The Crypto Daily – Movers and Shakers – November 19th, 2021
Bitcoin, BTC to USD, slid by 5.62% on Thursday. Reversing a 0.47% gain from Wednesday, Bitcoin ended the day at $56,963.0.
A bullish start to the day saw Bitcoin rise to a early morning intraday high $60,945.0 before hitting reverse.
Falling short of the first major resistance level at $61,347, Bitcoin slid to a late intraday low $56,555.0.
The extended sell-off saw Bitcoin fall through the first major support level at $58,864 and the second major support level at $57,374.
Steering clear of sub-$56,000, however, Bitcoin found support to end the day at $56,900 levels.
The near-term bullish trend remained intact, in spite of the latest pullback to sub-$57,000 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 Thursday.
Crypto.com Coin bucked the trend on the day, rallying by 5.49%.
It was a bearish day for the rest of the majors, however.
Litecoin tumbled by 11.06% to lead the way, with Bitcoin Cash SV and Chainlink sliding by 8.63% and by 8.97% respectively.
Binance Coin (-7.99%), Cardano’s ADA (-4.73%), Ethereum (-6.80%), Polkadot (-3.18%), and Ripple’s XRP (-5.11%) also saw heavy losses.
In the current week, the crypto total market rose to a Monday high $2,902bn before falling to a Thursday low $2,408bn. At the time of writing, the total market cap stood at $2,469bn.
Bitcoin’s dominance rose to a Wednesday high 44.55% before falling to a Thursday low 43.02%. At the time of writing, Bitcoin’s dominance stood at 43.73%.
This Morning
At the time of writing, Bitcoin was up by 0.47% to $57,231.0. A mixed start to the day saw Bitcoin fall to an early morning low $56,732.0 before rising to a high $57,394.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (-0.78%), Cardano’s ADA (-0.02%), Crypto.com Coin (-0.56%), and Polkadot (-0.53%) were in the red early on.
It’s been a bullish start for the rest of the majors, however.
At the time of writing, Ethereum was up by 0.76% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $58,154 pivot to bring the first major resistance level at $59,754 into play.
Support from the broader market would be needed for Bitcoin to breakout from $58,500 levels.
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 $62,544.
Failure to move through the $58,154 pivot would bring the first major support level at $55,364 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $53,764 and the 23.6% FIB of $53,628.
This article was originally posted on FX Empire