The Crypto Daily – Movers and Shakers – September 11th, 2020
Bitcoin, BTC to USD, rose by 1.11% on Thursday. Following on from a 0.89% gain on Wednesday, Bitcoin ended the day at $10,355.0.
It was a bullish start to the day. Bitcoin rose from an early morning intraday low $10,223.1 to an early afternoon intraday high $10,516.0.
Bitcoin broke through the first major resistance level at $10,396 before easing back.
Coming up against resistance at $10,500, Bitcoin fell to an afternoon low $10,266.0 before finding support.
Late in the day, Bitcoin moved back through to $10,300 levels to deliver the upside. Bitcoin fell well short of the major resistance levels, however.
The near-term bullish trend remained intact, in spite of the latest pullback to sub-$10,000. 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 another mixed day on Thursday.
Bitcoin Cash ABC (-0.06%), Bitcoin Cash SV (-0.82%), and Tron’s TRX (-3.07%) saw red to buck the trend on the day.
It was a bullish day for the rest of the majors.
Cardano’s ADA (+4.17%), Ethereum (+4.83%), and Stellar’s Lumen (+3.75%) led the way.
Binance Coin (+0.29%), EOS (+0.96%), Litecoin (+1.90%), Monero’s XMR (+1.53%), Ripple’s XRP (+1.82%), and Tezos (+1.75%) trailed the front runners.
In the current week, the crypto total market fell to a Tuesday low $297.87bn before rising to a Thursday high $325.88bn. At the time of writing, the total market cap stood at $319.65bn.
Bitcoin’s dominance rose to a Monday high 61.28% before falling to a Thursday low 59.54%. At the time of writing, Bitcoin’s dominance stood at 59.93%.
This Morning
At the time of writing, Bitcoin was up by 0.22% to $10,377.7. A bullish start to the day saw Bitcoin rise from an early morning low $10,351.0 to a high $10,397.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (-1.71%), Bitcoin Cash SV (-0.56%), Cardano’s Ada (-0.24%), Litecoin (-0.14%), Monero’s XMR (-0.05%), and Ripple’s XRP (-0.05%) saw red early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Tron’s TRX was up by 1.74% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the $10,368 pivot level to support a run at the first major resistance level at $10,503.
Support from the broader market would be needed, however, for Bitcoin to break out from $10,450 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $10,500 would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $10,651 and resistance at $10,700.
Failure to avoid a fall back through the $10,368 pivot would bring the first major support level at $10,220 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,000. The second major support level at $10,085 should limit any downside.
This article was originally posted on FX Empire
More From FXEMPIRE:
Gold Forecast – Gold Pattern Supports A Breakdown Below $1900
Gold Price Prediction – Prices Edge Higher on Strong PPI Report
E-mini S&P 500 Index (ES) Futures Technical Analysis – Big Decision for Traders at 3431.25 – 3465.50
EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – September 11th, 2020
