The Crypto Daily – Movers and Shakers – November 22nd, 2020

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Updated: Nov 22, 2020, 02:56 UTC

It's a bearish start to the day for the majors following yesterday's breakout. A Bitcoin move back through to $18,700 levels would deliver support.

Bitcoin, BTC to USD, ended the day flat at $18,660.0 on Saturday. On Friday, Bitcoin had rallied by 4.73%.

It was a bullish start to the day. Bitcoin rallied to an early morning intraday high and new swing hi $18,945.0 before hitting reverse.

Falling short of the first major resistance level at $19,062, Bitcoin fell to a mid-day intraday low $18,323.0.

Steering clear of the first major support level at $18005, Bitcoin briefly revisited $18,800 levels before easing back.

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 $9,709 to form a near-term bearish trend.

The Rest of the Pack

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

Ripple’s XRP surged by a whopping 39.95% to lead the way.

Bitcoin Cash SV (+16.00%), Cardano’s ADA (+12.69%), Chainlink (+9.81%), Ethereum (+8.35%), Polkadot (+10.33%), and Ripple’s XRP (+8.74%) also made strong gains.

Binance Coin (+5.23%), Crypto.com Coin (+0.55%), Litecoin (+5.43%), trailed the front runners, however.

In the current week, the crypto total market cap rose from a Monday low $445.47bn to a Saturday high $544.20bn. At the time of writing, the total market cap stood at $529.35bn.

Bitcoin’s dominance rose to a Wednesday high 67.46% before sliding to an early Sunday low of 64.32%. At the time of writing, Bitcoin’s dominance stood at 64.95%.

This Morning

At the time of writing, Bitcoin was down by 0.95% to $18,482.0. A mixed start to the day saw Bitcoin rise to an early morning high $18,732.0 before falling to an early morning low $18,415.0.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Ripple’s XRP was down by 5.45% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $18,643 to bring the first major resistance level at $18,962 into play.

Support from the broader market would be needed for Bitcoin to break back through to $18,900 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 $19,500 before any pullback. The second major resistance level sits at $19,265.

Failure to move back through the $18,643 pivot would bring the first major support level at $18,340 into play.

Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$18,000 levels. The second major support level at $18,021 should limit any 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.