The Crypto Daily – Movers and Shakers – November 8th, 2020

Bitcoin, BTC to USD, slid by 4.67% on Saturday. Reversing a 0.03% gain from Friday, Bitcoin ended the day at $14,845.0.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $15,740.0 before hitting reverse.

Falling sort of the first major resistance level at $15,914, Bitcoin slid to a late intraday low $14,411.0.

The sell-off saw Bitcoin fall through the first major support level at $15,205 and the second major support level at $14,838.

Finding late support, Bitcoin broke back through the second major support level to wrap up the day at $14,840 levels.

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 bearish day on Saturday.

Cardano’s ADA (-7.31%), Crypto.com Coin (-6.45%), and Litecoin (-6.96%) led the way down.

Binance Coin (-4.51%), Bitcoin Cash SV (-4.31%), Chainlink (-3.56%), Ethereum (-4.56%), Polkadot (-3.03%), and Ripple’s XRP (-3.71) also struggled.

Bitcoin Cash ABC fell by a relatively modest 1.25% on the day.

For the current week, the crypto total market cap fell to a Tuesday low $379.41bn before hitting a Friday high $456.16bn. At the time of writing, the total market cap stood at $421.96bn.

Bitcoin’s dominance fell to a Monday low 63.16% before rising to a Friday high 66.51%. At the time of writing, Bitcoin’s dominance stood at 64.80%.

This Morning

At the time of writing, Bitcoin was down by 0.49% to $14,771.7. A bearish start to the day saw Bitcoin fall from an early morning high $14,849.0 to a low $14,765.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+0.79%) and Litecoin (+0.12%) found early support to buck the trend.

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

At the time of writing, Chainlink was down by 1.70% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $14,999 to bring the first major resistance level at $15,586 into play.

Support from the broader market would be needed for Bitcoin to break back through to $15,000 levels.

Barring an extended crypto rally, however, Bitcoin would likely fall well short of $15,500 levels and the first major resistance level.

In the event of a crypto breakout, Bitcoin could revisit Saturday’s high $15,740.0. The second major resistance level sits at $16,328.

Failure to move through the $14,999 pivot would bring the first major support level at $14,257 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$14,000 levels. The second major support level sits at $13,670.