The Crypto Daily – The Movers and Shakers – November 16th, 2020It’s a bearish start to the day for the majors. A Bitcoin move back through to $16,000 levels should support the pack.
Bitcoin, BTC to USD, fell by 0.58% on Sunday. Following on from a 1.54% slide on Saturday, Bitcoin ended the week up by 3.00% to $15,965.0.
It was a mixed start to the day. Recovering from an early morning low $15,870.1, Bitcoin rose to a late morning intraday high $16,151.0.
Falling well short of the first major resistance level at $16,343, Bitcoin slid to a late intraday low $15,794.0.
Steering clear of the first major support level at $15,743, Bitcoin moved back through to $15,900 levels to limit the loss on the day.
Resistance at $16,000 pinned Bitcoin back late in the day.
The near-term bullish trend remained intact, supported by the latest move through to $16,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $8,768 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.
Ripple’s XRP rose by 0.38% to buck the trend for a 2nd consecutive day.
It was a bearish day for the rest of the majors, however, which joined Bitcoin in the red once more.
Chainlink (-3.62%) and Cardano’s ADA (-3.45%) led the way down.
Litecoin (-2.38%), Ethereum (-2.74%), and Crypto.com Coin (-2.37%) also struggled on the day.
Binance Coin (-0.89%), Bitcoin Cash SV (-1.48%), and Polkadot (-1.45%) saw relatively modest losses.
For the week, it was also a mixed bag.
Litecoin (+2.26%) and Ripple’s XRP (+6.29%) bucked the trend for the week to join Bitcoin in the green.
It was a bearish week for the rest of the majors, however.
Crypto.com Coin slid by -10.10% to lead the way down, with Bitcoin Cash SV (-7.90%), Cardano’s ADA (-5.70%), and Chainlink (-4.64%) also struggling.
Binance Coin (-2.59%), Ethereum (-1.33%), and Polkadot (-3.02%) saw relatively modest losses for the week.
For the week, the crypto total market cap fell to a Monday low $421.37bn before rising to a Friday high $471.11bn. At the time of writing, the total market cap stood at $451.28bn.
Bitcoin’s dominance fell to a Tuesday low 64.22% before rising to a Friday high 66.00%. At the time of writing, Bitcoin’s dominance stood at 65.54%.
The Crypto News
Overnight, a Bitcoin Cash ABC hard fork took place. The hard fork occurred as a result of disagreement over its Infrastructure Funding Plan (“IFP”).
Early reports indicate that Bitcoin Cash Node (“BCHN”) will become the dominant network, according to Coin.Dance.
At the time of writing, Bitcoin Cash Node was 43 blocks ahead.
At the time of writing, Bitcoin was down by 0.05% to $15,957.0. A Bearish start to the day saw Bitcoin fall from an early morning high $15,966.0 to a low $15,874.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day early on.
Cardano’s ADA (+0.01%), Ethereum (+0.32%), Litecoin (+1.49%), Polkadot (+0.41%), and Ripple’s XRP (+0.28%) found early support.
It was a bearish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was down by 3.49% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the pivot level at $15,970 to bring the first major resistance level at $16,146 into play.
Support from the broader market would be needed for Bitcoin to break back through to $16,100 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $16,151.0 would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test the second major resistance level at $16,327. Resistance at $16,500 would likely cap any upside to a breakout, however.
Failure to move back through the $15,970 pivot would bring the first major support level at $15,789 into play.
Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$15,500 levels. The second major support level at $15,613 should limit any downside.