The Crypto Daily – Movers and Shakers – 12/01/20

While it’s a positive start to the day, Bitcoin would need to move through to $8,100 levels to support a bullish end to the week.
Bob Mason
Binance is a finance exchange market. Crypto Currency background concept.

Bitcoin fell by 2.04% on Saturday. Partially reversing a 4.7% rally from, Bitcoin ended the day at $8,013.7.

A mixed start to the day saw Bitcoin rise to an early morning high $8,243.0. While falling short of the major resistance levels, Bitcoin broke through the 23.6% FIB of $8,200 early on.

Bearish through the late morning, Bitcoin fell to an intraday low $7,991.8 before making a move.

Steering clear of the first major support level at $7,833.57, Bitcoin struck a late intraday high $8,282.4.

Falling short of the first major resistance level at $8,360.67, Bitcoin broke back through the 23.6% FIB.

In spite of a late pullback through the 23.6% FIB, Bitcoin held onto $8,000 levels at the day end.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the current week’s gains. Bitcoin was up by 8.82%, Monday through Saturday.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was another mixed day for the majors.

EOS (+0.34%), Litecoin (+0.71%), Monero’s XMR (+0.07%), and Stellar’s Lumen (+1.56%) found support.

It was bearish for the rest of the pack, however, with Bitcoin Cash SV sliding by 12.11% to lead the way down.

Binance Coin (-1.19%), Bitcoin Cash ABC (-4.06%), Ethereum (-1.56%), Ripple’s XRP (-0.58%), and Tron’s TRX (-0.11%) also saw red.

For the current week, it was bullish across the crypto top 10, however.

Bitcoin Cash SV led the way, Monday through Saturday, surging by 36.87%.

Bitcoin Cash ABC (+16.76%), EOS (+11.59%), and Litecoin (+14.05%), also saw solid gains.

Binance Coin (+6.27%), Ethereum (+5.41%), Monero’s XMR (+8.44%), Ripple’s XRP (+8.60%), Stellar’s Lumen (+6.77%), and Tron’s TRX (+7.7%) saw more modest gains.

Through the current week, the crypto total market cap jumped from $197bn levels to an early Wednesday current week high $220.27bn before easing back. At the time of writing, the total market cap stood at $214.86bn.

Bitcoin’s dominance held onto 68% levels in spite of the loss on Saturday. Trading volumes revisited $100bn levels on Saturday before easing back. At the time of writing, volumes were at $89bn levels.

This Morning

At the time of writing, Bitcoin was up by 0.73% to $8,072.4. A mixed start to the day saw Bitcoin fall to an early morning low $7,951.7 before striking a high $8,072.4.

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

Elsewhere, it was a sea of green across the crypto top 10.

Bitcoin Cash ABC (+2.01%), Bitcoin Cash SV (+2.9%), and Litecoin (+3.10%) led the way early on.

Monero’s XMR (+0.22%), Stellar’s Lumen (+0.65%), and Tron’s TRX (+0.30%) trailed the pack.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $8,100 levels to support a run at the first major resistance level at $8,200.13 and 23.6% FIB of $8,200.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $8,072.4.

Barring a broad-based extended crypto rally on the day, the first major resistance level and 23.6% FIB would likely cap any upside.

Failure to move through to $8,100 levels could see Bitcoin fall back into the red.

A fall back through the morning low $7,951.7 would bring the first major support level at $7,909.53 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$7,900 levels and the second major support level at $7,805.37.

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