The Crypto Daily – Movers and Shakers – December 16th, 2020

by Warrior2

It was a mixed start to the day. Bitcoin rose to an early morning high $19,570.0 before hitting reverse.

Bitcoin broke through the first major resistance level at $19,418 and the second major resistance level at $19,555.

The reversal saw Bitcoin slide to a mid-morning intraday low $19,070.0 before making a move.

Finding support at the first major support level at $19,077, Bitcoin rallied to a late afternoon intraday high $19,607.0.

Bitcoin broke back through the first major resistance level at $19,418 and the second major resistance level at $19,555.

A choppy end to the day, however, saw Bitcoin fall back through the major resistance levels to sub-$19,400 before ending the day at $19,450 levels.

The near-term bullish trend remained intact, supported by the 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 Tuesday.

Ripple’s XRP slid by 5.85% to lead the way down once more.

Cardano’s ADA (-3.08%), Binance Coin (-1.70%), Chainlink (-1.17%), and Litecoin (-1.24%) also struggled.

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

Bitcoin Cash SV (+0.95%), Crypto.com Coin (+2.14%), Ethereum (+0.46%), and Polkadot (+6.00%) bucked the trend on the day.

For the current week, the crypto total market cap fell to a Monday low $545.05bn before rising to a Tuesday high $566.22bn. At the time of writing, the total market cap stood at $554.81bn.

Bitcoin’s dominance fell to a Monday low 64.21% before rising to a Tuesday high 64.85%. At the time of writing, Bitcoin’s dominance stood at 64.80%.Advertisement

This Morning

At the time of writing, Bitcoin was down by 0.50% to $19,361.0. A mixed start to the day saw Bitcoin rise to an early morning high $19,481.0 before falling to a low $19,317.8.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV was up by 0.97% to buck the trend early on.

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

At the time of writing, Chainlink and Ripple’s XRP were down by 2.19% and by 2.16% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $19,379 to bring the first major resistance level at $19,687 into play.

Support from the broader market would be needed for Bitcoin to break out from Tuesday’s high $19,607.0.

Barring an extended crypto rally, the first major resistance level and resistance at $19,700 would likely cap any upside.

In the event of an extended crypto rally, the second major resistance level at $19,916 and resistance at $20,000 could come into play.

Failure to move back through the $19,379 pivot would bring the first major support level at $19,150 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of the second major support level at $18,842.

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