The Crypto Daily – Movers and Shakers – December 11th, 2020

by Warrior2

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $18,568.0 before hitting reverse.

Falling short of the first major resistance level at $18,878, Bitcoin fell to a mid-afternoon intraday low $17,935.0.

The reversal saw Bitcoin fall through the first major support level at $17,990 before a brief revisit to $18,300 levels late in the day.

The near-term bullish trend remained intact, in spite of the latest pullback to sub-$18,000 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 Thursday.

Polkadot bucked the trend on the day, with a 0.1% gain.

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

Chainlink slid by 5.72% to lead the way down, with Cardano’s ADA (-4.24%) and Litecoin (-3.50%) also struggling.

Binance Coin (-1.69%), Bitcoin Cash SV, (-1.46%), Crypto.com Coin (-1.66%), Ethereum (-2.61%), and Ripple’s XRP (-1.92%) saw relatively modest losses on the day.

In the current week, the crypto total market cap rose to a Monday high $569.88bn before falling to a Wednesday low $509.70bn. At the time of writing, the total market cap stood at $525.77bn.

Bitcoin’s dominance rose to a Wednesday high 64.26% before falling to a Wednesday low 63.03%. At the time of writing, Bitcoin’s dominance stood at 63.80%.Advertisement

This Morning

At the time of writing, Bitcoin was down by 1.03% to $18,072.0. A mixed start to the day saw Bitcoin rise to an early morning high $18,299.0 before falling to a low $18,070.0.

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

Elsewhere, it was a bearish start to the day for the majors.

At the time of writing, Ripple’s XRP was down by 2.69% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $18,254 to bring the first major resistance level at $18,574 into play.

Support from the broader market would be needed for Bitcoin to break back through to $18,500 levels.

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

In the event of a crypto breakout, the second major resistance level at $18,887 and resistance at $19,000 would likely come into play.

Failure to move back through the $18,254 pivot would bring the first major support level at $17,941 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of the second major support level at $17,621.

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