The Crypto Daily – Movers and Shakers – October 22nd, 2020

Bitcoin, BTC to USD, rallied by 7.43% on Wednesday. Following on from a 1.43% gain on Tuesday, Bitcoin ended the day at $12,810.0.

It was a mixed start to the day. Bitcoin fell to an early morning intraday low $11,910.0 before making a move.

Steering clear of the first major support level at $11,733, Bitcoin rallied to a late intraday high $13,220.

Bitcoin broke through the day’s major resistance levels to visit $13,000 levels for the first time since July 2019.

A final hour pullback saw Bitcoin fall back to wrap the day at sub-$13,000 levels, however.

In spite of the pullback, Bitcoin avoided a fall back through the third major resistance level at $12,574.

The near-term bullish trend remained intact, supported by the latest move through to $13,000 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 Wednesday. Coin followed a 4.65% slide from Tuesday with a 3.85% fall. Polkadot also saw red, falling by 1.52% to buck the trend on the day.

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

Litecoin and Chainlink surged by 13.14% and by 9.95% respectively to lead the way.

Bitcoin Cash ABC (+6.33%) and Ethereum (+6.16%) also found strong support on the day.

Binance Coin (+3.19%), Bitcoin Cash SV (+4.56%), and Ripple’s XRP (+3.26%) trailed the front runners on the day.

For Bitcoin, Litecoin, and the broader market, news of PayPal planning to support Bitcoin and other true cryptos with its wallet and Venmo app delivered the surge. The support of cryptos is due to take place in 2021.

In the current week, the crypto total fell to a Tuesday low $347.77bn before surging to a Wednesday high $396.52bn. At the time of writing, the total market cap stood at $382.60bn.

Bitcoin’s dominance fell to a Monday low 60.14% before rising to a Wednesday high 62.42%. At the time of writing, Bitcoin’s dominance stood at 62.34%.

This Morning

At the time of writing, Bitcoin was up by 0.55% to $12,880.0. A mixed start to the day saw Bitcoin fall to an early morning low $12,802.1 before rising to a high $12,958.0.

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

Elsewhere, it was a mixed start to the day. and Polkadot were down by 1.85% and by 0.11% to buck the trend early on.

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

At the time of writing, Bitcoin Cash (+3.91%) and Litecoin (+2.39%) led the way.

BTC/USD 22/10/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $12,647 to bring the first major resistance level at $13,383 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $13,220.0.

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 resistance at $13,500 before any pullback. The second major resistance level sits at $13,957.

Failure to avoid a fall through the $12,647 pivot would bring the first major support level at $12,703 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$12,000 levels. The second major support level sits at $11,337.

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