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The Crypto Daily – Movers and Shakers – November 21st, 2020

Bob Mason
·3 min read

Bitcoin, BTC to USD, rallied by 4.73% on Friday. Following on from a 0.25% gain on Thursday, Bitcoin ended the day at $18,660.0.

It was a mixed start to the day. Bitcoin slipped to an early morning intraday low $17,753 before making a move.

Steering clear of the first major support level at $17,386, Bitcoin rallied to a late afternoon intraday high $18,810.0.

Bitcoin broke through the first major resistance level at $18,208 and the second major resistance level at $18,598.

A late pullback saw Bitcoin briefly fall back through the second major resistance level before wrapping up the day at $18,600 levels.

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 $9,657 to form a near-term bearish trend.

The Rest of the Pack

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

Cardano’s ADA surged by 11.71% to lead the way.

Crypto.com Coin (+9.45%), Ethereum (+8.16%), and Ripple’s XRP (+8.74%) also rallied on the day.

Binance Coin (+3.04%), Bitcoin Cash SV (+5.05%), Chainlink (+3.49%), Litecoin (+1.25%), and Polkadot (+4.94%) trailed the front runners.

In the current week, the crypto total market cap rose from a Monday low $445.47bn to a Saturday morning high $526.31bn. At the time of writing, the total market cap stood at $522.55bn.

Bitcoin’s dominance fell to a Monday low 65.43% before rising to a Wednesday high 67.46%. At the time of writing, Bitcoin’s dominance stood at 66.94%.

This Morning

At the time of writing, Bitcoin was up by 0.94% to $18,836.0. A mixed start to the day saw Bitcoin fall to an early morning low $18,629.4 before rising to a high $18,899.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin was down by 0.15% to buck the trend early on.

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

At the time of writing, Crypto.com Coin was up by 6.71% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $18,408 to bring the first major resistance level at $19,062 into play.

Support from the broader market would be needed for Bitcoin to break through to $19,000 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 $19,500 before any pullback. The second major resistance level sits at $19,465.

Failure to avoid a fall through the $18,408 pivot would bring the first major support level at $18,005 into play.

Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$18,000 levels. The second major support level sits at $17,351.

This article was originally posted on FX Empire

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