The Crypto Daily – Movers and Shakers – November 3rd, 2020

Bitcoin, BTC to USD, fell by 1.40% on Monday. Following on from a 0.16% loss on Sunday, Bitcoin ended the day at $13,562.0.

It was a bullish start to the day. Bitcoin rose to an early morning intraday high $13,836.0 before hitting reverse.

Falling short of the first major resistance level at $13,895, Bitcoin slid to a mid-day intraday low $13,207.0.

Bitcoin fell through the first major support level at $13,614 and the second major support level at $13,472.

Steering clear of sub-$13,200 support levels, Bitcoin broke back through the support levels to briefly revisit $13,690 levels.

A bearish end to the day, however, saw Bitcoin fall back through the first major support level to sub-$13,600 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 bearish day on Monday.

Cardano’s ADA (-6.00%) and Chainlink (-6.74%) led the way down.

Bitcoin Cash ABC (-3.58%), Bitcoin Cash SV (-3.36%), Crypto.com Coin (-4.56%), Ethereum (-3.42%), Litecoin (-3.18%), Polkadot (-3.24%) also struggled.

Binance Coin (-2.46%) and Ripple’s XRP (-2.12%) saw relatively modest losses on the day.

For the current week, the crypto total market cap rose to a Monday high $404.65bn before falling to a Monday low $382.84bn. At the time of writing, the total market cap stood at $391.95bn.

Bitcoin’s dominance fell to a Monday low 63.16% before rising to a Tuesday high 64.07%. At the time of writing, Bitcoin’s dominance stood at 63.98%.

This Morning

At the time of writing, Bitcoin was down by 0.38% to $13,510.0. A mixed start to the day saw Bitcoin rise to an early morning high $13,571.0 before falling to a low $13,462.0.

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

Elsewhere, it was also a bearish start to the day for the majors.

At the time of writing, Crypto.com Coin was down by 3.19% to lead the way down.

BTC/USD 03/11/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $13,535 to bring the first major resistance level at $13,863 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $13,800 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $13,836.0 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 $14,164.

Failure to move through the $13,535 pivot would bring the first major support level at $13,234 into play.

Barring another extended crypto sell-off, Bitcoin should steer well of sub-$13,000 support levels. The second major support level sits at $12,906.

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