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The Crypto Daily – Movers and Shakers – November 15th, 2020

Bitcoin, BTC to USD, fell by 1.54% on Saturday. Reversing a 0.08% gain from Friday, Bitcoin ended the day at $16,057.0.

It was a bearish day. Bitcoin slid from an early morning intraday high $16,315.0 to a late afternoon intraday low $15,715.0.

The extended sell-off saw Bitcoin slide through the first major support level at $15,743 and the second major support level at $15,429.

Finding support late in the day Bitcoin broke back through the support levels to wrap up the day at $16,000 levels.

The near-term bullish trend remained intact, supported by the latest move through to $16,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $8,768 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Saturday.

Ripple’s XRP rose by 0.98% to buck the trend on the day.

It was a bearish day for the rest of the majors, however, which joined Bitcoin in the red.

Crypto.com Coin (-3.16%) Litecoin (-3.27%), and Ethereum (-3.35%) led the way down.

Bitcoin Cash ABC (-1.70%), Bitcoin Cash SV (-2.17%), Cardano’s ADA (-2.28%), and Chainlink (-2.29%) also struggled.

Binance Coin (-0.93%) and Polkadot (-0.17%) saw relatively modest losses.

For the current week, the crypto total market cap fell to a Monday low $421.37bn before rising to a Friday high $471.06bn. At the time of writing, the total market cap stood at $455.81bn.

Bitcoin’s dominance fell to a Tuesday low 64.22% before rising to a Friday high 65.99%. At the time of writing, Bitcoin’s dominance stood at 65.10%.

This Morning

At the time of writing, Bitcoin was down by 0.55% to $15,969.0. A mixed start to the day saw Bitcoin rise to an early morning high $16,099.6 before falling to a low $15,925.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.22%), Cardano’s ADA (-0.26%), Chainlink (-0.47%), Crypto.com Coin (-0.89%), Ethereum (-0.06%), and Litecoin (-0.52%) joined Bitcoin in the red.

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

At the time of writing, Ripple’s XRP was up by 3.07% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $16,029 to bring the first major resistance level at $16,343 into play.

Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $16,315.0.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test resistance at $16,500 before any pullback. The second major resistance level sits at $16,629.

Failure to move back through the $16,029 pivot would bring the first major support level at $15,743 into play.

Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$15,500 levels. The second major support level sits at $15,429.


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