The Crypto Daily – Movers and Shakers – November 12th, 2020

Bitcoin, BTC to USD, rallied by 2.60% on Wednesday. Reversing a 0.17% fall from Tuesday, Bitcoin ended the day at $15,709.3.

It was a bullish day. Bitcoin rallied from an early morning intraday low $15,292.0 to a late afternoon intraday high $15,981.0.

The rally saw Bitcoin break through the first major resistance level at $15,498 and the second major resistance level at $15,685.

Coming up against resistance at $16,000, Bitcoin eased back to wrap up the day at $15,700 levels. The pullback saw Bitcoin briefly fall back through the second major resistant level at $15,685.

The near-term bullish trend remained intact, supported by the latest move through to $15,000 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 Wednesday.

Binance Coin (-0.69%), Chainlink (-1.85%), and Polkadot (-1.80%) saw red to buck the trend.

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

Ethereum and Litecoin rallied by 2.86% and by 2.33% respectively to lead the way.

Bitcoin Cash ABC (+0.25%), Bitcoin Cash SV (+0.89%), Cardano’s ADA (+0.05%), Crypto.com Coin (+0.86%), and Ripple’s XRP (+0.71%) saw relatively modest gains.

For the current week, the crypto total market cap fell to a Monday low $421.37bn before rising to a Wednesday high $460.84bn. At the time of writing, the total market cap stood at $445.86bn.

Bitcoin’s dominance fell to a Tuesday low 64.22% before rising to an early Thursday high 65.20%. At the time of writing, Bitcoin’s dominance stood at 65.05%.

This Morning

At the time of writing, Bitcoin was down by 0.45% to $15,638.3. A mixed start to the day saw Bitcoin rise to an early morning high $15,734.0 before falling to a low $15,453.0.

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

Elsewhere, it was a mixed start to the day. Bitcoin Cash SV was up by 0.45% to buck the trend early on.

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

At the time of writing, Litecoin was down by 1.67% to lead the way.

BTC/USD 12/11/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $15,661 to bring the first major resistance level at $16,030 into play.

Support from the broader market would be needed for Bitcoin to break out from Wednesday’s high $15,981.0.

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

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $16,350 and resistance at $16,500.

Failure to move back through the $15,661 pivot would bring the first major support level at $15,341 into play.

Barring an extended crypto sell-off, Bitcoin should steer well clear of sub-$15,000 levels. The second major support level sits at $14,972.

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