The Crypto Daily – Movers and Shakers – 10/01/20

Bitcoin slid by 2.73% on Thursday. Following on from a 1.49% fall from Wednesday, Bitcoin ended the day at $7,817.5.

Bearish through the day, Bitcoin slid from an early morning intraday high $8,036.8 to a late intraday low $7,756.0.

Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $7,795.6.

Finding support late on, Bitcoin briefly hit $8,000 before sliding back into the deep red.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the current week’s gains.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was another mixed day for the majors.

Bitcoin Cash SV bucked the trend for a 2^nd consecutive day, rallying by 2.52%, with Stellar’s Lumen also avoiding red (+0.04%).

It was bearish for the rest of the pack, however. Ethereum (-2.08%) and Ripple’s XRP (-1.66%) led the way down.

Binance Coin (-1.10%), EOS (-0.96%), Litecoin (-1.30%), and Monero’s XMR (-0.98%) also saw heavy losses on Thursday.

Bitcoin Cash ABC (-0.25%) and Tron’s TRX (-0.66%) saw relatively modest losses on the day.

Through the current week, the crypto total market cap jumped from $197bn levels to an early Wednesday current week high $220.27bn before easing back to sub-$210bn levels. At the time of writing, the total market cap stood at $208.54bn.

Bitcoin’s dominance eased back to 68% levels off the back of a 2^nd consecutive day in the deep red. Trading volumes had hit $100bn levels on Wednesday before easing back. At the time of writing, volumes were at sub-$80bn levels.

This Morning

At the time of writing, Bitcoin was up by 0.07% to $7,822.7. A mixed start to the day saw Bitcoin rise from an early morning low $7,806.8 to a high $7,848.9.

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

Elsewhere, it was a mixed start to the day.

Litecoin (+0.18%), Monero’s XMR (+0.07%), and Tron’s TRX (+0.49%) joined Bitcoin in the green.

It was a bearish start for the rest, with EOS (-0.40%) and Ethereum (-0.41%) leading the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $7,870 levels to support a run at the first major resistance level at $7,984.2.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $7,848.9.

Barring a broad-based crypto rally on the day, Bitcoin would likely come up short of the 23.6% FIB of $8,200.

Thursday’s high $8,036.8 and first major resistance level would likely cap any upside.

Failure to move through to $7,870 levels could see Bitcoin fall back into the red.

A fall back through the morning low $7,806.8 would bring the first major support level at $7,703.4 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$7,600 levels and the second major support level at $7,589.3.