturday. Following on from a 1.17% gain on Friday, Bitcoin ended the day at $11,308.0

It was a bullish start to the day. Bitcoin rallied from an intraday low $11,071.0 to an early morning intraday high $11,505.0.

Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $11,186 and the second major resistance level at $11,300.

Hitting resistance at $11,500, Bitcoin fell back to sub-$11,300 levels before finding support in the afternoon.

A move back through to $11,400 levels was brief, however, with Bitcoin falling back to end the day at $11,300 levels.

The second major resistance level at $11,300 delivered support late in the day.

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 Saturday.

Cardano’s ADA rallied by 3.65% to lead the way. Crypto.com Coin (+2.10%) and Litecoin (+2.26%) weren’t far behind.

Bitcoin Cash ABC (+0.53%), Bitcoin Cash SV (+1.47%), Chainlink (+1.01%), Ethereum (1.48%), and Ripple’s XRP (+0.36%) also joined Bitcoin in the green.

Binance Coin (-0.04%) and Polkadot (-2.33%) bucked the trend on the day, however.

In the current week, the crypto total market slid to a Wednesday low $322.55bn before rising to a Saturday high $357.46bn. At the time of writing, the total market cap stood at $350.08bn.

Bitcoin’s dominance fell to a Monday low 59.15% before rising to a Tuesday high 61.29%. At the time of writing, Bitcoin’s dominance stood at 60.04%.

This Morning

At the time of writing, Bitcoin was up by 0.49% to $11,363.0. It was a mixed start to the day. Bitcoin fell to an early morning low $11,297.0 before striking a high $11,402.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.83%), Bitcoin Cash ABC (-0.39%), Crypto.com Coin (-0.39%), Chainlink (-1.14%), and Polkadot (-0.88%) saw red early on..

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

At the time of writing, Cardano’s ADA was up by 1.16% to lead the way.

BTC/USD 11/10/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $11,295 to bring the first major resistance level at $11,518 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $11,500 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test resistance at $11,700 and the second major resistance level at $11,729.

Failure to avoid a fall through the $11,295 pivot would bring the first major support level at $11,084 into play.

Barring an extended crypto sell-off, however, Bitcoin should continue to steer clear of sub-$11,000 levels. The second major support level sits at $10,861.

The Crypto Daily – Movers and Shakers – October 10th, 2020

Bitcoin, BTC to USD, rose by 1.17% on Friday. Following on from a 2.39% rally on Thursday, Bitcoin ended the day at $11,071.0

It was another bearish start to the day. Bitcoin fell to a mid-morning intraday low $10,853.1 before making a move.

Steering clear of the first major support level at $10,666, Bitcoin rallied to a late morning intraday high $11,134.0.

Bitcoin broke through the first major resistance level at $11,096 to visit $11,100 levels before easing back. It was Bitcoin’s first close out at $11,000 levels since 20th September.

The near-term bullish trend remained intact, in spite of the recent pullback to sub-$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 bullish day on Friday.

Cardano’s ADA (+5.05%) and Chainlink (+8.89%) led the way.

Binance Coin (+2.31%), Ethereum (4.04%), and Polkadot (+2.39%) weren’t far behind.

Bitcoin Cash ABC (+1.47%), Bitcoin Cash SV (+1.79%), Crypto.com Coin (+0.86%), Litecoin (+1.23%), and Ripple’s XRP (+0.68%) trailed the pack, however.

In the current week, the crypto total market slid to a Wednesday low $322.55bn before rising to a Friday high $346.22bn. At the time of writing, the total market cap stood at $344.02bn.

Bitcoin’s dominance fell to a Monday low 59.15% before rising to a Tuesday high 61.29%. At the time of writing, Bitcoin’s dominance stood at 59.62%.

This Morning

At the time of writing, Bitcoin was up by 0.22% to $11,095.8. A bullish start to the day saw Bitcoin rise from an early morning low $11,071.0 to a high $11,111.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was down by 0.26% to buck the trend early in the day.

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

At the time of writing, Cardano’s ADA was up by 2.29% to lead the way.

BTC/USD 10/10/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $11,019 to bring the first major resistance level at $11,186 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Friday’s high $11,134.0.

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 $11,300.

Failure to avoid a fall through the $11,019 pivot would bring the first major support level at $10,905 into play.

Barring an extended crypto sell-off, however, Bitcoin should continue to steer clear of sub-$10,800 levels. The second major support level sits at $10,739.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 10th, 2020

Ethereum

Ethereum rallied by 4.04% on Friday. Following on from a 2.79% gain on Thursday, Ethereum ended the day at $365.36.

A bearish start to the day saw Ethereum fall to a mid-morning intraday low $347.15 before making a move.

Steering clear of the first major support level at $339.25 Ethereum rallied to a late afternoon high $366.50.

Ethereum broke through the first major resistance level at $358.3 and the second major resistance level at $365.34.

A late pullback saw Ethereum briefly fall back through the second major resistance level before hitting a late intraday high $368.55.

The late rally saw Ethereum break through the 38.2% FIB of $367 before easing back to wrap up the day at $365 levels.

At the time of writing, Ethereum was down by 0.01% to $365.31. A mixed start to the day saw Ethereum fall to an early morning low $365.02 before rising to a high $365.87.

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

ETH/USD 10/10/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $360.35 pivot to support a run at the first major resistance level at $373.56.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $368.55.

Barring an extended crypto rally, the first major resistance level would likely cap any upside. In the event of another breakout, Ethereum could test resistance at $380 before any pullback. The second major resistance level sits at $381.75.

Failure to avoid a fall through the $360.35 pivot would bring the first major support level at $352.16 into play.

Barring another extended sell-off, however, Ethereum should continue to avoid sub-$350 levels. The second major support level sits at $338.95.

Looking at the Technical Indicators

First Major Support Level: $352.16

Pivot Level: $360.35

First Major Resistance Level: $373.56

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rose by 1.23% on Friday. Following on from a 1.50% gain on Thursday, Litecoin ended the day at $47.82.

Tracking the broader market, Litecoin fell to a mid-morning intraday low $46.61 before making a move.

Steering clear of the first major support level at $46.01, Litecoin rallied to a late afternoon intraday high $48.22.

Litecoin broke through the first major resistance level at $48.00 before falling back to $47.5 levels.

Finding late support, however, Litecoin retested the first major resistance level before wrapping up the day at $47.8 levels.

At the time of writing, Litecoin was up by 0.04% to $47.84. A range-bound start to the day saw Litecoin fall to an early morning low $47.81 before rising to a high $47.88.

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

LTC/USD 10/10/20 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $47.55 pivot to support a run at the first major resistance level at $48.49.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $48.22.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Litecoin would likely test resistance at $49 and the second major resistance level at $49.16.

