The Crypto Daily – Movers and Shakers -12/05/20
Bitcoin fell by 1.90% on Monday. Following on from Sunday’s 8.55% tumble, Bitcoin ended the day at $8,555.1.
A mixed start to the day saw Bitcoin fall to a mid-morning low $8,470.6 before finding support.
Steering clear of the major support levels, Bitcoin rallied to a late morning intraday high $9,142.0.
Falling short of the first major resistance level at $9,487.13, Bitcoin slid to a late afternoon intraday low $8,200.0.
Steering clear of the first major support level at $8,029.13, Bitcoin recovered to $8,500 levels to limit the loss.
The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.
For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day for the rest of the pack.
Tezos slid by 4.92% to lead the way down.
Binance Coin (-1.76%), EOS (-1.87%), Ripple’s XRP (-2.37%), Stellar’s Lumen (-3.56%), and Tron’s TRX (-2.02%) weren’t far behind.
Ethereum (-0.92%), and Litecoin (-1.38%) saw relatively modest losses.
Bitcoin Cash ABC (+0.81%), Bitcoin Cash SV (+2.47%), Cardano’s ADA (+0.40%), and Monero’s XMR (+0.93%) bucked the trend.
Through the start of the week, the crypto total market cap rose to a Monday high $245.2bn before sliding to a low $229.41bn. At the time of writing, the total market cap stood at $235.41bn.
Bitcoin’s dominance visited sub-67% levels before rising to a Monday high 67.78%. At the time of writing, Bitcoin’s dominance stood at 67.1%.
24-hour trading volumes rose to an early Monday high $206.86bn before easing back. At the time of writing, 24-hr volumes stood at $181.93bn.
This Morning
At the time of writing, Bitcoin was up by 0.96% to $8,637.3. A bullish start to the day saw Bitcoin rise from an early morning low $8,526.4 to a high $8,658.5.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Cardano’s ADA continued to find strong support, with a 1.45% gain to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to break back through to $8,700 levels to bring the first major resistance level at $9,064.73 into play.
Support from the broader market would be needed, however, for Bitcoin to break back through to $9,000 levels.
Barring a broad-based crypto rally, resistance at $9,000 would likely pin Bitcoin back on the day.
In the event of rebound, the first major resistance level at $9,064.73 would likely limit any upside on the day.
Failure to break back through to $8,700 levels could see Bitcoin fall back into the red.
A fall through back through the morning low $8,526.4 would bring the first major support level at $8,122.73 into play.
In the event of another extended sell-off, Bitcoin should steer clear of sub-$8,000 levels.
This article was originally posted on FX Empire
