The Crypto Daily – Movers and Shakers – November 24th, 2020

Bitcoin, BTC to USD, slipped by 0.10% on Monday. Following a 1.44% fall from Sunday, Bitcoin ended the day at $18,372.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $18,003.0 before making a move.

Steering clear of the first major support level at $17,781, Bitcoin rose to a late morning intraday high $18,724.0.

Coming up short of the first major resistance level at $18,868, Bitcoin fell back to sub-$18,200 levels.

Finding support late in the day, however, Bitcoin briefly revisited $18,400 levels before easing back into the red.

The near-term bullish trend remained intact, supported by the latest move through to $18,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $9,709 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Monday.

Ripple’s XRP surged by 38.30% to lead the way.

Bitcoin Cash SV (+9.99%), Cardano’s ADA (+5.89%), Chainlink (+5.24%), Ethereum (+8.65%), Litecoin (+7.51%), and Polkadot (+7.21%) also found strong support.

Binance Coin (+3.24%) and Crypto.com Coin (+0.56%) trailed the front runners.

At the start of the week, the crypto total market cap fell to a Monday low $515.94bn before rising to a Monday high $558.46bn. At the time of writing, the total market cap stood at $544.31bn.

Bitcoin’s dominance rose to a Monday high 64.73% before sliding to a Monday low of 62.41%. At the time of writing, Bitcoin’s dominance stood at 62.29%.

This Morning

At the time of writing, Bitcoin was down by 0.54% to $18,273.0. A bearish start to the day saw Bitcoin fall from an early morning high $18,364.0 to a low $18,231.0.

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

Elsewhere, it was a mixed start to the day.

Ethereum (-0.77%), Litecoin (-1.59%), Polkadot (-0.27%), and Ripple’s XRP (-2.29%) joined Bitcoin in the red early on.

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

At the time of writing, Cardano’s ADA was up by 5.94% to lead the pack.

BTCUSD 241120 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $18,366 to bring the first major resistance level at $18,730 into play.

Support from the broader market would be needed for Bitcoin to break out from $18,500 levels.

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

In the event of another crypto breakout, Bitcoin could test resistance at $19,000 before any pullback. The second major resistance level sits at $19,087.

Failure to move through the $18,366 pivot would bring the first major support level at $18,009 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$18,000 levels. The second major support level sits at $17,645.

 

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