Failure to avoid a fall through the $47.55 pivot level would bring the first major support level at $46.88 into play.

Barring an extended sell-off on the day, however, Litecoin should steer clear of sub-$46 levels. The second major support level sits at $45.94.

Looking at the Technical Indicators

First Major Support Level: $46.88

Pivot Level: $47.55

First Major Resistance Level: $48.49

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rose by 0.68% on Friday. Following on from a 1.01% gain on Thursday, Ripple’s XRP ended the day at $0.25314.

It was also a bearish start to the day. Ripple’s XRP fell to a mid-morning intraday low $0.24848 before making a move.

Steering clear of the first major support level at $0.2448, Ripple’s XRP rose to a late morning intraday high $0.25653.

Ripple’s XRP broke through the first major resistance level at $0.2556 before a pullback to sub-$0.25 levels.

Finding late support, however, Ripple’s XRP moved back through to $0.253 levels to end the day in the green.

At the time of writing, Ripple’s XRP was up by 0.09% to $0.25336. A range-bound start to the day saw Ripple’s XRP fall to an early morning low $0.25313 before rising to a high $0.25336.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 10/10/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2527 pivot to support a run at the first major resistance level at $0.2570.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $0.25653.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.2608 would likely come into play.

Failure to avoid a fall through the $0.2527 pivot would bring the first major support level at $0.2489 into play.

Barring an extended crypto sell-off, Ripple’s XRP should continue to steer clear of sub-$0.24 levels. The second major support level sits at $0.2447.

Looking at the Technical Indicators

First Major Support Level: $0.2489

Pivot Level: $0.2427

First Major Resistance Level: $0.2570

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers – October 9th, 2020

Bitcoin, BTC to USD, rallied by 2.39% on Thursday. Following on from a 0.70% gain on Wednesday, Bitcoin ended the day at $10,943.0.

It was a bearish start to the day. Bitcoin fell to an early morning intraday low $10,541.0 before making a move.

The reversal saw Bitcoin fall through the first major support level at $10,603.

Supported by a broad-based crypto rebound, however, Bitcoin rallied to a late afternoon intraday high $10,971.0.

Bitcoin broke through the day’s major resistance levels to wrap up the day at $10,900 levels.

The near-term bullish trend remained intact, in spite of the pullback to sub-$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 bullish day on Thursday.

Chainlink (+6.18%) and Polkadot (+4.16%) led the way.

Bitcoin Cash ABC (+2.84%), Cardano’s ADA (+2.75%), and Ethereum (+2.79%) weren’t far behind.

Binance Coin (+0.07%), Bitcoin Cash SV (+0.70%), Crypto.com Coin (+1.97%), Litecoin (+1.50%), and Ripple’s XRP (+1.01%) trailed the pack, however.

In the current week, the crypto total market slid to a Wednesday low $322.55bn before rising to a Thursday high $339.24bn. At the time of writing, the total market cap stood at $334.78bn.

Bitcoin’s dominance fell to a Monday low 59.15% before rising to a Tuesday high 61.29%. At the time of writing, Bitcoin’s dominance stood at 60.12%.

This Morning

At the time of writing, Bitcoin was down by 0.50% to $10,888.6. A mixed start to the day saw Bitcoin rise to an early morning high $10,959.0 before falling to a low $10,885.0.

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

Elsewhere, it was also a bearish start to the day for the broader market.

At the time of writing, Chainlink was down by1.31% to lead the way down.

BTC/USD 09/10/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $10,818 to bring the first major resistance level at $11,096 into play.

Support from the broader market would be needed, however, for Bitcoin to break through to $11,000 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 $11,248 and resistance at $11,300.

Failure to avoid a fall through the $10,818 pivot would bring the first major support level at $10,666 into play.

Barring an extended crypto sell-off, however, Bitcoin should continue to steer clear of sub-$10,800 levels. The second major support level sits at $10,388.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 9th, 2020

Ethereum

Ethereum rose by 2.79% on Thursday. Following on from a 0.26% gain on Wednesday, Ethereum ended the day at $351.25.

A bearish start to the day saw Ethereum slide to a late morning intraday low $334.29 before making a move.

Ethereum fell through the first major support level at $335.42 before rallying to a late intraday high $353.34.

The rally saw Ethereum break through the first major resistance level at $345.38 and the second major resistance level at $349.09.

A late pullback saw Ethereum briefly dip to sub-$350 before wrapping up the day at $351 levels. The second major resistance level delivered support late in the day.

At the time of writing, Ethereum was down by 0.08% to $350.97. A mixed start to the day saw Ethereum fall to an early morning low $350.41 before rising to a high $351.47.

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

ETH/USD 09/10/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $346.29 pivot to support a run at the first major resistance level at $358.30.

Support from the broader market would be needed, however, for Ethereum to break out from Thursday’s high $353.34.

Barring an extended crypto rally, the first major resistance level would likely cap any upside. In the event of another breakout, the second major resistance level at $365.34 would likely come into play.

Failure to avoid a fall through the $346.29 pivot would bring the first major support level at $339.25 into play.

Barring another extended sell-off, however, Ethereum should continue to avoid sub-$330 levels. The second major support level sits at $327.24.

Looking at the Technical Indicators

First Major Support Level: $339.25

Pivot Level: $346.29

First Major Resistance Level: $358.30

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rose by 1.50% on Thursday. Following on from a 1.22% gain on Wednesday, Litecoin ended the day at $47.26.

Tracking the broader market, Litecoin slid to a late morning intraday low $45.50 before making a move.

Steering clear of the first major support level at $45.43, Litecoin rallied to a late afternoon intraday high $47.49.

Litecoin broke through the first major resistance level at $47.32 before falling back to sub-$47 levels.

Finding late support, however, Litecoin moved back to $47 levels to deliver the upside for the day. The first major resistance level pinned Litecoin back late in the day.

At the time of writing, Litecoin was down by 0.19% to $47.17. A mixed start to the day saw Litecoin rise to an early morning high $47.27 before falling to a low $47.13.

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

LTC/USD 09/10/20 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $46.75 pivot to support a run at the first major resistance level at $48.00.

Support from the broader market would be needed, however, for Litecoin to break out from Thursday’s high $47.49.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Litecoin could test the second major resistance level at $48.74.

Failure to avoid a fall through the $46.75 pivot level would bring the first major support level at $46.01 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$45 levels. The second major support level sits at $44.76.

Looking at the Technical Indicators

First Major Support Level: $46.01

Pivot Level: $46.75

First Major Resistance Level: $48.00

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rose by 1.01% on Thursday. Following a 1.31% gain on Wednesday, Ripple’s XRP ended the day at $0.25145.

It was also a bearish start to the day. Ripple’s XRP fell to a late morning intraday low $0.24225 before making a move.

