The Crypto Daily – The Movers and Shakers – October 29th, 2020

It’s a mixed start to the day for the majors. A Bitcoin break back through to $13,500 levels would support the broader market.
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Bitcoin, BTC to USD, fell by 2.63% on Wednesday. Partially reversing a 4.34% rally from Tuesday, Bitcoin ended the day at $13,267.0

It was another bullish start to the day. Bitcoin rallied to an early morning intraday high $13,839.0 before hitting reverse.

Falling short of the first major resistance level at $13,912, Bitcoin slid to an early afternoon intraday low $12,915.0.

Bitcoin fell through the first major support level at $13,197 to visit sub-$13,000 before a partial recovery.

The partial recovery saw Bitcoin break back through the first major support level to wrap up the day at $13,260 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 another mixed day on Wednesday.

Bitcoin Cash ABC rose by 0.71% to buck the trend on the day.

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

Crypto.com Coin led the way down, sliding by 9.21%.

Ethereum (-4.22%), Litecoin (-4.02%), and Polkadot (-4.37%) also saw relatively heavy losses.

Binance Coin (-3.62%), Bitcoin Cash SV (-3.04%), Cardano’s ADA (-3.73%), Chainlink (-3.77%), and Ripple’s XRP (-2.84%) also struggled on the day.

In current the week, the crypto total rose to a Tuesday high $410,2bn before falling to a Wednesday low $377.65bn. At the time of writing, the total market cap stood at $390.91bn.

Bitcoin’s dominance fell to a Monday low 61.54% before rising to a Wednesday high 63.25%. At the time of writing, Bitcoin’s dominance stood at 62.93%.

This Morning

At the time of writing, Bitcoin was up by 0.05% to $13,273.0. A mixed start to the day saw Bitcoin fall to an early morning low $13,251.0 before rising to a high $13,303.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.20%) and Ripple’s XRP (-0.10%) bucked the trend early on.

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

At the time of writing, Litecoin was up by 0.41% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $13,340 to bring the first major resistance level at $13,766 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from $13,500 levels.

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 $14,000 before any pullback. The second major resistance level sits at $14,264.

Failure to move through the $13,340 pivot would bring the first major support level at $12,842 into play.

Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$12,700 levels. The second major support level sits at $12,416.

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