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The Crypto Daily – The Movers and Shakers – November 4th, 2020

By:
Bob Mason
Published: Nov 4, 2020, 00:55 UTC

It's a bearish start to the day for Bitcoin. A break out from Tuesday's high of $14,066 should support the broader market.

Closeup hand holding bitcoin over the Cryptocurrency trading scr

Bitcoin, BTC to USD, rallied by 3.46% on Tuesday. Reversing a 1.40% decline from Monday, Bitcoin ended the day at $14,029.6.

It was a mixed start to the day. Bitcoin rose to an early morning high $13,640.0 before hitting reverse.

Falling short of the first major resistance level at $13,895, Bitcoin slid to an early morning intraday low $13,301.0

Steering clear of the first major support level at $13,234, Bitcoin rallied to a final hour intraday high $14,066.0.

Bitcoin broke through the first major resistance level at $13,863 to wrap up the day at $14,000 levels.

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 Tuesday.

Binance Coin (-3.32%), Bitcoin Cash ABC (-5.05%), Bitcoin Cash SV (-3.51%), Chainlink (-3.32%), Crypto.com Coin (-4.78%), and Polkadot (-3.19%) saw red on the day.

It was a relatively bullish day for the rest of the majors that joined Bitcoin in the green.

Cardano’s ADA (+1.55%), Ethereum (+1.30%), Litecoin (+0.26%), and Ripple’s XRP (+1.71%) found support on the day.

For the current week, the crypto total market cap fell to a Tuesday low $379.53bn before hitting a Tuesday high $407.51bn. At the time of writing, the total market cap stood at $398.38bn.

Bitcoin’s dominance fell to a Monday low 63.22% before rising to a Tuesday high 64.91%. At the time of writing, Bitcoin’s dominance stood at 64.79%.

This Morning

At the time of writing, Bitcoin was down by 0.65% to $13,938.6. A mixed start to the day saw Bitcoin rise to an early morning high $14,051.9 before falling to a low $13,903.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin and Polkadot bucked the trend early on, with gains of 1.16% and 0.17% respectively.

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

At the time of writing, Chainlink was down by 1.00% to lead the way down.

BTC/USD 04/11/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $13,799 to bring the first major resistance level at $14,297 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s $14,066.0 high.

Barring an extended crypto rally, the first major resistance level and resistance at $14,300 would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test resistance at $14,500 before any pullback. The second major resistance level sits at $14,564.

Failure to avoid a fall through the $13,799 pivot would bring the first major support level at $13,532 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$13,500 levels. The second major support level sits at $13,034.

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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