The Crypto Daily – Movers and Shakers – December 14th, 2020

Bitcoin, BTC to USD, rose by 1.92% on Sunday. Following on from a 4.25% rally on Saturday, Bitcoin ended the week down by 1.18% to $19,180.0.

It was a mixed start to the day. Bitcoin fell to an early morning intraday low $18,720.7 before making a move.

Steering clear of the first major support level at $18,264, Bitcoin rallied to an early afternoon intraday high $19,416.0.

Bitcoin broke through the first major resistance level at $19,158 before falling back to sub-$19,100 levels.

Finding support in the final hour, however, Bitcoin broke back through the first major resistance level to end the day at $19,180 levels.

The near-term bullish trend remained intact, supported by the recovery to $19,000 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 bullish end to the week.

Cardano’s ADA (+6.48%), Chainlink (+5.93%), and Litecoin (+7.14%) led the way.

Binance Coin (+3.37%), Crypto.com Coin (+3.75%), and Ethereum (+3.89%) also made solid gains.

Bitcoin Cash SV (+1.58%), Polkadot (+1.29%), and Ripple’s XRP (+1.27%) trailed the front runners, however.

For the week ending 13^th December, it was a bearish week for the majors, however.

Ripple’s XRP led the way down, sliding by 17.78%.

Bitcoin Cash SV (-7.1%), Cardano’s ADA (-3.06%), Chainlink (-4.32%), Crypto.com Coin (-3.94%), and Polkadot (-3.58%) also struggled.

Binance Coin (-1.39%), Ethereum (-1.86%), and Litecoin (-1.65%) saw relatively modest losses in the week.

For the 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 $551.5bn.

Bitcoin’s dominance fell to a Wednesday low 63.03% before rising to a Sunday high 64.71%. At the time of writing, Bitcoin’s dominance stood at 64.24%.

This Morning

At the time of writing, Bitcoin was down by 0.55% to $19,074.0. A bearish start to the day saw Bitcoin fall from an early morning high $19,180.0 to a low $19.071.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV bucked the trend early on, rising by 0.74%.

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

At the time of writing, Ripple’s XRP was down by 0.99% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $19,106 to bring the first major resistance level at $19,490 into play.

Support from the broader market would be needed for Bitcoin to break out from Sunday’s high $19,416.0.

Barring an extended crypto rally, the first major resistance level and resistance at $19,500 would likely cap any upside.

In the event of an extended crypto rally, the second major resistance level at $19,801 and resistance at $20,000 would likely come into play.

Failure to move back through the $19,106 pivot would bring the first major support level at $18,795 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$18,500 levels. The second major support level sits at $18,410.