Author: Don Obrien

The Crypto Daily – Movers and Shakers – October 10th, 2021

Bitcoin, BTC to USD, rose by 1.89% on Saturday. Following a 0.28% gain on Friday, Bitcoin ended the day at $54,968.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $53,678.0 before making a move.

Steering clear of the first major support level at $53,051, Bitcoin rose to an early afternoon intraday high $55,475.0.

Bitcoin broke through the first major resistance level at $55,422 before falling back to sub-$54,500 levels.

Finding late support, however, Bitcoin tested resistance at $55,000 before easing back.

The near-term bullish trend remained intact, supported the latest return to $56,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 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. Coin bucked the trend, falling by 0.45%.

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

Ripple’s XRP jumped by 9.03% to lead the way, with Polkadot (+6.96%) close behind.

Bitcoin Cash SV (+2.16%), Chainlink (+3.98%), and Litecoin (+2.29%) also found strong support.

Binance Coin (+0.65%), Cardano’s ADA (+1.43%), Ethereum (+0.33%), trailed the front runners, however.

In the current week, the crypto total market fell to a Monday low $2,009bn before rising to a Friday high $2,425bn. At the time of writing, the total market cap stood at $2,351bn.

Bitcoin’s dominance fell to a Tuesday low 42.52% before rising to a Wednesday high 45.62%. At the time of writing, Bitcoin’s dominance stood at 43.98%.

This Morning

At the time of writing, Bitcoin was down by 0.11% to $54,907.0. A mixed start to the day saw Bitcoin rise to an early morning high $54,984.0 before falling to a low $54,871.0.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Litecoin was down by 0.74% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $54,707 pivot to bring the first major resistance level at $55,736 into play.

Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $55,475.0.

Barring a broad-based crypto rally, the first major resistance level and resistance at $56,000.0 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at $58,000 levels before any pullback. The second major resistance level sits at $56,504.

A fall through the $54,707 would bring the first major support level at $53,939 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$52,000, The second major support level at $52,910 should limit the downside.

This article was originally posted on FX Empire


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Oliver Bolt

Oliver Bolt

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