The Crypto Daily – Movers and Shakers – September 16th, 2020

Bitcoin, BTC to USD, rose by 1.00% on Tuesday. Following on from a 3.47% rally on Monday, Bitcoin ended the day at $10,797.9.

It was a choppy start to the day. Bitcoin rose to an early morning high $10,840.0 before sliding to a late morning intraday low $10,645.0.

Steering well clear of the first major support level at $10,375, Bitcoin rallied to a mid-day intraday high $10,944.0.

Bitcoin broke through the first major resistance level at $10,889 to test resistance at $11,000.

Easing back in the afternoon, Bitcoin slipped to $10,720 levels before briefly revisiting $10,890 levels.

Coming up against the first major resistance level at $10,889, Bitcoin slipped back to end the day at sub-$10,800 levels.

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 Tuesday.

Bitcoin Cash ABC joined Bitcoin in the green, with a gain of 3.69% to buck the trend.

It was a bearish day for the rest of the pack.

Binance Coin and Tron’s TRX led the way down, with losses of 13.34% and 7.84% respectively.

Cardano’s ADA (-3.63%), Ethereum (-3.46%), Stellar’s Lumen (-2.93%), and Tezos (-4.23%) also struggled.

Bitcoin Cash SV (-0.12%), EOS (-0.92%), Litecoin (-1.59%), Monero’s XMR (-0.69%), and Ripple’s XRP (-0.92%) saw relatively modest losses on the day.

In the current week, the crypto total market fell to a Monday low $314.21bn before rising to a Tuesday high $337.61bn. At the time of writing, the total market cap stood at $322.44bn.

Bitcoin’s dominance rose from a Monday low 59.64% to an early Wednesday high 61.39%. At the time of writing, Bitcoin’s dominance stood at 61.26%.

This Morning

At the time of writing, Bitcoin was down by 0.67% to $10,724.9. A bearish start to the day saw Bitcoin fall from an early morning high $10,804.0 to a low $10,688.0.

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

Elsewhere, it was a particularly bearish start to the day for the broader market.

At the time of writing, Binance Coin and Bitcoin Cash ABC were down by 3.16% and by 3.06% to lead the way down.

Bitcoin Cash SV bucked the trend early on, rising by 1.65%.

BTC/USD 16/09/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $10,795 pivot level to support a run at the first major resistance level at $10,946.

An early move back through to $10,800 levels would be needed, however, for Bitcoin to return to $10,900 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $10,944.0 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $11,094 before any pullback.

Failure to move through the $10,795 pivot would bring the first major support level at $10,647 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,500 levels. The second major support level sits at $10,496.

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