Finding support at the first major support level at $0.2428, Ripple’s XRP rose to a late intraday high $0.25300.

Coming up against the first major resistance level at $0.2530, Ripple’s XRP eased back to end the day at sub-$0.2514 levels.

At the time of writing, Ripple’s XRP was up by 0.11% to $0.25173. A relatively bullish start to the day saw Ripple’s XRP rise from an early morning low $0.25142 to a high $0.25192.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 09/10/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2489 pivot to support a run at the first major resistance level at $0.2556.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Thursday’s high $0.25300.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.2597 would likely come into play. Resistance at $0.26 would likely pin Ripple’s XRP back, however.

Failure to avoid a fall through the $0.2489 pivot would bring the first major support level at $0.2448 into play.

Barring another extended crypto sell-off, Ripple’s XRP should continue to steer clear of sub-$0.24 levels. The second major support level sits at $0.2382.

Looking at the Technical Indicators

First Major Support Level: $0.2448

Pivot Level: $0.2489

First Major Resistance Level: $0.2556

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

ETH/USD Bearish Pressure Prepares for Push Lower to Fib Targets

Ethereum (ETH/USD) has broken below the 21 ema zone. A bearish retracement is now taking place. What will be the key breakout and what are the bearish targets?

Price Charts and Technical Analysis

 

Ethereum daily chart

The ETH/USD is unable to break back above the 21 ema zone, which is a bad sign for the bulls. The previous uptrend was strong but the bears are likely to push price action below the long-term support trend line (purple). A breakout below that line and the previous bottom favours a further drop towards the next two support zones (green boxes). The first support zone is a confluence with the previous top, -27.2% Fibonacci target and the 50% Fibonacci level. The second support zone is the previous sideways zone, the -61.8% Fibonacci target and the 61.8% Fibonacci retracement level.

The bearish pressure is even more visible on the 4 hour chart. The red candles from our EW software confirm bearishness and price action is now clearly below the long-term moving averages. A break and pullback followed by another break lower is expected (see arrows). The wave patterns suggest a bearish ABC (purple) pattern. The ABC could complete a wave 1-2 (grey) on the daily chart.

Ethereum 4 hour chart

Good trading,

Chris Svorcik

The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter

For a look at all of today’s economic events, check out our economic calendar.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 8th, 2020

Ethereum

Ethereum rose by 0.26% on Wednesday. Following a 3.69% slide on Tuesday, Ethereum ended the day at $341.68.

A bearish start to the day saw Ethereum slide to an early morning intraday low $332.87 before making a move.

Ethereum fell through the first major support level at $333.23 before rising to a mid-afternoon intraday high of $342.83.

Falling well short of the first major resistance level at $351.83, Ethereum fell back to $336 levels before finding support.

A late move back through to $341 levels reversed losses from the day.

At the time of writing, Ethereum was down by 0.20% to $340.98. A mixed start to the day saw Ethereum rise to an early morning high of $342.36 before falling to a low $340.70.

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

ETH/USD 08/10/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $339.13 pivot to support a run at the first major resistance level at $345.38.

Support from the broader market would be needed, however, for Ethereum to break out from Wednesday’s high $342.83.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

Failure to avoid a fall through the $345.38 pivot would bring the first major support level at $335.42 into play.

Barring another extended sell-off, however, Ethereum should continue to avoid sub-$330 levels. The second major support level sits at $329.17.

Looking at the Technical Indicators

First Major Support Level: $335.42

Pivot Level: $339.13

First Major Resistance Level: $345.38

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rose by 1.22% on Wednesday. Reversing a 0.73% fall from Tuesday, Litecoin ended the day at $46.58.

It was a mixed start to the day. Litecoin slid to an early morning intraday low $45.03 before making a move.

Steering clear of the first major support level at $44.97, Litecoin rallied to a late intraday high $46.92.

Falling short of the first major resistance level at $47.64, Litecoin slipped back to end the day at $46.5 levels.

At the time of writing, Litecoin was down by 0.19% to $46.48. A mixed start to the day saw Litecoin rise to an early morning high of $46.64 before falling to a low $46.46.

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

LTC/USD 08/10/20 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $46.18 pivot to support a run at the first major resistance level at $47.32.

Support from the broader market would be needed, however, for Litecoin to break back through to $47 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Litecoin could test resistance at $48 before any pullback. The second major resistance level sits at $48.07.

Failure to avoid a fall through the $46.18 pivot level would bring the first major support level at $45.43 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$44 levels. The second major support level at $44.29 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $45.43

Pivot Level: $46.18

First Major Resistance Level: $47.32

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rose by 1.31% on Wednesday. Partially reversing a 2.12% decline from Tuesday, Ripple’s XRP ended the day at $0.24882.

It was also a mixed start to the day. Ripple’s XRP fell to an early morning intraday low $0.24105 before making a move.

Steering clear of the first major support level at $0.2377, Ripple’s XRP rose to a late afternoon intraday high $0.25127.

Falling short of the first major resistance level at $0.2565, Ripple’s XRP fell back to end the day at sub-$0.25 levels.

At the time of writing, Ripple’s XRP was down by 0.28% to $0.24813. A mixed start to the day saw Ripple’s XRP rise to an early morning high of $0.24905 before falling to a low $0.24813.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 08/10/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2470 pivot to support a run at the first major resistance level at $0.2530.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Wednesday’s high $0.25127.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.2573 would likely come into play. Resistance at $0.26 would likely pin Ripple’s XRP back, however.

Failure to avoid a fall through the $0.2470 pivot would bring the first major support level at $0.2428 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.24 levels. The second major support level sits at $0.2368.

Looking at the Technical Indicators

First Major Support Level: $0.2428

Pivot Level: $0.2470

First Major Resistance Level: $0.2530

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers – October 7th, 2020

Bitcoin, BTC to USD, fell by 1.79% on Tuesday. Reversing a 1.12% gain from Monday, Bitcoin ended the day at $10,613.7.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $10,820 before hitting reverse.

Coming up short the first major resistance level at $10,870, Bitcoin slid to a late intraday low $10,548.0.

Bitcoin fell through the first major support level at $10,691 and the second major support level at $10,574.

Steering clear of sub-$10,500 levels, Bitcoin broke back through the second major support level to end the day at $10,600 levels.

The near-term bullish trend remained intact, in spite of the pullback to sub-$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 Tuesday.

Crypto.com Coin rose by 0.13% to buck the trend on the day.

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

Chainlink and Polkadot slid by 8.95% and by 8.29% respectively to lead the way down.

Binance Coin (-3.21%), Bitcoin Cash SV (-2.80%), Cardano’s ADA (-4.71%), Ethereum (-3.69%), and Ripple’s XRP (-2.12%) also saw heavy losses.

