The Crypto Daily – Movers and Shakers – November 19th, 2020

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Bitcoin, BTC to USD, rose by 0.56% on Wednesday. Following on from a 5.72% rally on Tuesday, Bitcoin ended the day at $17,774.0.

It was a bullish start to the day. Bitcoin rallied to an early morning intraday high and new swing hi $18,450.0.

The rally saw Bitcoin break through the first major resistance level at $18,148 before hitting reverse.

Coming up against resistance at $18,500, Bitcoin slid to a mid-morning intraday low $17,119.0.

Steering clear of the first major support level at $16,868, Bitcoin revisited $18,200 levels before a 2^nd sell-off.

Bitcoin broke back through the first major resistance level at $18,148 before sliding back to $17,300 levels.

Finding late support, however, Bitcoin moved back through to $17,700 levels to deliver the upside on the day.

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 $9,520 to form a near-term bearish trend.

The Rest of the Pack

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

Chainlink rose by 1.40% to buck the trend and join Bitcoin in the green for the day.

Bitcoin Cash SV (-3.19%), Cardano’s ADA (-2.81%), Litecoin (-3.78%), Polkadot (-4.14%), and Ripple’s XRP (-3.01%) led the way down.

Binance Coin (-1.71%), Crypto.com Coin (-1.53%), and Ethereum (-0.79%) saw relatively modest losses on the day.

In the current week, the crypto total market cap rose from a Monday low $445.47bn to a Wednesday high $515.33bn. At the time of writing, the total market cap stood at $489.77bn.

Bitcoin’s dominance fell to a Monday low 65.43% before rising to a Wednesday high 67.40%. At the time of writing, Bitcoin’s dominance stood at 67.06%.

This Morning

At the time of writing, Bitcoin was down by 0.56% to $17,674.0. A mixed start to the day saw Bitcoin rise to an early morning high $17,803.0 before falling to a low $17,575.0

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+0.33%), Crypto.com Coin (+1.56%), Litecoin (+1.46%), and Polkadot (+0.85%) found early support.

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

At the time of writing, Chainlink was down by 1.85% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $17,781 to bring the first major resistance level at $18,443 into play.

Support from the broader market would be needed for Bitcoin to break back through to $18,000 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $18,450.0 would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test resistance at $19,000 before any pullback. The second major resistance level sits at $19,112.

Failure to move back through the $17,781 pivot would bring the first major support level at $17,112 into play.

Barring another extended crypto sell-off, Bitcoin should steer well clear of sub-$17,000 levels. The second major support level sits at $16,450.