The Crypto Daily – Movers and Shakers – November 29th, 2020

By:

Bob Mason

Updated: Nov 29, 2020, 00:32 UTC

It's a bearish start to the day for the majors. A Bitcoin move through to $18,000 would support the broader market.

Ripple, Dash coin, Bitcoin, Monero and Ethereum

The Rest of the Pack

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

Polkadot fell by 1.68% to buck the trend on the day.

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

Ripple’s XRP and Cardano’s ADA surged by 11.58% and by 16.43% respectively to lead the way.

Bitcoin Cash SV (+3.43%), Chainlink (+4.81%), Crypto.com Coin (+5.68%), Ethereum (+3.67%), and Litecoin (+5.13%), also found strong support.

Binance Coin (+2.53%) saw a relatively modest gain on the day.

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 $522.72bn.

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 62.80%.

This Morning

At the time of writing, Bitcoin was down by 0.25% to $17,701.3. A mixed start to the day saw Bitcoin rise to an early morning high $17,775.0 before falling to a low $17,664.0.

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

Elsewhere, it was a bearish start to the day.

At the time of writing, Ripple’s XRP was down by 1.51% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $17,527 to bring the first major resistance level at $18,129 into play.

Support from the broader market would be needed for Bitcoin to break through to $18,000 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test resistance at $18,500 before any pullback. The second major resistance level sits at $18,512.

Failure to avoid a fall through the $17,527 pivot would bring the first major support level at $17,144 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$17,000 levels. The second major support level sits at $16,542.

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.