Bitcoin Cash ABC (-1.16%) and Litecoin (-0.73%) saw relatively modest losses.

At the start of the week, the crypto total market rose to a Monday high $335.65bn before sliding to a Tuesday low $324.30bn. At the time of writing, the total market cap stood at $325.65bn.

Bitcoin’s dominance fell to a Monday low 59.28% before rising to an early Wednesday high 60.23%. At the time of writing, Bitcoin’s dominance stood at 60.17%.

This Morning

At the time of writing, Bitcoin was down by 0.11% to $10,602.0 A bearish start to the day saw Bitcoin fall from an early morning high $10,616.0 to a low $10,596.0.

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

Elsewhere, it was a mixed start to the day. Bitcoin Cash SV was up by 0.61% to buck the trend early on.

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

At the time of writing, Crypto.com Coin was down by 1.48% to lead the way down.

BTC/USD 07/10/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $10,661 to bring the first major resistance level at $10,773 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $10,700 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 resistance at $10,800 before any pullback. The second major resistance level sits at $10,933.

Failure to move through the $10,661 pivot would bring the first major support level at $10,501 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,400 support levels. The second major support level sits at $10,389.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 7th, 2020

Ethereum

Ethereum slid by 3.69% on Tuesday. Reversing a 0.37% gain from Monday, Ethereum ended the day at $340.78.

A bullish start to the day saw Ethereum rise to an early morning intraday high $355.33 before hitting reverse.

Falling short of the first major resistance level at $357.00, Ethereum slid to a late intraday low $336.73.

Ethereum fell through the day’s major support levels before a move back through to $340 levels. The partial recovery saw Ethereum break back through the third major support level at $337.99.

At the time of writing, Ethereum was down by 0.36% to $339.55. A bearish start to the day saw Ethereum fall from an early morning high $340.86 to a low $339.54.

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

ETH/USD 07/10/20 Hourly Chart

For the day ahead

Ethereum would need to move through the $344.28 pivot to support another run at the first major resistance level at $351.83.

Support from the broader market would be needed, however, for Ethereum to break back through to $350 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

Failure to move through the $344.28 pivot would bring the first major support level at $333.23 into play.

Barring another extended sell-off, however, Ethereum should avoid sub-$330 levels. The second major support level sits at $325.68.

Looking at the Technical Indicators

First Major Support Level: $333.23

Pivot Level: $344.28

First Major Resistance Level: $351.83

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin fell by 0.73% on Tuesday. Following on from a 0.77% decline on Monday, Litecoin ended the day at $46.01.

It was a mixed start to the day. Litecoin rose to a late morning high $46.85 before hitting reverse.

Falling short of the first major resistance level at $47.11, Litecoin slid to a mid-afternoon intraday low $45.55.

Finding support at the first major support level at $45.57, Litecoin rallied to a late afternoon intraday high $48.22.

Litecoin broke through the first major resistance level at $47.11 and the second major resistance level at $47.87.

A late sell-off, however, saw Litecoin revisit sub-$46 levels before wrapping up the day at $46 levels. The first major support level limited the downside late in the day.

At the time of writing, Litecoin was down by 0.48% to $45.79. A bearish start to the day saw Litecoin fall from an early morning high $46.02 to a low $45.77.

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

LTC/USD 07/10/20 Hourly Chart

For the day ahead

Litecoin would need to move through the $46.59 pivot to support a run at the first major resistance level at $47.64.

Support from the broader market would be needed, however, for Litecoin to break back through to $47 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Litecoin could re-test resistance at $48 before any pullback. The second major resistance level sits at $49.26.

Failure to move through the $46.59 pivot level would bring the first major support level at $44.97 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$43 levels. The second major support level at $43.92 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $44.97

Pivot Level: $46.59

First Major Resistance Level: $47.64

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP fell by 2.12% on Tuesday. Reversing a 1.07% gain from Monday, Ripple’s XRP ended the day at $0.24565.

It was a bullish start to the day. Ripple’s XRP rallied to an early morning intraday high $0.25929 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.2545 and the second major resistance level at $0.2584.

Coming up against resistance at $0.26, Ripple’s XRP slid to a late intraday low $0.24050.

Ripple’s XRP fell through the first major support level at $0.2466 and the second major support level at $0.2426.

Finding late support, Ripple’s XRP broke back through the second major support level to end the day at $0.2450 levels.

At the time of writing, Ripple’s XRP was down by 0.29% to $0.24493. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.24560 to a low $0.24488.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 07/10/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.2485 pivot to support a run at the first major resistance level at $0.2565.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.2500.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could re-test resistance at $0.26 before any pullback. The second major resistance level sits at $0.2673.

Failure to move through the $0.2485 pivot would bring the first major support level at $0.2377 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.23 levels. The second major support level sits at $0.2297.

Looking at the Technical Indicators

First Major Support Level: $0.2377

Pivot Level: $0.2485

First Major Resistance Level: $0.2565

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 6th, 2020

Ethereum

Ethereum rose by 0.37% on Monday. Following on from a 1.82% gain from Sunday, Ethereum ended the day at $353.73.

A bullish start to the day saw Ethereum rise to an early morning intraday high $356.12 before hitting reverse.

Falling short of the first major resistance level at $356.53, Ethereum slid to a mid-morning intraday low $348.69.

Steering clear of the first major support level at $346.26, Ethereum recovered to an afternoon high $354.41.

Coming up short of the morning high, Ethereum fell back to sub-$350 levels before a late recovery to $353 levels.

At the time of writing, Ethereum was up by 0.17% to $354.33. A bullish start to the day saw Ethereum rise from an early morning low $353.82 to a high $355.33.

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

ETH/USD 06/10/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $352.85 pivot to support another run at the first major resistance level at $357.00.

Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $356.12.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

Failure to avoid a fall through the $352.85 pivot would bring the first major support level at $349.57 into play.

Barring an extended sell-off, however, Ethereum should avoid sub-$345 levels. The second major support level at $345.42 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $349.57

Pivot Level: $352.85

First Major Resistance Level: $357.00

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin fell by 0.77% on Monday. Partially reversing a 2.52% gain from Sunday, Litecoin ended the day at $46.35.

It was also a bullish start to the day. Litecoin rose to an early morning intraday high $47.09 before hitting reverse.

Falling short of the first major resistance level at $47.41, Litecoin slid to a late afternoon intraday low $45.55.

Finding support at the first major support level at $45.65, Litecoin recovered to $46 levels to limit the loss.

At the time of writing, Litecoin was up by 0.06% to $46.38. A bullish start to the day saw Litecoin rise from an early morning low $46.32 to a high $46.43.

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

LTC/USD 06/10/20 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall back through the $46.33 pivot to support another run at the first major resistance level at $47.11.

