The Crypto Daily – Movers and Shakers – November 20th, 2020It’s a mixed start to the day for the majors. A Bitcoin move back through to $18,000 levels would support the broader market.
Bitcoin, BTC to USD, rose by 0.25% on Thursday. Following on from a 0.56% gain on Wednesday, Bitcoin ended the day at $17,818.0.
It was a mixed start to the day. Bitcoin rose to an early morning high $18,044.0 before hitting reverse.
Falling short of the major resistance levels, Bitcoin fell to a late morning intraday low $17,344.0.
Steering clear of the first major support level at $17,112, Bitcoin climbed to a mid-afternoon intraday high $18,166.0.
Falling short of the first major resistance level at $18,443, however, Bitcoin slipped back to end the day at sub-$18,000.
The near-term bullish trend remained intact, supported by the latest move through to $18,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $9,520 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Thursday.
Bitcoin Cash SV (-0.14%), Cardano’s ADA (-0.45%), Ethereum (-1.48%), and saw red on the day.
It was a bullish day for the rest of the majors, however.
Litecoin surged by 11.09% to lead the way.
Binance Coin (+0.17%), Chainlink (+0.40%), Crypto.com Coin (+3.89%), Polkadot (+1.52%), and Ripple’s XRP (+3.42%) also joined Bitcoin in the green.
In the current week, the crypto total market cap rose from a Monday low $445.47bn to a Wednesday high $514.87bn. At the time of writing, the total market cap stood at $493.44bn.
Bitcoin’s dominance fell to a Monday low 65.43% before rising to a Wednesday high 67.46%. At the time of writing, Bitcoin’s dominance stood at 67.12%.
At the time of writing, Bitcoin was up by 0.08% to $17,833,0. A mixed start to the day saw Bitcoin fall to an early morning low $17,797.0 before rising to a high $17,934.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Chainlink (-0.15%), Crypto.com Coin (-0.45%), and Ripple’s XRP (-0.54%) struggled early on.
It was a bullish start to the day for the rest of the majors, however.
At the time of writing, Bitcoin Cash SV (+1.07%) and Litecoin (+1.52%) led the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $17,776 to bring the first major resistance level at $18,208 into play.
Support from the broader market would be needed for Bitcoin to break out from Thursday’s high $18,166.0.
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 $18,500 before any pullback. The second major resistance level sits at $18,598.
Failure to avoid a fall through the $17,776 pivot would bring the first major support level at $17,386 into play.
Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$17,000 levels. The second major support level sits at $16,954.