The Crypto Daily – Movers and Shakers – October 27th, 2020

It’s a bullish start to the day. A Bitcoin move through to $13,200 levels would support the broader market.
Closeup hand holding bitcoin over the Cryptocurrency trading scr

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Bitcoin, BTC to USD, rose by 0.18% on Monday. Partially reversing a 0.69% decline from Sunday, Bitcoin ended the day at $13,059.0.

A relatively bullish start to the day saw Bitcoin rise to an early afternoon intraday high $13,244.0 before hitting reverse.

Falling short of the first major resistance level at $13,313, Bitcoin slid to a late afternoon intraday low $12,781.0.

Bitcoin fell through the first major support level at $12,805 before a late recovery to $13,000 levels.

The near-term bullish trend remained intact, supported by the latest move through to $13,000 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 Monday.

Binance Coin (+3.02%) and Polkadot (+8.52%) found support to buck the trend on the day.

It was a bearish start to the week for the rest of the majors, however.

Bitcoin Cash ABC (-4.29%), Bitcoin Cash SV (-3.85%), Cardano’s ADA (-3.12%), Ethereum (-3.25%), and Litecoin (-3.38%) led the way down.

Chainlink (-2.99%), Crypto.com Coin (-2.43%), and Ripple’s XRP (-1.87%) saw relatively modest losses.

In the current week, the crypto total rose to a Monday  $398.91bn high before falling to a low $378.21bn. At the time of writing, the total market cap stood at $389.81bn.

Bitcoin’s dominance fell to a Monday low of 61.54% before rising to a Monday high 62.57%. At the time of writing, Bitcoin’s dominance stood at 62.25%.

This Morning

At the time of writing, Bitcoin was up by 0.24% to $13,090.0. A mixed start to the day saw Bitcoin fall to an early morning $13,054.0 low before rising to a $13,134.0 high.

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

Elsewhere, it was a mixed start to the day, with Crypto.com Coin falling by 0.10% to buck the trend.

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

At the time of writing, Polkadot (+2.27%), Chainlink (+1.82%), and Binance Coin (+1.45%) led the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $13,028 to bring the first major resistance level at $13,275 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s $13,244.0 high.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test resistance at $13,500 before any pullback. The second major resistance level sits at $13,491.

Failure to avoid a fall through the $13,028 pivot would bring the first major support level at $12,812 into play.

Barring an extended crypto sell-off, Bitcoin should steer well clear of sub-$12,700 levels. The second major support level sits at $12,565.

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