The Crypto Daily – Movers and Shakers – November 21, 2021

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Bitcoin, BTC to USD, rose 2.73% on Saturday. After gaining 2.11% on Friday, Bitcoin ended the day at $ 59,766.0.

After a limited morning, Bitcoin fell to an intraday low of $ 57,450.0 in the late afternoon before moving.

Away from the first major support level at $ 56,396, Bitcoin hit an intraday high of $ 59,886.0.

Bitcoin broke through the first major resistance level at $ 59,122 to end the day at $ 59,700.

The short-term uptrend has remained intact, despite the latest pullback to levels below $ 56,000. For bears, Bitcoin would need a sustained decline through the 62% FIB of $ 28,814 to form a short-term downtrend.

The rest of the pack

In the rest of the majors, Saturday was a mixed day.

Polkadot fell 0.72% to reverse the trend for the day.

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

Binance Coin and Litecoin rose 4.01% and 4.07% respectively to lead the way.

Bitcoin Cash SV (+ 2.19%), Cardano’s ADA (+ 3.21%), Crypto.com Coin (+ 3.11%), and Ethereum (+ 2.72%) also found strong support.

Chainlink (+ 0.37%) and Ripple’s XRP (+ 0.48%), however, followed the first.

During the current week, the total crypto market peaked at $ 2.902 billion on Monday before falling to a low of $ 2.390 billion on Friday. At the time of writing, the total market cap was $ 2.631 billion.

Bitcoin’s dominance peaked at 44.55% on Wednesday before falling to a low of 42.36% on Friday. At the time of writing this article, Bitcoin’s dominance stands at 42.81%.

This morning

At the time of writing, Bitcoin was up 0.02% to $ 59,775.0. A mixed start to the day saw Bitcoin hit an early morning high of $ 59,798.0 before falling to $ 59,720.0.

Bitcoin left major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Chainlink (+ 0.03%) and Polkadot (+ 0.13%) found early support.

It was a relatively bearish start for the rest, however.

At the time of writing this article, Bitcoin Cash SV was down 0.26% to lead the way on the downside.

The story continues

For Bitcoin Day Ahead

Bitcoin should avoid the $ 59,034 pivot to bring into play the first major resistance level at $ 60,618.

Broad market support would be needed for Bitcoin to break out of Saturday’s $ 59,886.0 high.

Barring a large scale crypto rally, the first major resistance level would likely cap the upside.

In the event of a prolonged rally, Bitcoin could test resistance at $ 63,000 before slowing down. The second major resistance level is located at $ 61,470.

A fall through the pivot of $ 59,034 would bring into play the first major support level at $ 58,182.

Unless there is an extended sell-off on that day, Bitcoin is expected to avoid levels below $ 57,000. The second major support level is at $ 56,598.

This article originally appeared on FX Empire

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