The Crypto Daily – Movers and Shakers – November 23rd, 2020It’s a bearish start to the day for the majors. A Bitcoin move back through to $18,500 would support the pack.
Bitcoin, BTC to USD, fell by 1.44% on Sunday. After ending the day flat on Saturday, Bitcoin ended the week up by 15.2% to $18,392.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $18,732.0 before hitting reverse.
Falling short of the first major resistance level at $18,962, Bitcoin fell to a late morning intraday low $17,645.0.
Bitcoin fell through the first major support level at $18,340 and the second major support level at $18,021.
Steering clear of sub-$17,500 levels, Bitcoin found support in the 2nd half to wrap up the day at $18,600 levels. The late support saw Bitcoin break back through the major support levels.
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 mixed day on Sunday.
Cardano’s ADA jumped by 9.36% to lead the way.
Ethereum also found support, rising by 1.40% to close out the week on a high.
It was a bearish day for the rest of the majors, however.
Bitcoin Cash SV and Chainlink led the way down, with losses of 8.47% and 6.31% respectively.
Binance Coin (-1.56%), Crypto.com Coin (-4.09%), Litecoin (-4.90%), Polkadot (-3.16%), and Ripple’s XRP (-3.56%) also struggled.
For the week, it was a bullish one for the majors.
Ripple’s XRP surged by 60.9% to lead the way.
Bitcoin Cash SV (+14.78%), Cardano’s ADA (+45.3%), Chainlink (+19.6%), Ethereum (+25.0%), and Litecoin (+33.1%) also found strong support.
Binance Coin (+8.47%), Crypto.com Coin (+6.83%), and Polkadot (+9.46%) trailed the front runners, however.
In the week, the crypto total market cap rose from a Monday low $445.47bn to a Sunday high $545.25bn. At the time of writing, the total market cap stood at $522.02bn.
Bitcoin’s dominance rose to a Wednesday high 67.46% before sliding to a Sunday low of 63.86%. At the time of writing, Bitcoin’s dominance stood at 64.52%.
At the time of writing, Bitcoin was down by 1.02% to $18,205.0. A mixed start to the day saw Bitcoin rise to an early morning high $18,498.0 before falling to a low $18,003.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Polkadot (+0.99%), Cardano’s ADA (+0.58%), and Binance Coin (+1.27%) bucked the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Bitcoin Cash SV was down by 1.26% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the pivot level at $18,256 to bring the first major resistance level at $18,868 into play.
Support from the broader market would be needed for Bitcoin to break out from $18,500 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 $19,343.
Failure to move back through the $18,256 pivot would bring the first major support level at $17,781 into play.
Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$17,500 levels. The second major support level sits at $17,169.