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

By:
Bob Mason
Published: Jan 12, 2020, 02:46 UTC

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.

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.

BTC/USD 12/01/20 Daily Chart

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.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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