Support from the broader market would be needed, however, for Litecoin to break back through to $47 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $47.09 would likely cap any upside.

In the event of another breakout, Litecoin could test resistance at $48 before any pullback. The second major resistance level sits at $47.87.

Failure to avoid a fall back through the $46.33 pivot level would bring the first major support level at $45.57 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$44 levels. The second major support level at $44.79 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $45.57

Pivot Level: $46.33

First Major Resistance Level: $47.11

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rose by 1.07% on Monday. Consolidating a 6.50% rally from Sunday, Ripple’s XRP ended the day at $0.25055.

Tracking the broader market, Ripple’s XRP rallied to an early morning intraday high $0.25448 before hitting reverse.

Coming within range of the first major resistance level at $0.2549, Ripple’s XRP slid to a late morning intraday low $0.24657.

Steering well clear of the first major support level at $0.2364, Ripple’s XRP struck an afternoon high $0.25349.

Falling short of the major resistance levels, Ripple’s XRP slipped back to sub-$0.25 levels before finding support.

A late move back through to $0.25 levels delivered the upside on the day.

At the time of writing, Ripple’s XRP was up by 0.30% to $0.25130. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.25097 to a high $0.25152.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 06/10/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2505 pivot to support another run at the first major resistance level at $0.2545.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.2510 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.25448 would likely cap any upside.

In the event of an extended rally, the second major resistance level at $0.2584 would likely come into play.

Failure to avoid a fall through the $0.2505 pivot would bring the first major support level at $0.2466 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.24 levels. The second major support level at $0.2426 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2466

Pivot Level: $0.2505

First Major Resistance Level: $0.2545

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers – October 5th, 2020

Bitcoin, BTC to USD, rose by 1.22% on Sunday. Reversing a 0.26% fall from Saturday, Bitcoin ended the week down by 1.08% to $10,678.0.

It was a mixed start to the day. Bitcoin fell to an early morning intraday low $10,541.0 before finding support.

Steering clear of the first major support level at $10,509, Bitcoin rose to a mid-morning high $10,676.0.

Bitcoin broke through the first major resistance level at $10,612 and the second major resistance level at $10,666.

A pullback through the late morning saw Bitcoin fall back through to sub-$10,600 levels going into the afternoon.

Through the 2nd half of the day, Bitcoin rallied to a late intraday high $10,713.0 before easing back to end the day at $10,680 levels.

The rally saw Bitcoin break back through the first and second major resistance levels.

The near-term bullish trend remained intact, in spite of the latest pullback to sub-$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 bullish day on Sunday.

Ripple’s XRP rallied by 6.50% to lead the way.

Binance Coin (+2.80%), Cardano’s ADA (+3.71%), and Litecoin (+2.52%) also found strong support.

Bitcoin Cash ABC (+0.73%), Bitcoin Cash SV (+1.23%), Chainlink (+1.38%), Crypto.com Coin (+0.48%), Ethereum (+1.82%), and Polkadot (+1.48%) trailed the front runners.

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

Binance Coin rallied by 10.44% to lead the way, with Litecoin (+1.35%) and Ripple’s XRP (+1.86%) also making gains.

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

Chainlink led the way down, sliding by 12.95%.

Bitcoin Cash ABC (-3.71%), Bitcoin Cash SV (-5.46%), Cardano’s ADA (-4.39%), Crypto.com Coin (-4.53%), Ethereum (-1.41%), and Polkadot (+1.98%) also joined Bitcoin in the red.

In the week, the crypto total market rose to a Thursday high $344.75bn before falling to a Friday low $320.03bn. At the time of writing, the total market cap stood at $334.06bn.

Bitcoin’s dominance fell to a Thursday low 58.73% before rising to a Friday high 60.02%. At the time of writing, Bitcoin’s dominance stood at 59.31%.

This Morning

At the time of writing, Bitcoin was up by 0.27% to $10,716.0. A bullish start to the day saw Bitcoin rally from an early morning low $10,680.0 to a high $10,758.0.

Bitcoin tested the first major resistance level at $10,753 early on.

Elsewhere, it was a mixed start to the day.

Litecoin was down by 0.30% to buck the trend early on.

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

At the time of writing, Cardano’s ADA was up by 2.39% to lead the way.

BTC/USD 05/10/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $10,647 to bring the first major resistance level at $10,753 back into play.

Support from the broader market would be needed, however, for Bitcoin to hold onto $10,700 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 $10,819 before any pullback.

Failure to avoid a fall back through the $10,647 pivot would bring the first major support level at $10,581 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,500 support levels. The second major support level sits at $10,475.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 5th, 2020

Ethereum

Ethereum rose by 1.82% on Sunday. Following on from a 0.13% gain on Saturday, Ethereum ended the week down by 1.41% to $352.48.

A mixed start to the day saw Ethereum fall to an early morning intraday low $344.08 before making a move.

Steering clear of the first major support level at $342.86, Ethereum rose to a late intraday high $354.35.

Ethereum broke through the first major resistance level at $350.35 to wrap up the day at $352 levels. The second major resistance level at $354.52 had pinned Ethereum back late in the day.

At the time of writing, Ethereum was up by 0.53% to $354.36. A bullish start to the day saw Ethereum rise from an early morning low $352.36 to a high $356.12.

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

ETH/USD 05/10/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $350.30 pivot to support another run at the first major resistance level at $356.53.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $356.12.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

Failure to avoid a fall through the $350.30 pivot would bring the first major support level at $346.26 into play.

Barring another extended sell-off, however, Ethereum should avoid sub-$340 levels. The second major support level at $340.03 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $346.26

Pivot Level: $350.30

First Major Resistance Level: $356.53

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin rose by 2.52% on Sunday. Following on from a 1.47% gain on Saturday, Litecoin ended the week up by 1.35% to $46.70.

It was also a mixed start to the day. Litecoin fell to an early morning intraday low $45.31 before making a move.

Steering clear of the first major support level at $44.89, Litecoin rallied to a late intraday high $47.07.

Litecoin broke through the first major resistance level at $46.12 and the second major resistance level at $46.67.

A late pullback, however, saw Litecoin fall back through the second major resistance level to end the day at $46.7 levels.

At the time of writing, Litecoin was up by 0.45% to $46.91. A bullish start to the day saw Litecoin rise from an early morning low $46.68 to a high $47.09

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

LTC/USD 10/05/20 Hourly Chart

For the day ahead

Litecoin would need to avoid a fall through the $46.36 pivot to support another run at the first major resistance level at $47.41.

Support from the broader market would be needed, however, for Litecoin to break back through to $47 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Litecoin could test resistance at $48 before any pullback. The second major resistance level sits at $48.12.

Failure to avoid a fall through the $46.36 pivot level would bring the first major support level at $45.65 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$45 levels. The second major support level sits at $44.60.

