The Crypto Daily – Movers and Shakers – November 17th, 2020

It’s a bullish start to the day for the majors. A Bitcoin break through to $17,000 levels would support another breakout day.
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Bitcoin, BTC to USD, rallied by 4.72% on Monday. Reversing a 0.58% decline from Sunday, Bitcoin ended the day at $16,719.0.

It was a mixed start to the day. Bitcoin slipped to an early morning intraday low $15,874.0 before making a move.

Steering clear of the first major support level at $15,789, Bitcoin rallied to a late intraday high and new swing hi $16,872.0.

Bitcoin broke through the day’s major resistance levels before easing back to sub-$16,700 levels.

Finding support at the third major resistance level at $16,684, however, Bitcoin closed out the day at $16,700 levels.

The near-term bullish trend remained intact, supported by the latest move through to $16,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $8,768 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Monday.

Crypto.com Coin (-2.28%) and Polkadot (-1.59%) bucked the trend on the day.

It was a bullish day for the rest of the majors.

Litecoin surged by 18.45% to lead the way, with Ripple’s XRP rallying by 7.03% to come in a distant second.

Cardano’s ADA (+3.52%), Chainlink (+4.20%), and Ethereum (+2.73%) also made solid gains.

Binance Coin (+0.97%) and Bitcoin Cash SV (+1.78%) trailed the front runners, however.

At the start of the week, the crypto total market cap rose from a Monday low $449.02bn to a Monday high $474.46bn. At the time of writing, the total market cap stood at $473.15bn.

Bitcoin’s dominance fell to a Monday low 65.41% before rising to a Monday high 66.07%. At the time of writing, Bitcoin’s dominance stood at 65.92%.

This Morning

At the time of writing, Bitcoin was up by 0.45% to $16,794.0. A mixed start to the day saw Bitcoin fall to an early morning low $16,692.0 before rising to a high $16,824.0.

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

Elsewhere, it was a bullish start to the day for the majors.

At the time of writing, Chainlink was up by 2.01% to lead the pack.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $16,488 to bring the first major resistance level at $17,103 into play.

Support from the broader market would be needed for Bitcoin to break through to $17,000 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 the second major resistance level at $17,486. Resistance at $17,500 would likely cap any upside to a breakout, however.

Failure to avoid a fall through the $16,488 pivot would bring the first major support level at $16,105 into play.

Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$16,000 levels. The second major support level sits at $15,490.

 

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