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The Crypto Daily – Movers and Shakers – December 28th, 2020

·3 min read

Bitcoin, BTC to USD, fell by 0.69% on Sunday. Following a 6.85% rally on Saturday, Bitcoin ended the week up by 12.01% to $26,241.0.

It was another mixed start to the day. Bitcoin fell to an early morning low $26,393.0 before making a move.

Steering clear of the first major support level at $25,027, Bitcoin rallied to a late morning intraday high and a new swing hi $28,244.0.

Bitcoin broke through the first major resistance level at $27,261 and the second major resistance level at $28,109.

An afternoon pullback, however, saw Bitcoin slide to a late intraday low $25,813.0 before a partial recovery to $26,200 levels. In spite of the late pullback, Bitcoin steered clear of the first major support level at $25,027.

The near-term bullish trend remained intact, supported by the latest breakthrough to $28,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $13,261 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.

Chainlink rallied by 10.52% to lead the way, with Ethereum rising by 7.42%. Bitcoin Cash SV also bucked the trend, with a 0.58% gain, while Binance Coin ended the day flat.

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

Ripple’s XRP fell by 3.76% to lead the way down.

Cardano’s ADA (-2.27%), Crypto.com Coin (-3.53%), Litecoin (-1.51%), and Polkadot (-0.17%) also saw joined Bitcoin in the red.

It was also a mixed week for the majors.

Ripple’s XRP slid by 49% to lead the way down.

Binance Coin (-2.01%), Bitcoin Cash SV (-9.80%), Cardano’s ADA (-4.50%), Chainlink (-7.13%), Crypto.com Coin (-14.58%), and Polkadot (-11.39%) also saw red.

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

Litecoin rallied by 11.30% to lead the pack, with Ethereum (+7.20%) also joining Bitcoin in the green.

In the week, the crypto total market cap slid to a Wednesday low $590.85bn before surging to a Sunday high $754.26bn. At the time of writing, the total market cap stood at $711.83bn.

Bitcoin’s dominance rose from a Monday low 66.74% to a Sunday high of 72.06%. At the time of writing, Bitcoin’s dominance stood at 70.23%.

This Morning

At the time of writing, Bitcoin was up by 2.33% to $26,852.0. A mixed start to the day saw Bitcoin fall to an early morning low $26,068.1 before rising to a high $26,948.0.

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

Elsewhere, it was also a bullish start to the day.

At the time of writing, Ethereum was up by 3.36% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $26,766 to bring the first major resistance level at $27,719 into play.

Support from the broader market would be needed for Bitcoin to break out from $27,500 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $28,000 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $29,000 before any pullback. The second major resistance level sits at $29,197.

Failure to avoid a fall back through the $26,766 pivot would bring the first major support level at $25,288 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$25,000 levels. The second major support level sits at $24,335.

This article was originally posted on FX Empire

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