Yahoo Finance The Crypto Daily – Movers and Shakers – November 26th, 2021
Bitcoin, BTC to USD, rose by 3.25% on Thursday. Reversing a 0.72% loss from Wednesday, Bitcoin ended the day at $59,016.
A mixed morning saw Bitcoin fall to a mid-morning intraday low $57,067 before making a move.
Steering clear of the first major support level at $56,120, Bitcoin rallied to a late afternoon intraday high $59,423.
Bitcoin broke through the first major resistance level at $57,987 and the second major resistance level at $58,808.
A late pullback saw Bitcoin briefly fall back through the second major resistance level before wrapping up the day at $59,100 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 Thursday.
Crypto.com Coin tumbled by 15.93%, with Bitcoin Cash SV (-0.29%) and Polkadot (-0.09%) also seeing red on the day
It was a bullish day for the rest of the majors, however.
Binance Coin rallied by 8.15% to lead the way, with Ethereum (+5.97%) and Litecoin (+5.11%) close behind.
Cardano’s ADA (+0.48%), Chainlink (+2.98%), and Ripple’s XRP (+1.00%) trailed the front runners, however.
In the current week, the crypto total market fell to a Tuesday low $2,426bn before rising to a Thursday high $2,685bn. At the time of writing, the total market cap stood at $2,644bn.
Bitcoin’s dominance rose to a Monday high 43.18% before falling to a Thursday low 41.81%. At the time of writing, Bitcoin’s dominance stood at 42.26%.
This Morning
At the time of writing, Bitcoin was up by 0.27% to $59,176. A mixed start to the day saw Bitcoin fall to an early morning low $59,001 before rising to a high $59,238.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV was down by 0.67% to buck the trend, with Polkadot flat at the time of writing.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 2.07% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $58,502 pivot to bring the first major resistance level at $59,937 into play.
Support from the broader market would be needed for Bitcoin to break out from $59,500 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 $60,859.
A fall through the $58,502 pivot would bring the first major support level at $57,581 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$56,000 levels. The second major support level at $56,146 should limit the downside.
This article was originally posted on FX Empire
