Cryptomania

The Crypto Daily – Movers and Shakers – November 13th, 2020

Bitcoin, BTC to USD, rallied by 3.74% on Thursday. Following on from a 2.60% gain on Wednesday, Bitcoin ended the day at $16,296.2.

It was a bearish start to the day. Bitcoin fell to an early morning intraday low $15,453.0 before making a move.

Steering clear of the first major support level at $15,341, Bitcoin rallied to a late intraday high $16,325.0.

Bitcoin broke through the first major resistance level at $16,030 to wrap up the day at $16,290 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 mixed day on Thursday.

Bitcoin Cash ABC (+0.72%), Bitcoin Cash SV (+0.03%), Crypto.com Coin (+2.29%), and Litecoin (+2.38%) joined Bitcoin in the green to buck the trend on the day.

It was a bearish day for the rest of the majors.

Chainlink and Polkadot slid by 2.99% and by 4.62% respectively to lead the way down.

Binance Coin (-1.19%), Cardano’s ADA (-1.30%), Ethereum (-0.17%), and Ripple’s XRP (-0.45%) also saw red on the day.

For the current week, the crypto total market cap fell to a Monday low $421.37bn before rising to a Thursday high $466.77bn. At the time of writing, the total market cap stood at $495.66bn.

Bitcoin’s dominance fell to a Tuesday low 64.22% before rising to a Thursday high 65.90%. At the time of writing, Bitcoin’s dominance stood at 65.93%.

This Morning

At the time of writing, Bitcoin was up by 0.27% to $16,340.0. A mixed start to the day saw Bitcoin fall to an early morning low $16,266.5 before rising to a high $16,344.0.

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

Elsewhere, it was a mixed start to the day. Binance Coin and Polkadot were down by 0.02% and by 0.45% respectively to buck the trend early on.

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

At the time of writing, Litecoin was up by 1.14% to lead the way.

BTC/USD 13/11/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $16,024.4 to bring the first major resistance level at $16,596 into play.

Support from the broader market would be needed for Bitcoin to break out from the morning high $16,344.0.

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 $16,895 and resistance at $17,000.

Failure to avoid a fall through the $16,024 pivot would bring the first major support level at $15,725 into play.

Barring an extended crypto sell-off, Bitcoin should steer well clear of sub-$15,500 levels. The second major support level sits at $15,153.