Yahoo Finance The Crypto Daily – Movers and Shakers – November 28th, 2020
Bitcoin, BTC to USD, fell by 0.24% on Friday. Following on from an 8.09% slide on Thursday, Bitcoin ended the day at $17,171.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $17,531.0 before hitting reverse.
Falling short of the first major resistance level at $18,641, Bitcoin slid to a mid-afternoon intraday low $16,501.0.
Steering clear of the first major support level at $16,050, Bitcoin moved back through to $17,100 levels to limit the downside on the day.
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 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.
This article was originally posted on FX Empire