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The Crypto Daily – Movers and Shakers – October 30th, 2020

Bob Mason
·3 min read

 

Bitcoin, BTC to USD, rose by 1.39% on Thursday. Partially reversing a 2.63% slide from Wednesday, Bitcoin ended the day at $13,450.0.

It was a mixed start to the day. Bitcoin rose to a mid-morning high $13,314.0 before hitting reverse.

Falling short of the first major resistance level at $13,766, Bitcoin slid to a mid-day intraday low $12,972.0.

Steering clear of the first major support level at $12,842, Bitcoin rose to a late afternoon intraday high $13,629.0.

Coming up short of the first major resistance level at $13,766, however, Bitcoin eased back to end the day at sub-$13,500 levels.

The near-term bullish trend remained intact, supported by the latest move through to $13,000 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 another mixed day on Thursday.

Crypto.com Coin rose by 0.67% to buck the trend on the day.

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

Polkadot tumbled by 8.20% to lead the way down.

Binance Coin (-1.60%), Bitcoin Cash SV (-2.09%), Cardano’s ADA (-3.45%), Chainlink (-1.69%), Litecoin (-1.56%), and Ripple’s XRP (1.29%) also struggled.

Bitcoin Cash ABC (-0.55%) and Ethereum (-0.25%) saw relatively modest losses on the day.

In current the week, the crypto total rose to a Tuesday high $410.31bn before falling to a Wednesday low $377.69bn. At the time of writing, the total market cap stood at $392.30bn.

Bitcoin’s dominance fell to a Monday low 61.54% before rising to a Friday morning high 63.64%. At the time of writing, Bitcoin’s dominance stood at 63.55%.

This Morning

At the time of writing, Bitcoin was down by 0.28% to $13,414.0. A mixed start to the day saw Bitcoin rise to an early morning high $13,453.6 before falling to a low $13,325.0.

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

Elsewhere, it was another mixed start to the day. Binance Coin (+0.51%) and Polkadot (+0.69%) bucked the trend early on.

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

At the time of writing,  Cardano’s ADA was down by 0.78% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $13,351 to bring the first major resistance level at $13,729 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $13,629.0.

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 resistance at $14,000 before any pullback. The second major resistance level sits at $14,008.

Failure to avoid a fall through the $13,351 pivot would bring the first major support level at $13,702 into play.

Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$12,800 levels. The second major support level sits at $12,694.

 

This article was originally posted on FX Empire

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