The Crypto Daily – Movers and Shakers – October 26th, 2020

Bob Mason
·3-min read

Bitcoin, BTC to USD, fell by 0.69% on Sunday. Partially reversing a 1.52% gain from Saturday, Bitcoin ended the week up by 13.20% to $13,037.

It was another mixed start to the day. Bitcoin rose to an early morning intraday high $13,358.0 before hitting reverse.

Breaking through the first major resistance level at $13,243, Bitcoin came up against the second major resistance level at $13,358.

The reversal saw Bitcoin slide through the first major support level at $12,945 to a mid-morning intraday low $12,850.0

Finding support through the rest of the day, Bitcoin recovered to $13,000 levels to limit the loss on the day.

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 mixed day on Sunday.

Bitcoin Cash SV rallied by 8.16%, with Polkadot rising by 0.30% to buck the trend on the day.

It was a bearish end to the week for the rest of the majors.

Chainlink and Crypto.com Coin slid by 4.29% and by 4.63% respectively to lead the way down.

Binance Coin (-1.60%), Bitcoin Cash ABC (-1.50%), Cardano’s ADA (-1.39%), Ethereum (-1.48%), and Ripple’s XRP (-1.20%) also struggled.

Litecoin (-0.62%) saw a relatively modest loss on the day.

For the week ending 25th October, it was also a mixed bag.

Litecoin surged by 23.73% to lead the way.

Bitcoin Cash ABC (+9.32%), Bitcoin Cash SV (+13.38%), Chainlink (+11.07%), Ethereum (+7.37%), and Ripple’s XRP (+4.52%) also found strong support.

It was a bearish week for the rest of the pack, however.

Crypto.com Coin tumbled by 18.53% to lead the way down.

Binance Coin (-1.73%), Cardano’s ADA (-1.00%), and Polkadot (-6.72%) also struggled in the week.

In the week, the crypto total fell to a Tuesday low $347.73bn before surging to a Sunday high $403.12bn. At the time of writing, the total market cap stood at $391.33bn.

Bitcoin’s dominance fell to a Wednesday low 57.52% before rising to a Thursday high 62.46%. At the time of writing, Bitcoin’s dominance stood at 61.73%.

This Morning

At the time of writing, Bitcoin was up by 0.12% to $13,053.0. A mixed start to the day saw Bitcoin fall to an early morning low $12,990.0 before rising to a high $13,055.0.

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

Elsewhere, it was a mixed start to the day.

Ripple’s XRP was up by 2.19% to lead the way.

Binance Coin (+0.15%), Cardano’s ADA (+0.64%), Chainlink (+0.56%), Ethereum (+0.36%), Litecoin (+0.29%), and Polkadot (+0.44%) also found early support.

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

Bitcoin Cash SV (-1.18%) and Crypto.com Coin (-2.02%) struggled early on.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $13,082 to bring the first major resistance level at $13,313 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $13,300 levels.

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 $13,590.

Failure to move through the $13,082 pivot would bring the first major support level at $12,805 into play.

Barring an extended crypto sell-off, Bitcoin should steer well clear of sub-$12,800 levels. The second major support level sits at $12,574.

This article was originally posted on FX Empire

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