The Crypto Daily – Movers and Shakers – November 20th, 2021

Bitcoin, BTC to USD, rose by 2.11% on Friday. Partially reversing a 5.62% slide from Thursday, Bitcoin ended the day at $58,130.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $55,653.0 before making a move.

Steering clear of the first major support level at $55,364, Bitcoin rallied to a late afternoon intraday high $58,379.0.

Falling short of the first major resistance level at $59,754, however, Bitcoin fell back to sub-$58,000 before finding late support.

The near-term bullish trend remained intact, in spite of the latest pullback to sub-$57,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Friday.

Binance Coin rallied by 9.31% to lead the way, with Chainlink (+6.50%), Ethereum (+7.53%), and Litecoin (+6.84%) also finding strong support.

Bitcoin Cash SV (+4.02%), Cardano’s ADA (+4.28%), Crypto.com Coin (+2.82%), Polkadot (+3.59%), and Ripple’s XRP (+4.48%) trailed the front runners, however.

In the current week, the crypto total market rose to a Monday high $2,902bn before falling to a Friday low $2,390bn. At the time of writing, the total market cap stood at $2,587bn.

Bitcoin’s dominance rose to a Wednesday high 44.55% before falling to a Friday low 42.36%. At the time of writing, Bitcoin’s dominance stood at 42.74%.

This Morning

At the time of writing, Bitcoin was up by 0.48% to $58,658.0. A mixed start to the day saw Bitcoin fall to an early morning low $58,255.0 before rising to a high $58,590.0.

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

Elsewhere, it was a bullish start to the day.

At the time of writing, Crypto.com Coin was up by 7.38% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $57,387 pivot to bring the first major resistance level at $59,122 into play.

Support from the broader market would be needed for Bitcoin to break back through to $59,000 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 $62,000 levels before easing back. The second major resistance level sits at $60,113.

A fall through the $57,387 pivot would bring the first major support level at $56,396 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $54,661.