Daily Market Update, Monday, November 23rd, 2020

Bob Mason FX Empire Mon, November 23, 2020, 5:08 AM GMT+3 Bitcoin rallied by 15.20% in the week ending 22nd November. Following a 3.00% gain from the week prior, Bitcoin ended the week at $18,392.0. It was a bullish week. Bitcoin rallied from a Monday intraweek low $15,874.0 to a Saturday intraweek high and a new swing hi $18,945.0. The rally saw Bitcoin break through the first major resistance level at $16,684 and the second major resistance level at $17,402. Coming up against resistance at $19,000, however, Bitcoin fell back on Sunday to end the week at sub-$18,500 levels. 5 days in the green that included a 5.72% rally on Tuesday and a 4.73% gain on Friday delivered the upside for the week. For the week ahead Bitcoin would need to avoid a fall through $17,737 pivot to support a run at the first major resistance level at $19,600. Support from the broader market would be needed for Bitcoin to break out from last week’s high $18,945.0. Barring an extended crypto rally, the first major resistance level would likely cap any upside. In the event of another breakout, Bitcoin could test the second major resistance level at $20,808. Failure to avoid a fall through the $17,737 pivot would bring the first major support level at $16,529 into play. Barring an extended sell-off, however, Bitcoin should steer clear of sub-$16,000 support levels. The second major support level sits at $14,666. At the time of writing, Bitcoin was down by 0.95% to $18,217.0. A mixed start to the day saw Bitcoin rise to an early morning high $18,498.0 before falling to a low $18,003.0 Bitcoin left the major support and resistance levels untested at the start of the week.

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

Cardano’s ADA jumped by 9.36% to lead the way.

Ethereum also found support, rising by 1.40% to close out the week on a high.

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

Bitcoin Cash SV and Chainlink led the way down, with losses of 8.47% and 6.31% respectively.

Binance Coin (-1.56%), Crypto.com Coin (-4.09%), Litecoin (-4.90%), Polkadot (-3.16%), and Ripple’s XRP (-3.56%) also struggled.

For the week, it was a bullish one for the majors.

Ripple’s XRP surged by 60.9% to lead the way.

Bitcoin Cash SV (+14.78%), Cardano’s ADA (+45.3%), Chainlink (+19.6%), Ethereum (+25.0%), and Litecoin (+33.1%) also found strong support.

Binance Coin (+8.47%), Crypto.com Coin (+6.83%), and Polkadot (+9.46%) trailed the front runners, however.

In the week, the crypto total market cap rose from a Monday low $445.47bn to a Sunday high $545.25bn. At the time of writing, the total market cap stood at $522.02bn.

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