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

Bob Mason
·3 mins read

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.

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.

This article was originally posted on FX Empire

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