Yahoo Finance The Crypto Daily – Movers and Shakers – November 29th, 2020
Bitcoin, BTC to USD, rose by 3.35% on Saturday. Reversing a 0.24% decline from Friday, Bitcoin ended the day at $17,746.0.
A mixed start to the day saw Bitcoin rise to an early morning high $17,220.0 before hitting reverse.
Falling short of the first major resistance level at $17,634, Bitcoin fell to a late morning intraday low $16,925.0.
Steering clear of the first major support level at $16,604, Bitcoin rallied to a late intraday high $17,910.0.
Bitcoin broke through the first major resistance level at $17,634 to test resistance at $18,000 before easing back.
The near-term bullish trend remained intact, in spite of the latest slide back to sub-$17,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $9,920 to form a near-term bearish trend.
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.
This article was originally posted on FX Empire
