Advertisement
Advertisement
The Crypto Daily – Movers and Shakers – December 30th, 2020
By:
It's a mixed start to the day for the majors, with Ripple's XRP continuing to lose ground. A Bitcoin move through to $28,000 should support the pack.
In this article:
Bitcoin, BTC to USD, rose by 1.01% on Tuesday. Following on from a 3.09% rally on Monday, Bitcoin ended the day at $27,316.0.
It was a relatively choppy day. Bitcoin fell to an early morning low $25,859.0 before making a move.
The sell-off saw Bitcoin fall through the first major support level at $26,267.
Steering clear of sub-$25,500 support levels, Bitcoin revisited $27,000 levels before a 2nd pullback.
Bitcoin fell back to an afternoon low $26,205.0 before bouncing back to a late intraday high $27,329.0.
In spite of the late high, Bitcoin continued to fall short of the first major resistance level at $27,641.
The near-term bullish trend remained intact, supported by the latest breakthrough to $28,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $13,261 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Tuesday.
Ripple’s XRP slid by 10.65% to lead the way down.
Bitcoin Cash SV (-3.51%), Chainlink (-6.56%), Crypto.com Coin (-3.03%), and Litecoin (-0.76%) also saw red on the day.
It was a bullish day for the rest of the majors, however.
Polkadot rallied by 13.04% to lead the pack, with Binance Coin (+8.79%) and Cardano’s ADA (+8.21%) also making solid gains.
Ethereum (+0.29%) trailed the front runners, however.
Early in the week, the crypto total market cap rose to a Monday high $738.59bn before falling to a Tuesday low $678.76bn. At the time of writing, the total market cap stood at $732.14bn.
Bitcoin’s dominance rose to an early Monday high 70.82% before falling to a Monday low 69.13%. At the time of writing, Bitcoin’s dominance stood at 70.21%.
This Morning
At the time of writing, Bitcoin was up by 1.09% to $27,615.0. A bullish start to the day saw Bitcoin rise from an early morning low $27,312.0 to a high $27,792.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (-1.70%), Cardano’s ADA (-0.40%), Polkadot (-1.22%), and Ripple’s XRP (-2.18%) were in the red early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 7.45% to lead the pack.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $26,835 to bring the first major resistance level at $27,810 into play.
Support from the broader market would be needed for Bitcoin to break back through to $27,800 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $28,000 would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at $28,500 before any pullback. The second major resistance level sits at $28,305.
Failure to avoid a fall through the $26,835 pivot would bring the first major support level at $26,340 into play.
Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$25,500 levels. The second major support level sits at $25,365.
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.
Did you find this article useful?
Latest news and analysis
Advertisement