The Crypto Daily – Movers and Shakers – December 7th, 2020

by Warrior2

It’s a mixed start to the day for the majors. A Bitcoin move through to $19,500 levels would support the pack.

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Bitcoin, BTC to USD, rose by 1.31% on Sunday. Following on from a 2.72% gain on Saturday, Bitcoin ended the week up by 6.67% to $19,410.0.Advertisement

It was a mixed start to the day. Bitcoin rose to an early morning high $19,344.0 before hitting reverse.

Falling short of the first major resistance level at $13,395, Bitcoin slid to an early afternoon intraday low $18,905.0.

Steering clear of the first major support level at $18,711, however, Bitcoin rallied to a final hour intraday high $19,463.0.

Bitcoin broke through the first major resistance level at $19,395 to wrap up the day at $19,400 levels.

The near-term bullish trend remained intact, supported by the latest recovery to $19,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $10,095 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.

Binance Coin (-0.73%), Cardano’s ADA  (-0.68%), Crypto.com Coin (-0.31%), and Polkadot (-2.20%) saw red to buck the trend on the day.

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

Ripple’s XRP rallied by 6.24% to lead the way, with Chainlink (+2.67%) and Bitcoin Cash SV (+1.51%) finding strong support.

Ethereum (+0.78%) and Litecoin (+0.52%) trailed the front runners, however.

It was also a mixed week for the majors.

Binance Coin (-1.94%), Cardano’s ADA (-4.75%), Crypto.com Coin (-4.08%), and Polkadot (-7.31%) saw red for the week.

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

Bitcoin Cash SV (+7.75%), Chainlink (+0.97%), Ethereum (+4.34%), Litecoin (+5.86%), and Ripple’s XRP (+2.69%) joined Bitcoin in the green.

In the week, the crypto total market cap rose to a Tuesday high $589.96bn before falling to a Tuesday low $525.17bn. At the time of writing, the total market cap stood at $562.79bn.

Bitcoin’s dominance fell to a Monday low 62.55% before rising to a Friday high 64.17%. At the time of writing, Bitcoin’s dominance stood at 63.63%.Advertisement

This Morning

At the time of writing, Bitcoin was down by 0.11% to $19,388.7. A mixed start to the day saw Bitcoin rise to an early morning high $19,460.0 before falling to a low $19,347.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was up by 0.47%, with Bitcoin Cash SV flat to buck the trend early on.

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

At the time of writing, Ripple’s XRP was down by 1.18% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $19,259 to bring the first major resistance level at $19,614 into play.

Support from the broader market would be needed for Bitcoin to break out from $19,500 levels.

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

In the event of a crypto breakout, Bitcoin could test resistance at $20,000 before any pullback. The second major resistance level sits at $19,817.

A fall through the $19,259 pivot would bring the first major support level at $19,056 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of the second major support level at $18,701.

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