The Crypto Daily – Movers and Shakers – December 11th, 2020

By:

Bob Mason

Published: Dec 11, 2020, 00:55 UTC

It's a bearish start to the day for the majors. A Bitcoin move back through to $18,500 levels would support the pack.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Polkadot bucked the trend on the day, with a 0.1% gain.

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

Chainlink slid by 5.72% to lead the way down, with Cardano’s ADA (-4.24%) and Litecoin (-3.50%) also struggling.

Binance Coin (-1.69%), Bitcoin Cash SV, (-1.46%), Crypto.com Coin (-1.66%), Ethereum (-2.61%), and Ripple’s XRP (-1.92%) saw relatively modest losses on the day.

In the current week, the crypto total market cap rose to a Monday high $569.88bn before falling to a Wednesday low $509.70bn. At the time of writing, the total market cap stood at $525.77bn.

Bitcoin’s dominance rose to a Wednesday high 64.26% before falling to a Wednesday low 63.03%. At the time of writing, Bitcoin’s dominance stood at 63.80%.

This Morning

At the time of writing, Bitcoin was down by 1.03% to $18,072.0. A mixed start to the day saw Bitcoin rise to an early morning high $18,299.0 before falling to a low $18,070.0.

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

Elsewhere, it was a bearish start to the day for the majors.

At the time of writing, Ripple’s XRP was down by 2.69% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $18,254 to bring the first major resistance level at $18,574 into play.

Support from the broader market would be needed for Bitcoin to break back through to $18,500 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, the second major resistance level at $18,887 and resistance at $19,000 would likely come into play.

Failure to move back through the $18,254 pivot would bring the first major support level at $17,941 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of the second major support level at $17,621.

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.