The Crypto Daily – Movers and Shakers – November 24th, 2021
Bitcoin, BTC to USD, rose by 2.30% on Tuesday. Partially reversing a 4.12% slide from Monday, Bitcoin ended the day at $57,577.0.
A choppy morning saw Bitcoin fall to a late morning intraday low $55,453.0 before making a move.
Steering clear of the first major support level at $54,845, Bitcoin rallied to a late intraday high $57,869.0.
Falling short of the first major resistance level at $58,587, however, Bitcoin slipped back to end the day at $57,500 levels.
The near-term bullish trend remained intact, in spite of the latest pullback to sub-$56,000 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 mixed day on Tuesday.
Cardano’s ADA fell by 1.54% to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
Early in the week, the crypto total market rose to a Monday high $2,639bn before falling to a Tuesday low $2,431bn. At the time of writing, the total market cap stood at $2,561bn.
Bitcoin’s dominance rose to a Monday high 43.18% before falling to a Tuesday low 41.95%. At the time of writing, Bitcoin’s dominance stood at 42.42%.
At the time of writing, Bitcoin was down by 0.05% to $57,550.0. A mixed start to the day saw Bitcoin rise to an early morning high $57,689.0 before falling to a low $57,550.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA (-0.42%) bucked the morning trend.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 9.47% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $56,966 pivot to bring the first major resistance level at $58,480 into play.
Support from the broader market would be needed for Bitcoin to break back through to $58,000 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 $60,000 levels before easing back. The second major resistance level sits at $59,382.
A fall through the $56,966 pivot would bring the first major support level at $56,064 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the 23.6% FIB of $53,628. The second major support level at $54,550 should limit the downside.