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