The Crypto Daily – Movers and Shakers – November 5th, 2020

It’s a mixed start to the day for the majors. Bitcoin would need to avoid sub-$14,000 levels to support the broader market.
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Bitcoin, BTC to USD, rose by 0.85% on Wednesday. Following on from a 3.46% rally on Tuesday, Bitcoin ended the day at $14,149.0.

It was a mixed start to the day. Bitcoin fell to a mid-morning intraday low $13,530.0 before making a move.

Finding support at the first major support level at $13,532, Bitcoin rallied to a late intraday high $14,245.0.

Falling short of the first major resistance level at $14,297, Bitcoin eased back to end the day at sub-$14,200 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 mixed day on Wednesday.

Binance Coin (+0.32%), Cardano’s ADA (+1.90%), Chainlink (+0.77%), Ethereum (+3.82%), Litecoin (+1.31%), and Polkadot (+0.73%) joined Bitcoin in the green.

Bitcoin Cash ABC (-2.37%), Bitcoin Cash SV (-1.31%), Chainlink (-3.32%), Crypto.com Coin (-1.29%), and Ripple’s XRP (-0.76%) struggled on the day, however.

For the current week, the crypto total market cap fell to a Tuesday low $379.61bn before hitting a Wednesday high $410.85bn. At the time of writing, the total market cap stood at $405.07bn.

Bitcoin’s dominance fell to a Monday low 63.16% before rising to a Wednesday high 65.13%. At the time of writing, Bitcoin’s dominance stood at 64.77%.

This Morning

At the time of writing, Bitcoin was down by 0.02% to $14,146.0. A mixed start to the day saw Bitcoin rise to an early morning high $14,206.0 before falling to a low $14,140.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV and Polkadot joined Bitcoin in the red, with losses of 0.53% and 0.42% respectively.

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

At the time of writing, Binance Coin was up by 1.06% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $13,975 to bring the first major resistance level at $14,419 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $14,245.0.

Barring an extended crypto rally, the first major resistance level and resistance at $14,500 would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test the second major resistance level at $14,690.

Failure to avoid a fall through the $13,975 pivot would bring the first major support level at $13,704 into play.

Barring another extended crypto sell-off, Bitcoin should continue to steer clear of sub-$13,500 levels. The second major support level sits at $13,260.

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