The Crypto Daily – Movers and Shakers – November 22nd, 2020It’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%.
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.