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The Crypto Daily – Movers and Shakers – October 31st, 2020

Bob Mason
·3 min read

Bitcoin, BTC to USD, rose by 0.88% on Friday. Following on from a 1.39% gain on Thursday, Bitcoin ended the day at $13,568.0.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $13,673.0 before hitting reverse.

Falling short of the first major resistance level at $13,729, Bitcoin slid to a mid-morning intraday low $13,120.0

Steering clear of the first major support level at $13.072, Bitcoin rose to a late afternoon high $13,673.0 before easing back.

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 bearish day on Friday.

Binance Coin and Crypto.com Coin slid by 4.52% and by 5.88% to lead the way down.

Bitcoin Cash SV (-2.30%), Cardano’s ADA (-1.92%), Chainlink (-1.65%), Ethereum (-1.22%), Litecoin (-1.55%), and Ripple’s XRP (-1.36%) also struggled.

Bitcoin Cash ABC (-1.06%) and Polkadot (-0.33%) saw relatively modest losses on the day.

In current the week, the crypto total fell to a Wednesday low $377.69bn before striking a Friday high $585.96. At the time of writing, the total market cap stood at $394.82bn.

Bitcoin’s dominance rose to a Friday high 64.16% before sliding to a Saturday low 43.18%. At the time of writing, Bitcoin’s dominance stood at 63.90%.

This Morning

At the time of writing, Bitcoin was up by 0.38% to $13,619.0 A mixed start to the day saw Bitcoin fall to an early morning low $13,525.0 before rising to a high $13,649.0.

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

Elsewhere, it was another mixed start to the day. Cardano’s ADA (-0.05%) and Crypto.com Coin (-1.18%) bucked the trend early on.

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

At the time of writing, Litecoin was up by 1.35% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $13,454 to bring the first major resistance level at $13,787 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $13,700 levels.

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 $14,007.

Failure to avoid a fall through the $13,454 pivot would bring the first major support level at $13,234 into play.

Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$13,000 levels. The second major support level sits at $12,901.

This article was originally posted on FX Empire

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