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

Bob Mason
·3 min read

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.

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.

This article was originally posted on FX Empire

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