The Crypto Daily – Movers and Shakers – November 6th, 2020

Bitcoin, BTC to USD, surged by 10.01% on Thursday. Following on from a 0.85% gain on Wednesday, Bitcoin ended the day at $15,568.

It was a particularly bullish day. Bitcoin rallied from an early morning intraday low $14,104.4 to a late intraday high $15,732.6.

Bitcoin broke through the day’s major resistance levels to wrap up the day at $15,000 levels for the first time since January 2018.

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 Thursday.

Polkadot slid by 6.37% to buck the trend on the day.

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

Litecoin rallied by 7.8% to lead the way, with Bitcoin Cash SV (+7.34%) and Chainlink (+4.97%) also seeing slid gains.

Binance Coin (+2.71%), Bitcoin Cash ABC (+5.37%), Cardano’s ADA (+2.04%), Crypto.com Coin (+2.61%), Ethereum (+3.47%), and Ripple’s XRP (+3.17%) trailed the front runners.

For the current week, the crypto total market cap fell to a Tuesday low $379.61bn before hitting a Thursday high $444.85bn. At the time of writing, the total market cap stood at $441.87bn.

Bitcoin’s dominance fell to a Monday low 63.16% before rising to a Friday high 66.53%. At the time of writing, Bitcoin’s dominance stood at 66.42%.

This Morning

At the time of writing, Bitcoin was up by 0.61% to $15,663.0. A mixed start to the day saw Bitcoin fall to an early morning low $15,366.0 before rising to a high $15.692.0.

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

Elsewhere, it was a bullish start to the day.

At the time of writing, Litecoin was up by 3.98% to lead the way early on.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $15,132 to bring the first major resistance level at $16,160 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $15,723.6.

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 $16,751.

Failure to avoid a fall through the $15,132 pivot would bring the first major support level at $14,540 into play.

Barring an extended crypto sell-off, Bitcoin should continue to steer clear of sub-$14,500 levels. The second major support level sits at $13,513.