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