The Crypto Daily – Movers and Shakers – November 16th, 2021

By:

Bob Mason

Updated: Nov 16, 2021, 00:53 UTC

Following Monday's broad-based crypto reversal, a Bitcoin move back through to $65,000 levels would support the pack.

The Rest of the Pack

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

Crypto.com Coin rose by 5.97% to buck the trend at the start of the week.

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

Chainlink and Litecoin slid by 5.18% and by 5.85% respectively to lead the way down.

Binance Coin (-2.56%), Bitcoin Cash SV (-2.46%), Ethereum (-1.33%), and Ripple’s XRP (-1.51%) also struggled.

Cardano’s ADA (-1.04%) and Polkadot (-0.64%) saw relatively modest losses on the day, however.

Early in the week, the crypto total market rose to a Monday high $2,870bn before falling to an early Tuesday low $2,713bn. At the time of writing, the total market cap stood at $2,728bn.

Bitcoin’s dominance rose to a Monday high 43.92% before falling to a Monday low 43.26%. At the time of writing, Bitcoin’s dominance stood at 43.46%.

This Morning

At the time of writing, Bitcoin was down by 1.16% to $62,825.0. A bearish start to the day saw Bitcoin fall from an early morning high $63,562.0 to a low $62,555.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin bucked the early trend, rising by 1.22%.

It’s been a bearish start for the rest of the majors, however.

At the time of writing, Chainlink was down by 2.69% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $64,419 pivot to bring the first major resistance level at $65,486 into play.

Support from the broader market would be needed for Bitcoin to move back through to $65,000 levels.

Barring a broad-based crypto rally, the first major resistance level would likely cap the upside.

In the event of an extended rally, Bitcoin could test resistance at $68,000 levels before easing back. The second major resistance level sits at $67,412.

Failure to move through the $64,419 pivot would bring the first major support level at $62,493 back into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$60,000 levels. The second major support level at $61,426 should limit the downside.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.