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.