The Crypto Daily – Movers and Shakers – December 1st, 2021
Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP
Bitcoin, BTC to USD, fell by 1.51% on Tuesday. Reversing a 0.89% gain from Monday, Bitcoin ended the day at $56,966.
A bearish start to the day saw Bitcoin fall to a mid-morning intraday low $55,899 before making a move.
The reversal saw Bitcoin fall through the first major support level at $56,773 before rising to a mid-afternoon intraday high $59,174. Bitcoin broke through the first major resistance level at $58,897 before falling back to end the day at sub-$57,000 levels.
The near-term bullish trend remained intact, in spite of the latest pullback to sub-$54,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Monday.
Ethereum (+4.16%) and Polkadot (+3.78%) led the way.
Early in the week, the crypto total market fell to a Monday low $2,504bn before rising to a Tuesday high $2,699bn. At the time of writing, the total market cap stood at $2,608bn.
Bitcoin’s dominance rose to a Monday high 42.92% before falling to a Tuesday low 41.45%. At the time of writing, Bitcoin’s dominance stood at 41.59%.
At the time of writing, Bitcoin was up by 0.76% to $57,398. A mixed start to the day saw Bitcoin fall to an early morning low $56,712 before rising to a high $57,550.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
At the time of writing, Crypto.com Coin was down by 0.11% to buck the early trend.
It was a bullish start for the rest of the majors, however, with Ethereum up by 1.34% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the $57,346 pivot to bring the first major resistance level at $58,794 into play. Support from the broader market would be needed, however, for Bitcoin to break out from $58,500 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $59,174 would likely cap the upside.
In the event of an extended rally, Bitcoin could test resistance at $63,000 levels before easing back. The second major resistance level sits at $60,621.
A fall back through the $57,346 pivot would bring the first major support level at $55,519 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $54,071.