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The Crypto Daily – Movers and Shakers – December 4th, 2020
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It's a bullish day for the majors. A Bitcoin move through to $19,700 levels would support the pack.
In this article:
Bitcoin, BTC to USD, rose by 1.14% on Thursday. Following on from a 2.25% gain on Wednesday, Bitcoin ended the day at $19.449.0.
It was another bearish start to the day. Bitcoin fell to a mid-morning intraday low $18,900.0 before making a move.
Steering clear of the first major support level at $18,620, Bitcoin rose to a late afternoon intraday high $19,628.0.
Coming up against the first major resistance level at $19,603, Bitcoin fell back to sub-$19,230 levels and into the red.
Finding late support, however, Bitcoin moved back through to $19,400 levels to deliver the upside on the day.
The near-term bullish trend remained intact, supported by the latest 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 mixed day on Thursday.
Polkadot fell by 2.33% to buck the trend on the day.
It was a bullish day for the rest of the majors, however.
Cardano’s ADA and Ethereum led the way, with gains of 3.48% and 3.29% respectively.
Binance Coin (+1.43%), Bitcoin Cash SV (+0.27%), Chainlink (+0.15%), Crypto.com Coin (+0.46%), Litecoin (+0.16%), and Ripple’s XRP (+0.19%) saw relatively modest gains on the day.
In the current week, the crypto total market cap rose to a Tuesday high $589.96bn before falling to a Tuesday low $525.17bn. At the time of writing, the total market cap stood at $573.35bn.
Bitcoin’s dominance fell to a Monday low 62.55% before rising to a Tuesday high 63.97%. At the time of writing, Bitcoin’s dominance stood at 63.20%.
This Morning
At the time of writing, Bitcoin was up by 0.33% to $19,514.0. A mixed start to the day saw Bitcoin fall to an early morning low $19,401.7 before rising to a high $19,550.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bullish start to the day, with the majors recovering from early losses.
At the time of writing, Crypto.com Coin was up by 1.53% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $19,326 to bring the first major resistance level at $19,751 into play.
Support from the broader market would be needed for Bitcoin to break out from Thursday’s high $19,628.0.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test resistance at $20,000 before any pullback. The second major resistance level sits at $20,054.
A fall through the $19,326 pivot would bring the first major support level at $19,023 into play.
Barring an extended crypto sell-off, Bitcoin should to steer clear of the second major support level at $18,598.
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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