The Crypto Daily – Movers and Shakers – December 5th, 2020

Bob Mason
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Bitcoin, BTC to USD, fell by 4.10% on Friday. Reversing a 1.14% gain from Thursday, Bitcoin ended the day at $18,652.0.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $19,550.0 before hitting reverse.

Falling short of the first major resistance level at $19,751, Bitcoin slid to a mid-day low $18,701.0.

The sell-off saw Bitcoin fall through the first major support level at $19,023 and the second major support level at $18,598.

Through the afternoon, Bitcoin briefly revisited $19,150 levels before sliding back into the deep red.

The brief recovery had seen Bitcoin move back through the support levels before the 2nd sell-off.

Bitcoin fell back through the first and second major support levels to a late intraday low $18,600.0.

Late in the day, however, Bitcoin moved back through the second major resistance level to end the day at $18,650 levels.

The near-term bullish trend remained intact, in spite of the latest pullback 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 Friday.

Bitcoin Cash SV rose by 3.29% to buck the trend on the day.

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

Cardano’s ADA  (-9.89%), Chainlink (-9.39%), Litecoin (-10.68%), and Ripple’s XRP (-12.07%) led the way down.

Binance Coin (-5.43%), Ethereum (-7.93%), and Polkadot (-3.40%) also struggled.

Crypto.com Coin saw a more modest 2.29% loss on the day.

In the current week, the crypto total market cap rose to a Tuesday high $589.96bn before falling to a Tuesday low $525.17bn. At the time of writing, the total market cap stood at $545.60bn.

Bitcoin’s dominance fell to a Monday low 62.55% before rising to a Friday high 64.16%. At the time of writing, Bitcoin’s dominance stood at 63.89%.

This Morning

At the time of writing, Bitcoin was up by 0.62% to $18,767.7. A mixed start to the day saw Bitcoin fall to an early morning low $18,498.0 before rising to a high $18,795.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.14%), Crypto.com Coin (-1.25%), and Polkadot (-0.30%) saw red to buck the trend early on.

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

At the time of writing, Ripple’s XRP was up by 3.01% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $18,934 to bring the first major resistance level at 19,268 into play.

Support from the broader market would be needed for Bitcoin to break back through to $19,000 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $19,500 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could test resistance at $20,000 before any pullback. The second major resistance level sits at $19,884.

Failure to move through the $18,934 pivot would bring the first major support level at $18,318 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$18,000 levels. The second major support level sits at $17,984.

This article was originally posted on FX Empire

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