The Crypto Daily – Movers and Shakers – November 27th, 2020
Crypto.com Coin, BTC to USD, slid by 8.09% on Thursday. Following on from a 2.12% loss on Wednesday, Bitcoin ended the day at $17,213.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $18,908.0 before hitting reverse.
Falling short of the first major resistance level at $19,316, Bitcoin slumped to a late intraday low $16,317.0.
The extended sell-off saw Bitcoin fall through the day’s major support levels before finding support.
A late move back through the third major support level at $16,914 to $17,000 levels reduced the deficit 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 another bearish day on Thursday.
Crypto.com Coin slumped by 19.23% to lead the way down.
Binance Coin (-9.74%), Bitcoin Cash SV (-13.85%), Cardano’s ADA (-10.72%), Chainlink (-11.68%), Ethereum (-8.58%), Litecoin (-12.96%), and Ripple’s XRP (-14.78%) also saw heavy losses.
Polkadot (-0.86%) saw a modest loss on the day.
In the current week, the crypto total market cap rose to a Tuesday high $593.15bn before sliding to a Thursday low $467.23bn. At the time of writing, the total market cap stood at $509.07bn.
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 63.12%.
This Morning
At the time of writing, Bitcoin was up by 0.69% to $17,331.1. A mixed start to the day saw Bitcoin fall to an early morning low $17,091.0 before rising to a high $17,348.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin bucked the trend early on, falling by 0.77%.
It was a bullish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was up by 2.74% to lead the pack.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $17,479 to bring the first major resistance level at $18,641 into play.
Support from the broader market would be needed for Bitcoin to break back 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 $19,000 before any pullback. The second major resistance level sits at $20,070.
Failure to move through the $17,479 pivot would bring the first major support level at $16,050 into play.
Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$15,000 levels. The 23.6% FIB of $15,840 should limit any downside. In the event of another sell-off, the second major support level sits at $14,888.
This article was originally posted on FX Empire