Looking at the Technical Indicators

First Major Support Level: $45.65

Pivot Level: $46.36

First Major Resistance Level: $47.41

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rallied by 6.50% on Sunday. Reversing a 0.57% loss from Saturday, Ripple’s XRP ended the week up by 1.86% to $0.24789.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $0.23180 before making a move.

Finding support at the first major support level at $0.2319, Ripple’s XRP rallied to a late intraday high $0.25031.

Ripple’s XRP broke through the day’s major resistance levels before easing back to wrap up the day at $0.247 levels.

In spite of the late pullback, Ripple’s XRP avoided a fall back through the third major resistance level at $0.2381.

At the time of writing, Ripple’s XRP was up by 1.96% to $0.25276. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.24789 to a high $0.25448.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 05/10/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid a fall through the $0.2433 pivot to support another run at the first major resistance level at $0.2549.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.25448.

Barring an extended crypto rally, the first major resistance level would likely cap any upside. In the event of an extended rally, the second major resistance level at $0.2618 would likely come into play.

Failure to avoid a fall through the $0.2433 pivot would bring the first major support level at $0.2364 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.23 levels. The second major support level sits at $0.2248.

Looking at the Technical Indicators

First Major Support Level: $0.2364

Pivot Level: $0.2433

First Major Resistance Level: $0.2549

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

The Future of DeFi: Boom or Bust?

After a slow start, with a number of DeFi protocols having been around for a few years, the segment has recently drawn plenty of attention.

Projects are on the rise and some of the main players within the CeFi space are making sure that they aren’t left behind.

As with any new space, however, the pitfalls are many and the gold rush could be short and sweet.

At the time of writing, simply comparing the market cap of non-stable coins and stable coins shows how far behind DeFi is from CeFi.

Based on numbers at the time of writing, the total market cap of non-stable coins stood at US$310bn. By contrast, the total market cap of stable coins stood at just US$16bn

Some of the main players within the DeFi space predict a 20 fold increase in the market cap of stablecoins. It is, therefore, unsurprising that there is an explosion in the number of protocols hitting DeFi.

The Projects

To view the current protocols launched within DeFi, DeFi Pulse provides a platform for protocols to list.

The list is broken down by function to make it easier for investors to find the protocol of their liking. These categorizations include:

Lending; Trading; Payments; Wallets; Interfaces; Infrastructure; Assets; and Scaling.

Additionally, there are the following categories to assist DeFi communities or new entrants:

Analytics; Education; Podcasts; Newsletters; and Communities.

While the projects are readily accessible, with DeFi Pulse making it easier for DeFi investors, key risks exist.

As a result of the very nature of DeFi, which is Permissionless and Trustless, not all of the protocols are audited.

Without governance and the anonymous nature, the protocol developers are anonymous. This has led to a vast number of scams and Ponzi schemes. Akin to any industry, bad news and dishonest participants tend to slow progress and, in particular, adoption.

Due to the sheer number of projects coming to the market, we, therefore, expect a period of consolidation. Many of the main players within the DeFi space expect that the vast majority of the existing projects will eventually fail.

What to look out for

When considering the view that a large number of scams and Ponzi schemes exist, there are ways to at least mitigate some of the risks.

These would include:

  • Avoid protocols that are unaudited or unverified: While DeFi is a Trustless and Permissionless world, the more serious projects provide investors with the necessary comfort.
  • Look for projects with longer vesting and incentive periods: Projects with vesting periods of as little as 2-weeks are unlikely to be there in a few months, let alone a few years. The anonymous founders will take their money and run… The same view is taken on incentives given to protocol communities. Within the DeFi space, it is the communities that are of greater importance. Short-term incentive schemes will not keep a community together for the longer-term. This should be considered negative.
  • Look for innovative protocols: The key to the success of DeFi is to deliver protocols over and above those available within the CeFi and banking space. Finding protocols that bring innovative financial services to the DeFi space will find support. This is assuming that they address the issues raised above.
  • Reputable Communities: As previously mentioned, communities are key to the success of a project. Not only must they be appropriately incentivized but they must also be reputable.
  • Governance and Transparency: Alongside the communities, some sort of governance is also needed. That should come from a degree of transparency in the early years before becoming fully Permissionless and Trustless.

The Risks

As with anything nascent, there are plenty of risks associated with DeFi. An advantage for the DeFi space, however, is certainly the lessons learned from the ICO boom.

For the DeFi space key risks and threats to its evolution include:

  • Bad news: As with any investment opportunity, bad news does not help. The ever-present threat of scams and hacks leave DeFi exposed to unscrupulous participants. News of thefts and hacks would give DeFi a bad name and put its advancement back by years.
  • Blockchain constraints: Ethereum’s blockchain is already at capacity. This means that the market requires a degree of fragmentation. Currently, Tron’s blockchain is the next viable alternative. Ensuring that there is not a complete fragmentation is important, however. A degree of specialization would be an acceptable solution. Here different blockchains would support different sectors…
  • Vesting and incentive periods: As previously discussed these would need to tie in developers and communities for the long haul. A cut and run mentality would slow the evolution and adoption of DeFi.
  • Financial Risk: Investors are currently exposed to the risk of significant loss. The developers and communities can mitigate some of the risks by:
    • Carrying out greater testing and verification to eliminate debilitating bugs.
    • Provide insurance to protect investor capital.
    • Educate: Vastly increase the education currently available on DeFi.
  • Platform Access: Simplify access to DeFi. The more user-friendly the greater the degree of user comfort. This is another avenue to build trust in the Trustless world of DeFi.

Looking Ahead

When considering the risks associated with DeFi, these are not wholly different from those seen in the CeFi space.

The key to the success of DeFi is to deliver communities with solutions that are also available in the CeFi and banking space. At a minimum, DeFi must deliver viable alternatives that deliver greater earning power.

Additionally, DeFi will need to be far more innovative and offer protocols that address the shortcomings of both CeFi and banks. In essence, this would be the development and mass adoption of automated asset managers.

Communities don’t need people but smart contracts that are able to locate the best earnings power across DeFi.

Coupled with smoother user experience, zero gas fees, and addressing the issue of unaudited smart contracts, the future does look bright.

DeFi will need to experience some consolidation, however. As was the case in the .Com and ICO booms, a large number of the DeFi projects will not last.

To prevent a DeFi implosion, however, developers and communities must address existing blockchain constraints. There will also need to be a greater degree of auditing, addressing vesting and incentive periods, and the availability of insurance to protect investors.

Fishing out the scammers and Ponzi schemes with limited reputational damage to DeFi will also be a must.

