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The Crypto Daily – Movers and Shakers – November 27th, 2021

By:
Bob Mason
Updated: Nov 27, 2021, 00:39 GMT+00:00

Following Friday's broad-based crypto sell-off, a Bitcoin move back through to $55,000 should settle the crypto market.

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In this article:

Bitcoin, BTC to USD, slid by 8.77% on Friday. Reversing a 3.25% gain from Thursday, Bitcoin ended the day at $53,839.

A mixed morning saw Bitcoin rise to an early morning intraday high $59,238 before hitting reverse.

Falling short of the first major resistance level at $59,937, Bitcoin slid to a mid-day intraday low $53,555.

The extended sell-off saw Bitcoin fall through the day’s major support levels and through the 23.6% FIB of $53,628.

Finding early afternoon support, however, Bitcoin revisited $54,800 levels before ending the day at $53,800 levels.

The partial recovery saw Bitcoin break back through the 23.6% FIB of $53,628 and the third major support level at $53,780.

The near-term bullish trend remained intact, in spite of the latest pullback to sub-$54,000 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 bearish day on Friday.

Litecoin led the way down, sliding by 12.26%.

Binance Coin (-8.00%), Bitcoin Cash SV (-9.00%), Cardano’s ADA (-8.41%), Chainlink (-9.20%), Crypto.com Coin (-10.63%), Ethereum (-10.68%), and Ripple’s XRP (-10.18%) also saw deep red.

Polkadot (-3.93%) saw relatively modest losses, however.

In the current week, the crypto total market rose to a Thursday high $2,685bn before sliding to a Friday low $2,334bn. At the time of writing, the total market cap stood at $2,420bn.

Bitcoin’s dominance fell to a Thursday low 41.75% before rising to a Friday high 43.32%. At the time of writing, Bitcoin’s dominance stood at 42.30%.

This Morning

At the time of writing, Bitcoin was up by 0.73% to $54,231. A mixed start to the day saw Bitcoin fall to an early morning low $53,711 before rising to a high $54,479

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.73%) and Crypto.com Coin (-1.81%) bucked the early trend.

It was a bullish start for the rest of the majors, however.

At the time of writing, Litecoin was up by 1.62% to lead the way.

BTCUSD 271121 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $55,544 pivot to bring the first major resistance level at $57,533 into play.

Support from the broader market would be needed for Bitcoin to break out from $55,000 levels.

Barring an extended 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 $61,227.

Failure to move through the $55,544 pivot would bring the 23.6% FIB of $53,628 and the first major support level at $51,850 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The second major support level sits at $49,861.

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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