The Crypto Daily – Movers and Shakers – October 28th, 2020

Bob Mason
·3 min read

Bitcoin, BTC to USD, rallied by 4.34% on Tuesday. Following on from a 0.18% gain on Monday, Bitcoin ended the day at $13,626.0.

It was a bullish start to the day. Bitcoin rallied from an early morning intraday low $13,054.0 to a late intraday high $13,769.0.

Bitcoin broke through the first major resistance level at $13,275 and the second major resistance level at $13,491.

A pullback in the final hour, however, saw Bitcoin wrap up the day at sub-$13,700 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 a mixed day on Tuesday.

Cardano’s ADA (-0.56%) and Polkadot (-4.72%) bucked the trend on the day.

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

Ethereum led the way, rallying by 3.22%.

Binance Coin (+1.38%), Bitcoin Cash ABC (+1.33%), Chainlink (+1.97%), Crypto.com Coin (+2.49%), Litecoin (+2.20%), and Ripple’s XRP (+1.72%) also found strong support.

Bitcoin Cash SV trailed with a 0.26% gain.

In current the week, the crypto total fell to a Monday $378.22bn low before rising to a Tuesday $410,2bn high. At the time of writing, the total market cap stood at $403.43bn.

Bitcoin’s dominance fell to a Monday low of 61.54% before rising to a Wednesday 63.08% high. At the time of writing, Bitcoin’s dominance stood at 63.04%.

This Morning

At the time of writing, Bitcoin was up by 0.67% to $13,717.0. A mixed start to the day saw Bitcoin fall to an early morning low $13,593.0 before rising to a high $13,718.0.

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

Elsewhere, it was a mixed start to the day. Ripple’s XRP was down by 0.27% to buck the trend early on.

Elsewhere it was a bullish start to the day.

At the time of writing, Chainlink was up by 1.00% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $13,483 to bring the first major resistance level at $13,912 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $13,769.0.

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 $14,500 before any pullback. The second major resistance level sits at $14,198.

Failure to avoid a fall through the $13,483 pivot would bring the first major support level at $13,197 into play.

Barring an extended crypto sell-off, Bitcoin should steer well clear of sub-$13,000 levels. The second major support level sits at $12,768.

This article was originally posted on FX Empire

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