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The Crypto Daily – Movers and Shakers – November 7th, 2020

Bob Mason
·3 min read

Bitcoin, BTC to USD, rose by 0.03% on Friday. Consolidating Thursday’s 10.01% breakout, Bitcoin ended the day at $15,572.9.

It was a mixed start to the day. Bitcoin rallied to an early morning intraday high $15,888.0 before hitting reverse.

Falling sort of the first major resistance level at $16,160, Bitcoin slid to a late intraday low $15,179.0.

Steering well clear of the first major support level at $14,540, Bitcoin bounced back to $15,600 levels before easing back to sub-$16,000 levels. A final hour move reversed the losses from earlier in the day.

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 Friday.

Crypto.com Coin fell by 1.27% to buck the trend on the day.

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

Cardano’s ADA and Chainlink surged by 12.11% and by 10.78% respectively to lead the way

Ethereum (+9.43%), Litecoin (+7.23%), Polkadot (+8.53%), and Ripple’s XRP (5.12%) also found strong support.

Binance Coin (+4.97%), Bitcoin Cash ABC (+2.38%), and Bitcoin Cash SV (+3.25%), trailed the front runners.

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 $447.23bn.

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 64.87%.

This Morning

At the time of writing, Bitcoin was up by 0.24% to $15,610.0. A mixed start to the day saw Bitcoin fall to an early morning low $15,534.0 before rising to a high $15,655.0.

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, Bitcoin Cash ABC (+1.66%), Chainlink (1.93%), and Ethereum (+1.46%) led the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $15,547 to bring the first major resistance level at $15,914 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Friday’s high $15,888.0.

Barring an extended crypto rally, the first major resistance level and resistance at $16,000 would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test the second major resistance level at $16,256 and resistance at $16,500.

Failure to avoid a fall through the $15,547 pivot would bring the first major support level at $15,205 into play.

Barring an extended crypto sell-off, Bitcoin should continue to steer clear of sub-$15,000 levels. The second major support level sits at $14,838.

This article was originally posted on FX Empire

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