The Crypto Daily – Movers and Shakers – November 2nd, 2020
Bitcoin, BTC to USD, slipped by 0.16% on Sunday. Partially reversing a 1.62% gain from Saturday, Bitcoin ended the week up by 5.52% to $13,756.0.
It was a mixed start to the day. Bitcoin rose to an early morning intraday high $13,892.0 before hitting reverse.
Falling short of the first major resistance level at $14,087, Bitcoin fell to an early morning intraday low $13,611.0.
Steering clear of the first major support level at $13,457, Bitcoin revisited $13,800 levels before easing back into the red.
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 Sunday.
Bitcoin Cash SV (-0.33%) and Litecoin (-0.23%) joined Bitcoin in the red, with Binance Coin ending the day flat.
It was a bullish day for the rest of the majors, however.
Cardano’s ADA led the way, rallying by 5.49%.
Bitcoin Cash ABC (+2.15%), Chainlink (+3.28%), Crypto.com Coin (+1.06%), and Ethereum (+2.63%) also found strong support.
Polkadot (+0.99%) and Ripple’s XRP (+0.14%) trailed the front runners, however.
For the week, it was a bearish week for the majors.
Crypto.com Coin led the way down, sliding by 13.55%.
Bitcoin Cash SV (-9.18%), Cardano’s ADA (-7.67%), and Polkadot (-7.53%) also saw heavy losses.
Binance Coin (-5.41%), Bitcoin Cash ABC (-1.35%), Chainlink (-4.55%), Ethereum (-2.32%), Litecoin (-5.49%), and Ripple’s XRP (-5.21%) saw relatively modest losses in the week.
For the week, the crypto total market cap fell to a Wednesday low $377.68bn before striking a Saturday high $605.88bn. At the time of writing, the total market cap stood at $400.16bn.
Bitcoin’s dominance slid to a Saturday low 43.12% before bouncing back to a Sunday high 64.19%. At the time of writing, Bitcoin’s dominance stood at 63.3%.
At the time of writing, Bitcoin was down by 0.41% to $13,700.0. A mixed start to the day saw Bitcoin rise to an early morning high $13,836.0 before falling to a low $13,700.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day with Crypto.com Coin falling by 1.99% to buck the trend.
It was a relatively bullish start for the rest of the majors, however.
At the time of writing, Bitcoin Cash SV was up by 1.42% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the pivot level at $13,753 to bring the first major resistance level at $13,895 back into play.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $13,836.0.
Barring an extended crypto rally, the first major resistance level and resistance at $14,000 would likely cap any upside.
In the event of another crypto breakout, Bitcoin could test the second major resistance level at $14,034.
Failure to move back through the $13,753 pivot would bring the first major support level at $13,614 into play.
Barring an extended crypto sell-off, Bitcoin should steer well clear of sub-$13,500 levels. The second major support level sits at $13,472.