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The Crypto Daily – Movers and Shakers – October 17th, 2020

By:
Bob Mason
Published: Oct 17, 2020, 01:02 UTC

It's a bearish start to the day for Bitcoin and the broader market. A Bitcoin move back through to $11,500 levels should provide support.

Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

Bitcoin, BTC to USD, fell by 1.62% on Friday. Reversing a 0.60% gain from Thursday, Bitcoin ended the day at $11,325.0.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $11,547.0 before hitting reverse.

Falling short of the first major resistance level at $11,668, Bitcoin fell to an early morning intraday low $11,212.0.

The morning pullback saw Bitcoin fall through the first major support level at $11,313.

Finding support in the late morning, Bitcoin briefly revisited $11,400 levels before falling back through the first major support level.

A late move back through to $11,320 levels reduced the deficit on the day. The late move also saw Bitcoin break back through the first major support level at $11,313.

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 bearish day on Friday.

Binance Coin (-4.18%), Bitcoin Cash ABC (-5.22%), and Bitcoin Cash SV (-5.16%) led the way down.

Cardano’s ADA (-2.25%), Ethereum (-3.26%), Litecoin (-3.87%), Polkadot (-2.81%), and Ripple’s XRP (-2.31%) also struggled.

Chainlink (-1.57%) and Crypto.com Coin (-1.94%) saw relatively modest losses on the day.

In the current week, the crypto total market rose to a Monday high $365.23bn before falling to a Friday low $343.10. At the time of writing, the total market cap stood at $347.00bn.

Bitcoin’s dominance fell to a Monday low 59.47% before rising to a Friday high 60.45%. At the time of writing, Bitcoin’s dominance stood at 60.28%.

This Morning

At the time of writing, Bitcoin was down by 0.25% to $11,297.0. A mixed start to the day saw Bitcoin rise to an early morning high $11,334.0 before falling to a low $11,290.0.

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

Elsewhere, it was a bearish start to the day for the crypto majors.

At the time of writing, Bitcoin Cash SV was down by 1.68% to lead the way down.

BTC/USD 17/10/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $11,361 to bring the first major resistance level at $11,511 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $11,500 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $11,547.0 would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test resistance at $11,600 before any pullback. The second major resistance level sits at $11,696.

Failure to move through the $11,361 pivot would bring the first major support level at $11,176 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of the second major support level at $11,026.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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