The Crypto Daily – Movers and Shakers – November 28th, 2020

By:

Bob Mason

Published: Nov 28, 2020, 00:50 UTC

It's a mixed start to the day for the majors. A Bitcoin move back through to $17,500 levels would support the pack.

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Friday.

Ripple’s XRP rose by 4.64% to lead the way.

Binance Coin (+0.80%), Cardano’s ADA (+2.44%), and Polkadot (+0.11%) also found support.

It was a bearish day for the rest of the majors, however.

Crypto.com Coin slid by 4.79% to lead the way down.

Bitcoin Cash SV (-2.81%), Chainlink (-0.74%), Ethereum (-0.25%), and Litecoin (-2.70%), also joined Bitcoin in the red.

In the current week, the crypto total market cap rose to a Tuesday high $593.32bn before sliding to a Thursday low $467.23bn. At the time of writing, the total market cap stood at $504.22bn.

Bitcoin’s dominance rose to a Monday high 64.75% before sliding to a Tuesday low of 60.80%. At the time of writing, Bitcoin’s dominance stood at 62.94%.

This Morning

At the time of writing, Bitcoin was down by 0.22% 17,133.0. A mixed start to the day saw Bitcoin rise to an early morning high $17,198.0 before falling to a low $17,031.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+0.71%) and Crypto.com Coin (+3.90%) bucked the trend early on.

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

At the time of writing, Polkadot was down by 0.65% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $17,068 to bring the first major resistance level at $17,634 into play.

Support from the broader market would be needed for Bitcoin to break back through to $17,500 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $17,531.0 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test resistance at $18,000 before any pullback. The second major resistance level sits at $18,098.

Failure to avoid a fall back through the $17,068 pivot would bring the first major support level at $16,604 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$16,000 levels. The second major support level at $16,038 should limit any downside.

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.