The Crypto Daily – Movers and Shakers -11/03/20

Bitcoin slipped by 0.65% on Tuesday. Following on from a 1.32% decline on Monday, Bitcoin ended the day at $7,913.8.

A mixed start to the day saw Bitcoin fall to an early morning low $7,865.8 before making a move.

Bitcoin rallied to an early afternoon intraday high $8,180.0 before hitting reverse.

Falling short of the first major resistance level at $8,221.53 and the 23.6% FIB of $8,200, Bitcoin slid to a mid-afternoon intraday low $7,776.6

Steering clear of the first major support level at $7,706.53 briefly revisited $8,000 levels before falling back into the red.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin falling back to sub-$8,000 levels.

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.

Tezos led the way on Tuesday, gaining 2.15%. Binance Coin (+1.38%), Bitcoin Cash ABC (+0.28%), EOS (+0.29%), Ripple’s XRP (+1.16%), and Tron’s TRX (+0.49%) also found support.

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

Bitcoin Cash SV (-0.36%), Cardano’s ADA (-0.07%), Ethereum (-1.11%), Litecoin (-0.69%), Monero’s XMR (-2.02%), and Stellar’s Lumen (-0.27%) joined Bitcoin in the red.

Through the start of the week, the crypto total market cap slid from a Monday current week high $233.12bn to a Monday current week low $219.19bn. At the time of writing, the total market cap stood at $224.69bn, with the total market cap recovering to $231bn levels on Tuesday before falling back.

Bitcoin’s dominance returned to 64% levels after having fallen to sub-63.2% levels last week. At the time of writing, Bitcoin’s dominance stood at 64.0%.

Trading volumes hit $184bn levels on Monday before easing back, with market vitality driving up volumes. At the time of writing, 24-hr volumes stood at $137.16bn.

This Morning

At the time of writing, Bitcoin was down by 0.56% to $7,869.3. Another mixed start to the day saw Bitcoin rise to an early morning high $7,985.0 before falling to a low $7,869.2.

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

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

EOS and Stellar’s Lumen were up by 0.08% and by 0.26% respectively to buck the trend early on.

It was a bearish start for the rest of the majors, however, with Binance Coin falling by 1.18% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $7,957 levels to bring the first major resistance level at $8,137.0 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $8,000 levels.

Barring a broad-based crypto rebound, the first major resistance level and Tuesday’s high $8,180 should limit any upside.

Failure to move through $7,957 levels could see Bitcoin struggle throughout the day.

A fall back through to sub-$7,850 levels would bring the first major support level at $7,733.6 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $7,553.4.