The Positives

Having said that, there are certainly some positives that yield optimism. These include:

  • Speed of innovation: While currently lagging CeFi, market leaders expect DeFi to grow exponentially relative to CeFi.
  • The benefit of hindsight: DeFi can take the lessons learned from CeFi and the ICO boom and avoid the same mistakes.
  • Early Awareness: There is early awareness of some of the key DeFi risks. This gives communities the opportunity to mitigate the risks quickly to support growth.
  • Education: As the news wires report huge earnings potential, the education side is also improving. There is yet the widespread awareness needed, however, to compete with the banking sector. DeFi remains a niche space today and will likely remain so for the near-term.

When considering the risks and the positives, addressing these while continuing to offer a greater earnings multiple would support a positive future for DeFi.

There is a sizeable audience that DeFi can capture with relative ease. Target audiences would include:

  • The non-banked: At the time of writing, the World Bank estimated 1.7bn people with access to basic banking. In the DeFi world, all a user would need is a mobile phone or a computer. There are no KYC or AML requirements…
  • CeFi Users: For CeFi users, a migration to DeFi seems a natural one. Once DeFi has gone through its teething problems it is hard to envisage CeFi keeping up.
  • Disgruntled banking customers: This is possibly the largest target audience of them all. For DeFi, the inflection point is expected to be when users don’t know that they are on DeFi. At this point, the banking community and CeFi may well find themselves in the history books.

In conclusion

We don’t expect a bust. The more innovative and transparent projects will likely enjoy longevity.

There is undoubtedly going to be some pain ahead, however, something that is hard to avoid in the early days.

As with blockchain and cryptos, the concepts are right and so it rests in the hands of innovators to deliver.

One curveball to consider, as always, is whether governments and central banks will allow the untimely demise of the global banking system.

If we learned anything from back in 2017 and 2018, anonymity within the world of finance is a no-no for governments.

How this plays out may eventually decide the fate of DeFi

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.

The Crypto Daily – Movers and Shakers – October 3rd, 2020

Bitcoin, BTC to USD, fell by 0.44% on Friday. Following on from a 1.51% on Thursday, Bitcoin ended the day at $10,586.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $10,686.0 before hitting reverse.

Falling well short of the first major resistance level at $10,919, Bitcoin slid to a late morning intraday low $10,391.0.

Bitcoin fell through the first major support level at $10,404 before finding support.

A partial recovery saw Bitcoin strike an afternoon high $10,607 before easing back 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 bearish day on Friday.

Bitcoin Cash SV (-6.04%), Cardano’s ADA (-5.05%), Chainlink (-3.93%), and Polkadot (-4.59%) led the way down.

Bitcoin Cash ABC (-3.09%), Crypto.com Coin (-2.26%), Ethereum (-2.02%), Litecoin (-2.79%), and Ripple’s XRP (-1.54%) also struggled.

Binance Coin saw a modest 0.26% loss on the day, however.

In the current week, the crypto total market rose to a Thursday high $344.75bn before falling to a Friday low $320.05bn. At the time of writing, the total market cap stood at $327.54bn.

Bitcoin’s dominance fell to a Thursday low 58.78% before rising to a Friday high 60.02%. At the time of writing, Bitcoin’s dominance stood at 59.60%.

This Morning

At the time of writing, Bitcoin was down by 0.25% to $10,560.0. A bearish start to the day saw Bitcoin fall from an early morning high $10,592.0 to a low $10,549.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV bucked the trend early on, with a 0.43% gain.

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

At the time of writing, Binance Coin was down by 0.82% to lead the way down.

BTC/USD 03/10/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $10,554 to bring the first major resistance level at $10,718 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Friday’s high $10,686.0.

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 $10,849 before any pullback.

Failure to avoid a fall back through the $10,554 pivot would bring the first major support level at $10,423 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,200 support levels. The second major support level at $10,259 should limit any downside.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 3rd, 2020

Ethereum

Ethereum slid by 2.02% on Friday. Following on from a 1.97% decline on Thursday, Ethereum ended the day at $345.70.

A range-bound start to the day saw Ethereum rise to an early morning intraday high $354.25 before hitting reverse.

Falling well short of the first major resistance level at $367.10, Ethereum slid to a late morning intraday low $334.19.

Ethereum fell through the first major support level at $341.86. Steering clear of the second major support level at $330.81 briefly revisited $347 levels before easing back.

At the time of writing, Ethereum was down by 0.15% to $345.18. A mixed start to the day saw Ethereum rise to an early morning high $346.08 before falling to a low $345.18.

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

ETH/USD 03/10/20 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall through the $344.71 pivot to support a run at the first major resistance level at $355.24.

Support from the broader market would be needed, however, for Ethereum to break back through to $350 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $354.25 would likely cap any upside.

Failure to avoid a fall through the $344.71 pivot would bring the first major support level at $335.18 into play.

Barring another extended sell-off, however, Ethereum should avoid the second major support level at $324.65.

Looking at the Technical Indicators

First Major Support Level: $335.18

Pivot Level: $344.71

First Major Resistance Level: $355.24

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin slid by 2.79% on Friday. Following a 0.09% loss on Thursday, Litecoin ended the day at $44.94.

It was also a bullish start to the day. Litecoin rose to an early morning intraday high $46.96 before hitting reverse.

Falling well short of the first major resistance level at $48.06, Litecoin slid to a late morning intraday low $43.25.

Litecoin fell through the first major support level at $44.85 and the second major support level at $43.46.

Finding support going into the afternoon, Litecoin revisited $45 levels before easing back. The first major support level limited the downside late in the day.

At the time of writing, Litecoin was down by 0.22% to $44.84. A bearish start to the day saw Litecoin fall from an early morning high $44.95 to a low $44.83.

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

LTC/USD 03/10/20 Hourly Chart

For the day ahead

Litecoin would need to move through the $45.05 pivot to support a run at the first major resistance level at $46.85.

Support from the broader market would be needed, however, for Litecoin to break back through to $46 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $46.96 would likely cap any upside.

In the event of another breakout, Litecoin could test resistance at $47 before any pullback. The second major resistance level sits at $48.76.

Failure to move through the $45.05 pivot level would bring the first major support level at $43.14 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$42 levels. The second major support level sits at $41.34.

Looking at the Technical Indicators

First Major Support Level: $43.14

Pivot Level: $45.05

First Major Resistance Level: $46.85

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP fell by 1.54% on Friday. Following on from a 1.63% fall on Thursday, Ripple’s XRP ended the day at $0.23404.

A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.23919 before hitting reverse.

Falling short of the first major resistance level at $0.2438, Ripple’s XRP slid to a late morning intraday low $0.22900.

The sell-off saw Ripple’s XRP fall through the first major support level at $0.2331.

In the 2nd half of the day, Ripple’s XRP broke back through the first major support level to end the day at $0.234 levels.

