The Crypto Daily – Movers and Shakers – November 18th, 2020It’s a bullish start to the day for the majors. A Bitcoin break through to $18,000 would support the broader market.
Bitcoin, BTC to USD, rallied by 5.72% on Tuesday. Following on from a 4.72% rise on Monday, Bitcoin ended the day at $16,674.9.
It was a mixed start to the day. Bitcoin slipped to an early morning intraday low $16,535.0 before making a move.
Steering clear of the first major support level at $16,105, Bitcoin rallied to a late afternoon intraday high and a new swing hi $17,815.0.
Bitcoin broke through the first major resistance level at $17,103 and the second major resistance level at $17,486.
Coming up short of $18,000 levels, Bitcoin briefly fell back through the second major resistance level.
Finding late support, however, Bitcoin broke back through the second major resistance level to wrap up the day at $17,670 levels.
The near-term bullish trend remained intact, supported by the latest move through to $17,000 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 bullish day on Tuesday.
Bitcoin Cash SV (+5.74%), Chainlink (+5.88%), Cardano’s ADA (+5.38%), Ethereum (+4.73%), and Ripple’s XRP (+5.08%) led the way.
Binance Coin (+2.20%), Crypto.com Coin (+1.24%), Litecoin (+3.51%), and Polkadot (+1.95%) saw relatively modest gains on the day.
At the start of the week, the crypto total market cap rose from a Monday low $445.47bn to a Tuesday high $504.31bn. At the time of writing, the total market cap stood at $493.74bn.
Bitcoin’s dominance fell to a Monday low 65.43% before rising to a Tuesday high 66.63%. At the time of writing, Bitcoin’s dominance stood at 66.51%.
At the time of writing, Bitcoin was up by 0.07% to $17,687.0. A mixed start to the day saw Bitcoin fall to an early morning low $17,650.0 before rising to a high $17,693.7.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin (-0.77%), Litecoin (-1.48%), and Polkadot (-0.30%) bucked the trend early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Chainlink was up by 3.82% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $17,342 to bring the first major resistance level at $18,148 into play.
Support from the broader market would be needed for Bitcoin to break through to $18,000 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 $18,500 before any pullback. The second major resistance level sits at $18,622.
Failure to avoid a fall through the $17,342 pivot would bring the first major support level at $16,868 into play.
Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$16,500 levels. The second major support level sits at $16,062.