The Crypto Daily – Movers and Shakers – October 11th, 2021


Bitcoin, BTC to USD, fell by 0.52% on Sunday. Partially reversing a 1.89% gain from Saturday, Bitcoin ended the week up by 13.37% to $54,691.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $54,114.0 before making a move.

Steering clear of the first major support level at $53,939, Bitcoin rose to a late intraday high $56,450.0.

Bitcoin broke through the first major resistance level at $55,736 before falling back to sub-$55,000 levels and into the red.

Late in the day, the second major resistance level at $56,504 pegged Bitcoin 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 bearish day on Sunday.

Chainlink slid by 6.52% to lead the way down.

Binance Coin (-4.20%), Bitcoin Cash SV (-3.60%), Cardano’s ADA (-3.48%), Ethereum (-4.48%), and Polkadot (-4.75%) also saw deep red. Coin (-0.36%), Litecoin (-2.82%), Ripple’s XRP (-2.09%) saw relatively modest losses, however.

It was a mixed week for the majors, however, in the week ending 10th October

Binance Coin (-6.14%), Chainlink (6.94%), and Polkadot (-5.42%) led the way down.

Cardano’s ADA (-2.78%) and Ethereum (-0.15%) also struggled.

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

Bitcoin Cash SV jumped by 19.28% to lead the way. Coin (+6.24%), Litecoin (+2.49%), and Ripple’s XRP (+7.67%) also joined Bitcoin in the green.

In the 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 $2,287bn.

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 44.97%.

This Morning

At the time of writing, Bitcoin was down by 0.40% to $54,473.0. A mixed start to the day saw Bitcoin rise to an early morning high $54,681.0 before falling to a low $54,461.0.

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, Coin was down by 1.32% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $55,085 pivot to bring the first major resistance level at $56,056 into play.

Support from the broader market would be needed for Bitcoin to break back through to $56,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $56,450.0 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 $57,421.

Failure to move through the $55,085 would bring the first major support level at $53,720 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$52,000, The second major support level at $52,749 should limit the downside.

This article was originally posted on FX Empire



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