At the time of writing, Ripple’s XRP was down by 0.16% to $0.23367. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.23409 to a low $0.23367.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 03/10/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.2341 pivot to support a run at the first major resistance level at $0.2392.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.2350 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $0.23919 would likely cap any upside.

Failure to move through the $0.2341 pivot would bring the first major support level at $0.2290 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.22 levels. The second major support level at $0.2239 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $0.2290

Pivot Level: $0.2341

First Major Resistance Level: $0.2392

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers – October 2nd, 2020

Bitcoin, BTC to USD, slid by 1.51% on Thursday. Following on from a 0.57% decline on Wednesday, Bitcoin ended the day at $10,634.0

A bullish start to the day saw Bitcoin rise to a mid-morning intraday high $10,975.1 before hitting reverse.

Bitcoin broke through the first major resistance level at $10,879 and the second major resistance level at $10,964.

The reversal, however, saw Bitcoin slide to a late afternoon intraday low $10,460.0.

Bitcoin fell through the first major support level at $10,697 and the second major support level at $10,600.

Steering clear of the third major support level at $10,418, Bitcoin bounced back to $10,600 levels. The partial recovery saw Bitcoin break back through the second major support level at $10,600.

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 Thursday.

Polkadot rose by 1.49% to buck the trend on the day.

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

Binance Coin slid by 6.12% to lead the way down.

Bitcoin Cash ABC (-1.52%), Bitcoin Cash SV (-2.27%), Cardano’s ADA (-3.05%), Chainlink (-2.56%), Crypto.com Coin (-1.83%), Ethereum (-1.97%), and Ripple’s XRP (-1.63%) also struggled.

Litecoin saw a modest 0.09% loss on the day.

In the current week, the crypto total market rose to a Thursday high $344.75bn before falling to a Thursday low $325.09bn. At the time of writing, the total market cap stood at $332.99bn.

Bitcoin’s dominance rose to a Monday high 59.60% before falling to a Wednesday low 58.41%. At the time of writing, Bitcoin’s dominance stood at 59.15%.

This Morning

At the time of writing, Bitcoin was up by 0.28% to $10,664.1. It was a mixed start to the day. Bitcoin fell to an early morning low $10,600.0 before rising to a high $10,686.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin and Polkadot bucked the trend early on. Both were down by 0.13%.

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

At the time of writing, Binance Coin (+1.41), Chainlink (+1.33%), Cardano’s ADA (+1.77%), and Litecoin (+1.41%) led the way.

BTC/USD 02/10/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $10,690 to bring the first major resistance level at $10,919 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from $10,800 levels.

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

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $10,205 before any pullback.

Failure to move through the $10,790 pivot would bring the first major support level at $10,404 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,400 support levels. The second major support level sits at $10,175.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 2nd, 2020

Ethereum

Ethereum fell by 1.97% on Thursday. Following on from a 0.01% decline on Wednesday, Ethereum ended the day at $352.9.

A bullish start to the day saw Ethereum rally to a late morning intraday high $370.25 before hitting reverse.

Ethereum broke through the first major resistance level at $363.81 and the second major resistance level at $367.72. More significantly, Ethereum also broke through the 38.2% FIB of $367 before the sell-off.

The reversal saw Ethereum slide to a late afternoon intraday low $345.01. Ethereum fell through the first major support level at $353.68 and the second major support level at $347.46 before finding support.

Ethereum briefly revisited $353 levels before falling back through the first major support level.

At the time of writing, Ethereum was up by 0.30% to $351.83. A mixed start to the day saw Ethereum fall to an early morning low $350.0 before rising to a high $353.89.

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

ETH/USD 02/10/20 Hourly Chart

For the day ahead

Ethereum would need to move through the $356.05 pivot to support a run at the first major resistance level at $367.10 and the 38.2% FIB.

Support from the broader market would be needed, however, for Ethereum to break back through to $360 levels.

Barring an extended crypto rally, the first major resistance level and 38.2% FIB would likely cap any upside.

Failure to move through the $356.05 pivot would bring the first major support level at $341.86 into play.

Barring another extended sell-off, however, Ethereum should steer well clear of the second major support level at $330.81.

Looking at the Technical Indicators

First Major Support Level: $341.86

Pivot Level: $356.05

First Major Resistance Level: $367.10

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Litecoin

Litecoin slipped by 0.09% on Thursday. Following a 1.29% gain on Wednesday, Litecoin ended the day at $46.24.

It was also a bullish start to the day. Litecoin rallied to a late afternoon intraday high $48.49 before hitting reverse.

The rally saw Litecoin break through the first major resistance level at $46.82 and the second major resistance level at $47.39.

It was a brief visit to $48 levels, however. Litecoin tumbled to a late afternoon intraday low $45.28 before finding support.

The reversal saw Litecoin fall through the first major support level at $45.56 before recovering to $46 levels.

At the time of writing, Litecoin was down by 0.04% to $46.22. A mixed start to the day saw Litecoin fall to an early morning low $45.92 before rising to a high $46.39.

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

LTC/USD 02/10/20 Hourly Chart

For the day ahead

Litecoin would need to move through the $46.67 pivot to support a run at the first major resistance level at $48.06.

Support from the broader market would be needed, however, for Litecoin to break out from $47 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $48.49 would likely cap any upside.

In the event of another breakout, Litecoin could visit $49 levels before any pullback. The second major resistance level sits at $49.88.

Failure to move through the $46.67 pivot level would bring the first major support level at $44.85 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$44 levels. The second major support level sits at $43.46.

Looking at the Technical Indicators

First Major Support Level: $44.85

Pivot Level: $46.67

First Major Resistance Level: $48.06

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP fell by 1.63% on Thursday. Following a 0.28% decline on Wednesday, Ripple’s XRP ended the day at $0.23803.

A bullish start to the day saw Ripple’s XRP rally to a late morning intraday high $0.24449 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.2436 before sliding to a late afternoon intraday low $0.23379.

The sell-off saw Ripple’s XRP fall through the first major support level at $0.2390 and the second major support level at $0.2361.

Finding late support, Ripple’s XRP broke back through the second major support level to wrap up the day at $0.238 levels.

At the time of writing, Ripple’s XRP was down by 0.20% to $0.23756. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.23659 before rising to a high $0.23840.

Ripple’s XRP left the major support and resistance levels untested early on.

XRP/USD 02/10/20 Hourly Chart

For the day ahead

Ripple’s XRP will need to move through the $0.2388 pivot to support a run at the first major resistance level at $0.2438.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.24 levels

Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.24449 would likely cap any upside.

Failure to move through the $0.2388 pivot would bring the first major support level at $0.2331 into play.

Barring another extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.23 levels. The second major support level sits at $0.2281.

Looking at the Technical Indicators

First Major Support Level: $0.2331

Pivot Level: $0.2388

First Major Resistance Level: $0.2438

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob