The Crypto Daily – Movers and Shakers – November 29th, 2021
Bitcoin, BTC to USD, rallied by 4.70% on Sunday. Following a 1.79% gain on Saturday, Bitcoin ended the week down by 2.29% to $57,356.
Bearish through most of the day, Bitcoin fell to a late afternoon intraday low $53,458 before making a move.
Bitcoin fell through the first major support level at $53,892 and the 23.6% FIB of $53,628.
Late in the day, however, Bitcoin rallied to an intraday high $57,469.
The rebound saw Bitcoin break through the first major resistance level at $55,510 and the second major resistance level at $56,228 to end the day at $57,300 levels.
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 mixed day on Sunday.
Polkadot and Crypto.com Coin bucked the trend, falling by 2.83% and by 6.74% respectively.
It was a bullish day for the rest of the majors, however.
It was also a mixed week ending 28th November for the majors.
Binance Coin and Crypto.com Coin led the way, gaining 4.66% and 6.43% respectively, with Ethereum (+0.83%) also bucking the trend.
It was a bearish week for the rest of the majors, however.
Cardano’s ADA (-13.11%) and Chainlink (-14.74%) led the way down, with Litecoin (-9.86%), Polkadot (-12.75%), and Ripple’s XRP (-8.60%) also struggling.
Bitcoin Cash SV saw a modest loss of 5.17%, however.
In the week, the crypto total market rose to a Thursday high $2,689bn before sliding to a Friday low $2,334bn. At the time of writing, the total market cap stood at $2,539bn.
Bitcoin’s dominance fell to a Thursday low 41.75% before rising to a Friday high 43.31%. At the time of writing, Bitcoin’s dominance stood at 42.81%.
At the time of writing, Bitcoin was up by 0.37% to $57,567. A mixed start to the day saw Bitcoin fall to an early morning low $57,201 before rising to a high $57,977.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bullish start to the day.
At the time of writing, Crypto.com Coin was up by 2.83% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $56,094 pivot to bring the first major resistance level at $58,731 into play.
Support from the broader market would be needed for Bitcoin to break out from this morning’s high $57,977.
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 $60,105.
A fall through the $56,094 pivot would bring the first major support level at $54,720 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $52,083. The 23.6% FIB of $53,628 should limit the downside.