The Crypto Daily – Movers and Shakers – November 11th, 2020

Bitcoin, BTC to USD, fell by 0.17% on Tuesday. Following on from a 1.07% decline on Monday, Bitcoin ended the day at $15,311.5.

It was a range-bound start to the day. Bitcoin rose to a late morning intraday high $15,474.0 before hitting reverse.

Falling well short of the first major resistance level at $15,839, Bitcoin slid to a mid-afternoon intraday low $15,077.0.

Steering clear of the first major support level at $14,836, Bitcoin revisited $15,400 levels before easing back into the red.

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 Tuesday.

Bitcoin Cash ABC (-2.49%), Bitcoin Cash SV (-1.94%), Crypto.com Coin (-0.86%), and Litecoin (-2.23%) saw red to buck the trend on the day.

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

Chainlink rallied by 4.24% to lead the way.

Ethereum (+1.36%), Polkadot (+1.83%), and Ripple’s XRP (+1.41%) also found relatively strong support.

Binance Coin (+0.51%) and Cardano’s ADA (+0.31%) saw modest gains on the day.

For the current week, the crypto total market cap rose to a Monday high $454.30bn before falling to a Monday low $421.37bn. At the time of writing, the total market cap stood at $443.16bn.

Bitcoin’s dominance rose to a Monday high 65.22% before falling to a Tuesday low 64.25%. At the time of writing, Bitcoin’s dominance stood at 64.53%.

This Morning

At the time of writing, Bitcoin was up by 0.83% to $15,438.4. A mixed start to the day saw Bitcoin fall to an early morning low $15,292.0 before rising to a high $15,439.0.

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

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

At the time of writing, Litecoin was up by 3.11% to lead the pack.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $15,288 to bring the first major resistance level at $15,498 into play.

Support from the broader market would be needed for Bitcoin to break back through to $15,500 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $15,474.0 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test the second major resistance level at $15,685 and resistance at $15,700.

Failure to avoid a fall through the $15,288 pivot would bring the first major support level at $15,101 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 $14,891.