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The Crypto Daily – Movers and Shakers – December 12th, 2020

By:
Bob Mason
Published: Dec 12, 2020, 01:18 UTC

It's a bullish start to the day for Bitcoin and the broader market. A Bitcoin move through to $18,500 levels would signal a breakout.

bitcoin with us dollars and calculator

In this article:

Bitcoin, BTC to USD, fell 1.17% on Friday. Following on from a 1.61% decline on Thursday, Bitcoin ended the day at $18,049.9.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $18,299.0 before hitting reverse.

Falling short of the first major resistance level at $18,574, Bitcoin fell to a late morning intraday low $17,629.0.

The reversal saw Bitcoin fall through the first major support level at $17,941.

Finding support at the second major support level at $17,621, Bitcoin briefly revisited $18,190 levels before ending the day at sub-$18,100.

The near-term bullish trend remained intact, in spite of the latest pullback to sub-$18,000 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 bearish day on Friday.

Litecoin and Ripple’s XRP slid by 3.39% and by 3.72% respectively to lead the way down.

Bitcoin Cash SV, (-2.28%), Chainlink (-2.05%), Ethereum (-2.65%) and Polkadot (-2.70%) and also saw relatively heavy losses.

Binance Coin (-1.21%), Cardano’s ADA (-1.79%), and Crypto.com Coin (-1.69%) 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 Friday low $509.01bn. At the time of writing, the total market cap stood at $531.62bn.

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 64.01%.

This Morning

At the time of writing, Bitcoin was up by 1.62% to $18,342.0. A bullish start to the day saw Bitcoin rise from an early morning low $18,049.9 to a high $18,400.0.

Bitcoin broke through the first major resistance level at $18,356 early on before easing back.

Elsewhere, it was a mixed start to the day.

Ripple’s XRP (-2.22%) and Bitcoin Cash SV (-0.77%) 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, Cardano’s ADA was up by 4.84% to lead the way.

BTC/USD 12/12/20 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $17,993 to bring the first major resistance level at $18,356 back into play.

Support from the broader market would be needed for Bitcoin to hold onto $18,300 levels early on.

Barring an extended crypto rally, the first major resistance level and resistance at $18,500 would likely cap any upside.

In the event of an extended crypto rally, the second major resistance level at $18,663 and resistance at $19,000 would likely come into play.

Failure to avoid a fall through the $17,993 pivot would bring the first major support level at $17,686 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$17,500 levels. The second major support level sits at $17,323.

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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