The Crypto Daily – Movers and Shakers – 11/02/20

It’s a bearish start to the day. A Bitcoin move through to $9,913 levels would signal a recovery for the pack…
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Bitcoin slid by 2.96% on Monday. Reversing a 2.77% rally from Sunday, Bitcoin ended the day at $9,851.2.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $10,187.0 before hitting reverse.

Falling short of the first major resistance level at $10,253.63, Bitcoin slid to a mid-morning intraday low $9,701.0.

Bitcoin fell through the first major support level at $9,959.73 and the second major support level at $9,768.47.

Finding support mid-morning, Bitcoin recovered to $9,995 levels before sliding back to sub-$9,900 and a range-bound 2nd half of the day.

While breaking back through the second major support level, the first major support level at $9,959.73 pinned Bitcoin back on the day.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, in spite of last week’s gains.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed start to the week for the crypto majors.

Binance Coin led the way, rallying by 3.07%.

Bitcoin Cash ABC (+0.65%), Bitcoin Cash SV (+0.69%), and Tron’s TRX (+0.56%) also saw green on the day.

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

Litecoin led the way down, sliding by 4.03%.

Cardano’s ADA (-2.70%), EOS (-2.10%), Ethereum (-2.60%), Monero’s XMR (-3.73%), Ripple’s XRP (-3.16%), and Stellar’s Lumen (-3.22%) also saw heavy losses.

Tezos managed to avoid a tumble, however, with a 0.91% fall.

Through the start of the week, the crypto total market cap fell from a Monday high $290.45bn to a low $280.25bn. At the time of writing, the total market cap stood at $281.48bn.

Having fallen back from 66% to 63% levels last week, Bitcoin’s dominance slipped further back at the start of the week. At the time of writing, Bitcoin’s dominance stood at 63.3%.

Trading volumes also picked up, however, rising from sub-$140bn levels to $145bn levels on Monday. At the time of writing, 24-hr volumes stood at $145.47bn.

This Morning

At the time of writing, Bitcoin was down by 0.65% to $9,787.6. A bearish start to the day saw Bitcoin fall from an early morning high $9,858.8 to a low $9,721.0.

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

Elsewhere, it was a sea of red across the crypto board.

Bitcoin Cash ABC and Tron’s TRX led the way down, with losses of 1.82% and 1.77% respectively.

EOS saw limited losses relative to the rest of the pack, falling by just 0.78%.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,913 levels to bring the first major resistance level at $10,125.13 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $10,000 levels.

Barring a broad-based crypto rally day, the first major resistance level would likely leave Bitcoin short of Monday’s high $10,187.0.

In the event of another breakout, the second major resistance level at $10,399.07 could come into play.

Failure to move back through to $9,913 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low $9,721.0 would bring the first major support level at $9,639.13 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the sub-$9,700 levels on the day.

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