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The Crypto Daily – Movers and Shakers – October 17th, 2020

Bob Mason
·3 mins read

Bitcoin, BTC to USD, fell by 1.62% on Friday. Reversing a 0.60% gain from Thursday, Bitcoin ended the day at $11,325.0.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $11,547.0 before hitting reverse.

Falling short of the first major resistance level at $11,668, Bitcoin fell to an early morning intraday low $11,212.0.

The morning pullback saw Bitcoin fall through the first major support level at $11,313.

Finding support in the late morning, Bitcoin briefly revisited $11,400 levels before falling back through the first major support level.

A late move back through to $11,320 levels reduced the deficit on the day. The late move also saw Bitcoin break back through the first major support level at $11,313.

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 bearish day on Friday.

Binance Coin (-4.18%), Bitcoin Cash ABC (-5.22%), and Bitcoin Cash SV (-5.16%) led the way down.

Cardano’s ADA (-2.25%), Ethereum (-3.26%), Litecoin (-3.87%), Polkadot (-2.81%), and Ripple’s XRP (-2.31%) also struggled.

Chainlink (-1.57%) and Crypto.com Coin (-1.94%) saw relatively modest losses on the day.

In the current week, the crypto total market rose to a Monday high $365.23bn before falling to a Friday low $343.10. At the time of writing, the total market cap stood at $347.00bn.

Bitcoin’s dominance fell to a Monday low 59.47% before rising to a Friday high 60.45%. At the time of writing, Bitcoin’s dominance stood at 60.28%.

This Morning

At the time of writing, Bitcoin was down by 0.25% to $11,297.0. A mixed start to the day saw Bitcoin rise to an early morning high $11,334.0 before falling to a low $11,290.0.

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

Elsewhere, it was a bearish start to the day for the crypto majors.

At the time of writing, Bitcoin Cash SV was down by 1.68% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $11,361 to bring the first major resistance level at $11,511 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 and Friday’s high $11,547.0 would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test resistance at $11,600 before any pullback. The second major resistance level sits at $11,696.

Failure to move through the $11,361 pivot would bring the first major support level at $11,176 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of the second major support level at $11,026.

This article was originally posted on FX Empire

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