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The Crypto Daily – Movers and Shakers – September 27th, 2020

Bob Mason
·3 mins read

Bitcoin, BTC to USD, rose by 0.39% on Saturday. Reversing a 0.41% loss from Friday, Bitcoin ended the day at $10,750.0.

It was a mixed start to the day. Bitcoin fell to an early morning intraday low $10,675.0 before making a move.

Steering clear of the first major support level at $10,601, Bitcoin rallied to a mid-morning intraday high $10,841.0.

Bitcoin broke through the first major resistance level at $10,795 before falling back to sub-$10,700 levels and into the red.

Finding late support, Bitcoin struck a late afternoon high $10,795.0 before easing back. The first major resistance level at $10,795 pinned Bitcoin back late in the day.

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 Saturday.

Binance Coin and Bitcoin Cash SV rallied by 6.07% and by 5.32% respectively to lead the way.

Bitcoin Cash ABC (+2.55%), Ethereum (+0.57%), and Litecoin (+0.07%) also found support.

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

Cardano’s ADA (-1.67%), Chainlink (-3.83%), Crypto.com Coin (-0.06%), Polkadot (-2.35%), and Ripple’s XRP (-0.06%) struggled.

In the current week, the crypto total market rose to a Monday high $334.04bn before sliding to a Wednesday low $300.97bn. At the time of writing, the total market cap stood at $324.93bn.

Bitcoin’s dominance rose to a Wednesday high 62.31% before falling to a Saturday low 60.81%. At the time of writing, Bitcoin’s dominance stood at 61.09%.

This Morning

At the time of writing, Bitcoin was up by 0.02% to $10,752.0. A range-bound start to the day saw Bitcoin fall to an early morning low $10,748.1 before rising to a high $10,754.0.

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

Elsewhere, it was a mixed start to the day.

Chainlink (-0.41%), Ethereum (-0.01%), Litecoin (-0.09%), and Polkadot (-0.25%) struggled early on.

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

At the time of writing, Cardano’s ADA was up by 0.56% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $10,755 pivot level to support a run at the first major resistance level at $10,836.

Support from the broader market would be needed, however, for Bitcoin to break back through to $10,800 levels.

Barring an extended crypto rally, the first major resistance level and Saturday’s high $10,841 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test resistance at $10,900 before any pullback. The second major resistance level at $10,921 would likely cap any upside, however.

Failure to move through the $10,755 pivot would bring the first major support level at $10,670 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,500 levels. The second major support level at $10,589 should limit any downside.

This article was originally posted on FX Empire

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