The Crypto Daily – Movers and Shakers – October 20th, 2020

Bitcoin, BTC to USD, rallied by 2.08% on Monday. Following on from a 1.25% gain on Sunday, Bitcoin ended the day at $11,757.0.

It was a mixed start to the day. Bitcoin fell to an early morning intraday low $11,417.0 before making a move.

Finding support at the first major support level at $11,415, Bitcoin rallied to a late afternoon intraday high $11,828.0.

Bitcoin broke through the day’s major resistance levels before a slide back to sub-$11,700 levels.

The pullback saw Bitcoin fall through the third major resistance level at $11,778.

Finding late support, however, Bitcoin briefly revisited $11,780 levels before easing back. The third major resistance level pinned Bitcoin back late in the day.

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 mixed day on Monday.

Crypto.com Coin and Polkadot slid by7.99% and by 5.04% respectively to lead the way down.

Binance Coin (-2.44%), Bitcoin Cash SV (-0.49%) and Chainlink (-0.30%) also saw red.

It was a bullish day for the rest of the majors, however.

Cardano’s ADA (+1.03%) and Ripple’s XRP (+1.42%) led the way.

Bitcoin Cash ABC (+0.59%), Ethereum (+0.21%), and Litecoin (+0.92%) saw relatively modest gains.

At the start of the week, the crypto total market fell to a Monday low $350.66bn before rising to a $361.11bn high. At the time of writing, the total market cap stood at $357.73bn.

Bitcoin’s dominance rose from a Monday low 60.14% to a Monday high 60.68%. At the time of writing, Bitcoin’s dominance stood at 60.66%.

This Morning

At the time of writing, Bitcoin was down by 0.23% to $11,729.7. A mixed start to the day saw Bitcoin rise to an early morning $11,760.0 high before falling to an $11,729.0 low.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash ABC (+0.34%) and Bitcoin Cash SV (+0.21%) bucked the trend early on.

It was a bearish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was down by 2.33% to lead the way down.

BTC/USD 20/10/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $11,667 to bring the first major resistance level at $11,918 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s $11,828.0 high.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test the second major resistance level sits at $12,078.

Failure to avoid a fall through the $11,667 pivot would bring the first major support level at $11,507 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$11,500 levels. The second major support level sits at $11,256.

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