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The Crypto Daily – Movers and Shakers – November 29th, 2021

·3-min read

Bitcoin, BTC to USD, rallied by 4.70% on Sunday. Following a 1.79% gain on Saturday, Bitcoin ended the week down by 2.29% to $57,356.

Bearish through most of the day, Bitcoin fell to a late afternoon intraday low $53,458 before making a move.

Bitcoin fell through the first major support level at $53,892 and the 23.6% FIB of $53,628.

Late in the day, however, Bitcoin rallied to an intraday high $57,469.

The rebound saw Bitcoin break through the first major resistance level at $55,510 and the second major resistance level at $56,228 to end the day at $57,300 levels.

The near-term bullish trend remained intact, in spite of the latest pullback to sub-$54,000 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 Sunday.

Polkadot and Coin bucked the trend, falling by 2.83% and by 6.74% respectively.

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

Ethereum led the way, rallying by 4.88%, with Bitcoin Cash SV (+3.65%) and Cardano’s ADA (+3.28%) finding strong support.

Binance Coin (+1.86%), Chainlink (+2.92%), Litecoin (+2.25%), and Ripple’s XRP (+2.47%) trailed the front runners, however.

It was also a mixed week ending 28th November for the majors.

Binance Coin and Coin led the way, gaining 4.66% and 6.43% respectively, with Ethereum (+0.83%) also bucking the trend.

It was a bearish week for the rest of the majors, however.

Cardano’s ADA (-13.11%) and Chainlink (-14.74%) led the way down, with Litecoin (-9.86%), Polkadot (-12.75%), and Ripple’s XRP (-8.60%) also struggling.

Bitcoin Cash SV saw a modest loss of 5.17%, however.

In the week, the crypto total market rose to a Thursday high $2,689bn before sliding to a Friday low $2,334bn. At the time of writing, the total market cap stood at $2,539bn.

Bitcoin’s dominance fell to a Thursday low 41.75% before rising to a Friday high 43.31%. At the time of writing, Bitcoin’s dominance stood at 42.81%.

This Morning

At the time of writing, Bitcoin was up by 0.37% to $57,567. A mixed start to the day saw Bitcoin fall to an early morning low $57,201 before rising to a high $57,977.

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

Elsewhere, it was a bullish start to the day.

At the time of writing, Coin was up by 2.83% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $56,094 pivot to bring the first major resistance level at $58,731 into play.

Support from the broader market would be needed for Bitcoin to break out from this morning’s high $57,977.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of an extended rally, Bitcoin could test resistance at $60,000 levels before easing back. The second major resistance level sits at $60,105.

A fall through the $56,094 pivot would bring the first major support level at $54,720 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $52,083. The 23.6% FIB of $53,628 should limit the downside.

This article was originally posted on FX Empire


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