The Crypto Daily – Movers and Shakers – November 21st, 2021
Bitcoin, BTC to USD, rose by 2.73% on Saturday. Following a 2.11% gain on Friday, Bitcoin ended the day at $59,766.0.
After a range-bound morning, Bitcoin fell to a late afternoon intraday low $57,450.0 before making a move.
Steering clear of the first major support level at $56,396, Bitcoin rallied to a late intraday high $59,886.0.
Bitcoin broke through the first major resistance level at $59,122 to wrap up the day at $59,700 levels.
The near-term bullish trend remained intact, in spite of the latest pullback to sub-$56,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 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 0.72% to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
Binance Coin and Litecoin rallied by 4.01% and by 4.07% respectively to lead the way.
Bitcoin Cash SV (+2.19%), Cardano’s ADA (+3.21%), Crypto.com Coin (+3.11%), and Ethereum (+2.72%) also found strong support.
Chainlink (+0.37%) and Ripple’s XRP (+0.48%) trailed the front runners, however.
In the current week, the crypto total market rose to a Monday high $2,902bn before falling to a Friday low $2,390bn. At the time of writing, the total market cap stood at $2,631bn.
Bitcoin’s dominance rose to a Wednesday high 44.55% before falling to a Friday low 42.36%. At the time of writing, Bitcoin’s dominance stood at 42.81%.
This Morning
At the time of writing, Bitcoin was up by 0.02% to $59,775.0. A mixed start to the day saw Bitcoin rise to an early morning high $59,798.0 before falling to a low $59,720.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Chainlink (+0.03%) and Polkadot (+0.13%) found early support.
It was a relatively bearish start for the rest, however.
At the time of writing, Bitcoin Cash SV was down by 0.26% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $59,034 pivot to bring the first major resistance level at $60,618 into play.
Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $59,886.0.
Barring a broad-based crypto rally, the first major resistance level would likely cap the upside.
In the event of an extended rally, Bitcoin could test resistance at $63,000 levels before easing back. The second major resistance level sits at $61,470.
A fall through the $59,034 pivot would bring the first major support level at $58,182 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$57,000 levels. The second major support level sits at $56,598.
This article was originally posted on FX Empire