U.S. markets open in 5 hours 40 minutes
  • S&P Futures

    3,851.00
    +6.00 (+0.16%)
     
  • Dow Futures

    31,112.00
    +16.00 (+0.05%)
     
  • Nasdaq Futures

    13,348.75
    +54.50 (+0.41%)
     
  • Russell 2000 Futures

    2,158.30
    +0.60 (+0.03%)
     
  • Crude Oil

    52.99
    -0.32 (-0.60%)
     
  • Gold

    1,868.10
    +1.60 (+0.09%)
     
  • Silver

    25.89
    +0.12 (+0.46%)
     
  • EUR/USD

    1.2139
    +0.0024 (+0.19%)
     
  • 10-Yr Bond

    1.0900
    0.0000 (0.00%)
     
  • Vix

    21.41
    -1.83 (-7.87%)
     
  • GBP/USD

    1.3726
    +0.0071 (+0.52%)
     
  • USD/JPY

    103.4900
    -0.0800 (-0.08%)
     
  • BTC-USD

    33,884.08
    -1,067.60 (-3.05%)
     
  • CMC Crypto 200

    668.58
    -32.03 (-4.57%)
     
  • FTSE 100

    6,761.58
    +21.19 (+0.31%)
     
  • Nikkei 225

    28,756.86
    +233.60 (+0.82%)
     

The Crypto Daily – Movers and Shakers – December 20th, 2020

Bob Mason
·3 min read

Bitcoin, BTC to USD, rose by 2.96% on Saturday. Following a 1.46% gain from Friday, Bitcoin ended the day at $23.808.0.

It was another mixed start to the day. Bitcoin rose to an early morning high $23,240 before hitting reverse.

Falling short of Friday’s high $23,287 and the major resistance levels, Bitcoin fell to a late morning intraday low $22,768.0

Steering clear of the first major support level at $22,562, Bitcoin rallied to a late afternoon intraday high and a new swing high $24,123.0.

Bitcoin broke through the first major resistance level at $23,487 and the second major resistance level at $23,849.

A choppy end to the day saw Bitcoin fall back to $23,600 before wrapping up the day at $23,800 levels.

The second major resistance level at $23,849 pinned Bitcoin back late in the day.

The near-term bullish trend remained intact, supported by the breakthrough to $24,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $11,687 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was yet another mixed day on Saturday.

Binance Coin and Litecoin rallied by 7.44% and by 9.66% respectively to lead the way.

Crypto.com Coin (+1.85%) and Ethereum (+0.66%), also joined Bitcoin in the green.

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

Bitcoin Cash SV (-0.97%), Cardano’s ADA (-0.41%), Chainlink (-0.26%), Polkadot (-3.32%) and Ripple’s XRP (-1.14%) saw red on the day

For the current week, the crypto total market cap fell to a Monday low $545.05bn before rising to a Saturday high $680.60bn. At the time of writing, the total market cap stood at $660.27bn.

Bitcoin’s dominance fell to a Monday low 64.21% before rising to an early Sunday high 66.97%. At the time of writing, Bitcoin’s dominance stood at 66.88%.

This Morning

At the time of writing, Bitcoin was down by 0.48% to $23,693.7. A mixed start to the day saw Bitcoin rise to an early morning high $23,810.0 before falling to a low $23,668.0.

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

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

Chainlink and Polkadot bucked the trend early on, with gains of 0.01% and 0.63% respectively.

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

At the time of writing, Litecoin and Ripple’s XRP led the way down, with losses of 1.07% and 1.05% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $23.566 to bring the first major resistance level at $24,365 into play.

Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $24,123.0.

Barring an extended crypto rally, the first major resistance level and resistance at $24,500 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $25,000 before any pullback. The second major resistance level sits at $24,921.

Failure to avoid a fall through the $23,566 pivot would bring the first major support level at $23,010 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$22,500 levels. The second major support level sits at $22,211.

This article was originally posted on FX Empire

More From FXEMPIRE: