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The Crypto Daily – Movers and Shakers – 12/02/20

It’s back into the green for the majors, with a bullish start to the day giving Bitcoin a look at $10,500 levels…
Bob Mason
Closeup hand holding bitcoin over the Cryptocurrency trading scr

Bitcoin rallied by 4.01% on Tuesday. Reversing a 2.96% slide from Monday, Bitcoin ended the day at $10,247.0.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $9,720.0 before making a move.

Steering clear of the first major support level at $9,639.13, Bitcoin rallied to a late afternoon intraday high $10,316.0.

Bitcoin broke through the first major resistance level at $10,124.13 to visit $10,300 levels for the 1st time since September.

A late pullback saw Bitcoin fall back to $10,190 levels before wrapping up the day at $10,200 levels.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, however, in spite of the upward trend.

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 a bullish day for the crypto majors.

Tezos led the way, rallying by 11.47%.

Cardano’s ADA (+7.57%), EOS (+7.12%), Ethereum (+6.78%), and Monero’s XMR (+6.37%) also made solid gains.

Bitcoin Cash ABC (+4.02%), Bitcoin Cash SV (+4.72%), and Stellar’s Lumen (+4.94%) weren’t far behind.

Binance Coin (+2.50%), Litecoin (+3.80%), Ripple’s XRP (+2.75%), and Tron’s TRX (+3.1%) trailed the pack on the day.

Through the start of the week, the crypto total market cap fell to a Tuesday low $279.65bn before rising to an early Wednesday high $296.27. At the time of writing, the total market cap stood at $296.27bn.

Bitcoin’s dominance slipped further back through the start of the week to 63.1% at the time of writing.

Trading volumes also picked up, rising to $145bn levels on Monday. At the time of writing, 24-hr volumes stood at $138.83bn.

This Morning

At the time of writing, Bitcoin was up by 0.2% to $10,268.0. A bullish start to the day saw Bitcoin rise from an early morning low $10,246.0 to a high $10.314.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin was down by 0.38% to buck the trend early on.

It was a bullish start for the rest of the pack, with Ethereum up by 2.15% to lead the way. Stellar’s Lumen (+1.16%) and Bitcoin Cash SV (+1.01%) also found strong support early on.

BTC/USD 12/02/20 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $10,300 levels to bring the first major resistance level at $10,468.67 into play.

Support from the broader market would be needed, however, for Bitcoin to break through to $10,400 levels.

Barring another broad-based crypto rally, resistance at $10,400 would likely leave Bitcoin short of the first major resistance level.

In the event of another breakout, Bitcoin would eye a breakout from $10,500 levels before any pullback.

Failure to move back through to $10,300 levels could see Bitcoin hit reverse

A fall back through the morning low $10,246 to sub-$10,095 levels would bring the first major support level at $9,872.67 into play.

Barring a crypto sell-off, however, Bitcoin should steer clear of the sub-$9,800 levels on the day.

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