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The Crypto Daily – Movers and Shakers – November 1st, 2020

By:
Bob Mason
Updated: Nov 1, 2020, 00:38 UTC

It's a mixed start to the day for the majors. A Bitcoin move back through to $14,000 levels would support the pack.

Bitcoin coin on white keyboard

Bitcoin, BTC to USD, rose by 1.62% on Saturday. Following on from a 0.88% gain on Friday, Bitcoin ended the day at $13,788.0.

It was a mixed start to the day. Bitcoin fell to an early morning intraday low $13,425.0 before making a move.

Steering clear of the first major support level at $13,234, Bitcoin rallied to a late morning intraday high $14,055.0.

Bitcoin broke through the first major resistance level at $13,787 and the second major resistance level at $14,007.

A pullback going into the afternoon saw Bitcoin fall back to sub-$13,600 levels before finding support.

Range-bound through the 2nd half of the day, however, the first major resistance level at $13,787 pinned Bitcoin back.

The near-term bullish trend remained intact, supported by the latest move through to $14,000 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 Saturday.

Crypto.com Coin (-0.47%) and Cardano’s ADA (-0.49%) saw red to buck the trend on the day.

It was a bullish day for the rest, however, with Litecoin rallying by 3.18% to lead the way.

Bitcoin Cash SV (+1.84%), Chainlink (+1.32%), and Ethereum (+1.04%) also found relatively strong support.

Binance Coin (+0.15%), Bitcoin Cash ABC (+0.25%), Polkadot (+0.77%), and Ripple’s XRP (+0.29%) saw relatively modest gains on the day.

In current the week, the crypto total market cap fell to a Wednesday low $377.69bn before striking a Saturday high $604.34. At the time of writing, the total market cap stood at $402.37bn.

Bitcoin’s dominance slid to a Saturday low 43.21% before bouncing back to a Saturday high 64.19%. At the time of writing, Bitcoin’s dominance stood at 64.01%.

This Morning

At the time of writing, Bitcoin was down by 0.01% to $13,787.0. A mixed start to the day saw Bitcoin fall to an early morning low $13,708.0 before rising to a high $13,795.0

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

Elsewhere, it was a mixed start to the day with Binance Coin falling by 0.22% to buck the trend.

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

At the time of writing, Ethereum was up by 0.78% to lead the way.

BTC/USD 01/11/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $13,756 to bring the first major resistance level at $14,087 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $14,055.

Barring an extended crypto rally, the first major resistance level and resistance at $14,100 would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test resistance at $14,400 before any pullback. The second major resistance level sits at $14,386.

Failure to avoid a fall back through the $13,756 pivot would bring the first major support level at $13,457 into play.

Barring an extended crypto sell-off, Bitcoin should steer well clear of sub-$13,400 levels. The second major support level sits at $13,126.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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