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The Crypto Daily – Movers and Shakers – November 23rd, 2020

By:
Bob Mason
Published: Nov 23, 2020, 01:19 GMT+00:00

It's a bearish start to the day for the majors. A Bitcoin move back through to $18,500 would support the pack.

Depositphotos_193678068_s-2019

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%.

This Morning

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.

BTCUSD 231120 Hourly Chart

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.

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.

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