The Crypto Daily – Movers and Shakers – September 23rd, 2020


Bitcoin, BTC to USD, rose by 1.09% on Tuesday. Partially reversing a 4.57% slide from Monday, Bitcoin ended the day at $10,549.0.

It was a mixed start to the day. Bitcoin fell to an early morning intraday low $10,377.0 before making a move.

Steering clear of the first major support level at $10,171, Bitcoin rose to a late intraday high $10,597.0.

Falling well short of the first major resistance level at $10,850, Bitcoin eased back to wrap up the day at sub-$10,550 levels.

The near-term bullish trend remained intact, supported by 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 bullish day on Tuesday.

Binance Coin and Bitcoin Cash SV rallied by 4.02% and by 5.84% respectively to lead the way.

Bitcoin Cash ABC (+2.05%), Cardano’s ADA (+1.90%), Ethereum (+1.15%), and Litecoin (+3.15%) also made solid gains.

Chainlink (+0.26%), Crypto.com Coin (+0.26%), and Ripple’s XRP (+0.86%) trailed the front runners, however.

At the start of the week, the crypto total market rose to a Monday high $334.04bn before sliding to a Monday low $306.69bn. At the time of writing, the total market cap stood at $316.17bn.

Bitcoin’s dominance fell to a Monday low 60.89% before rising to a high 62.04%. At the time of writing, Bitcoin’s dominance stood at 61.55%.

This Morning

At the time of writing, Bitcoin was down by 0.02% to $10,549.6. A mixed start to the day saw Bitcoin fall to an early morning low $10,540.0 before rising to a high $10,555.0.

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

Elsewhere, it was a mixed start to the day.

Ethereum (-0.27%) and Ripple’s XRP (-0.03%) struggled 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 1.01% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the $10,508 pivot level to support a run at the first major resistance level at $10,638.

Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $10,597.

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

In the event of a crypto breakout, Bitcoin could test resistance at $10,700 before any pullback. Bitcoin would likely come up short of the second major resistance level at $10,728, however.

Failure to avoid a fall through the $10,508 pivot would bring the first major support level at $10,418 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,300 levels and the second major support level at $10,288.



Read More: The Crypto Daily – Movers and Shakers – September 23rd, 2020

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