The Crypto Daily – Movers and Shakers – November 9th, 2020
Bitcoin, BTC to USD, rallied by 4.38% on Sunday. Reversing a 4.67% slide from Saturday, Bitcoin ended the week up by 12.69% to $15,500.0.
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It was a mixed start to the day. Bitcoin fell to an early morning intraday low $14,755 before making a move.
Steering clear of the first major support level at $14,257, Bitcoin rallied to a late afternoon intraday high $15,650.0.
Bitcoin broke through the first major resistance level at $15,586 before falling back to $15,200 levels.
Finding late support, however, Bitcoin recovered to close out the week at $15,500 levels.
The near-term bullish trend remained intact, supported by the latest move through to $15,000 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.
Crypto.com Coin and Polkadot fell by 5.30% and by 1.09% respectively to buck the trend on the day.
It was a bullish day for the rest of the majors.
Bitcoin Cash ABC (+7.17%) and Chainlink (+8.25%) led the way.
Bitcoin Cash SV (+4.20%), Cardano’s ADA (+5.22%), Ethereum (+4.30%), and Litecoin (+3.43%) also found strong support.
Binance Coin (+2.37%) and Ripple’s XRP (+1.79%) trailed the front runners.
For the week, it was also a mixed bag for the crypto majors.
Crypto.com Coin and Polkadot slid by 14.27% and by 8.02% respectively, with Binance Coin down by 0.35%.
It was a bullish week for the rest of the majors, however.
Ethereum (+14.54%), Cardano’s ADA (+8.46%), Chainlink (+9.84%), Litecoin (+9.56%) led the way.
Bitcoin Cash ABC (+0.77%), Bitcoin Cash SV (+2.22%), and Ripple’s XPR (+5.44%) trailed the front runners in the week.
For the week, the crypto total market cap fell to a Tuesday low $379.41bn before hitting a Friday high $456.16bn. At the time of writing, the total market cap stood at $443.58bn.
Bitcoin’s dominance fell to a Monday low 63.16% before rising to a Friday high 66.51%. At the time of writing, Bitcoin’s dominance stood at 65.04%.
This Morning
At the time of writing, Bitcoin was up by 0.54% to $15,583.0. A mixed start to the day saw Bitcoin fall to an early morning low $15,424.0 before striking a high $15,600.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day. Bitcoin Cash SV was down by 0.83% to buck the trend early on.
It was a bullish start to the day for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 2.32% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $15,302 to bring the first major resistance level at $15,848 into play.
Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $15,650.0.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test resistance at $16,000 before any pullback. The second major resistance level sits at $16,197.
Failure to avoid a fall through the $15,302 pivot would bring the first major support level at $14,953 into play.
Barring an extended crypto sell-off, Bitcoin should steer well clear of the second major support level at $14,407.