The Crypto Daily – Movers and Shakers – November 14th, 2020

Bitcoin, BTC to USD, rose by 0.08% on Friday. Following on from a 3.74% rally on Thursday, Bitcoin ended the day at $16,308.6.

It was a bullish start to the day. Bitcoin rose to an early morning intraday high and new swing hi $16,481.0 before hitting reverse.

Falling short of the first major resistance level at $16,596, Bitcoin slid to a late afternoon intraday low $15,974.0.

Steering clear of the first major support level at $15,725, Bitcoin bounced back to $16,300 levels to end the day in the green.

The near-term bullish trend remained intact, supported by the latest move through to $16,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $8,768 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Friday.

Bitcoin Cash ABC and Crypto.com Coin fell by 0.05% and by 2.65% respectively to buck the trend on the day.

It was a bullish day for the rest, however, with Litecoin surging by 8.68% to lead the way.

Chainlink (+3.79%), Ethereum (+3.07%), Polkadot (+2.91%), and Ripple’s XRP (+4.31%) also found strong support.

Binance Coin (+1.88%), Bitcoin Cash SV (+1.67%), and Cardano’s ADA (+1.78%) trailed the front runners.

For the current week, the crypto total market cap fell to a Monday low $421.37bn before rising to a Friday high $471.06bn. At the time of writing, the total market cap stood at $465.73bn.

Bitcoin’s dominance fell to a Tuesday low 64.22% before rising to a Friday high 66.00%. At the time of writing, Bitcoin’s dominance stood at 64.6%.

This Morning

At the time of writing, Bitcoin was down by 0.29% to $16,261.0. A mixed start to the day saw Bitcoin rise to an early morning high $16,315.0 before falling to a low $16,207.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+0.22%), Cardano’s ADA (+0.45%), Polkadot (+0.04%), and Ripple’s XRP (+2.09%) found early support.

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

At the time of writing, Litecoin was down by 1.82% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $16,255 to bring the first major resistance level at $16,535 into play.

Support from the broader market would be needed for Bitcoin to break out from Friday’s high $16,481.0.

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 the second major resistance level at $16,762 and resistance at $17,000.

Failure to avoid a fall back through the $16,255 pivot would bring the first major support level at $16,028 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$16,000 levels. The second major support level sits at $15,748.