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The Crypto Daily – Movers and Shakers – December 5th, 2020
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It's a mixed start to the day for the majors. A Bitcoin move back through to $19,000 would support the pack.
In this article:
Bitcoin, BTC to USD, fell by 4.10% on Friday. Reversing a 1.14% gain from Thursday, Bitcoin ended the day at $18,652.0.
It was a mixed start to the day. Bitcoin rose to an early morning intraday high $19,550.0 before hitting reverse.
Falling short of the first major resistance level at $19,751, Bitcoin slid to a mid-day low $18,701.0.
The sell-off saw Bitcoin fall through the first major support level at $19,023 and the second major support level at $18,598.
Through the afternoon, Bitcoin briefly revisited $19,150 levels before sliding back into the deep red.
The brief recovery had seen Bitcoin move back through the support levels before the 2nd sell-off.
Bitcoin fell back through the first and second major support levels to a late intraday low $18,600.0.
Late in the day, however, Bitcoin moved back through the second major resistance level to end the day at $18,650 levels.
The near-term bullish trend remained intact, in spite of the latest pullback 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 Friday.
Bitcoin Cash SV rose by 3.29% to buck the trend on the day.
It was a bearish day for the rest of the majors, however.
Cardano’s ADA (-9.89%), Chainlink (-9.39%), Litecoin (-10.68%), and Ripple’s XRP (-12.07%) led the way down.
Binance Coin (-5.43%), Ethereum (-7.93%), and Polkadot (-3.40%) also struggled.
Crypto.com Coin saw a more modest 2.29% loss 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 $545.60bn.
Bitcoin’s dominance fell to a Monday low 62.55% before rising to a Friday high 64.16%. At the time of writing, Bitcoin’s dominance stood at 63.89%.
This Morning
At the time of writing, Bitcoin was up by 0.62% to $18,767.7. A mixed start to the day saw Bitcoin fall to an early morning low $18,498.0 before rising to a high $18,795.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (-0.14%), Crypto.com Coin (-1.25%), and Polkadot (-0.30%) 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, Ripple’s XRP was up by 3.01% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $18,934 to bring the first major resistance level at 19,268 into play.
Support from the broader market would be needed for Bitcoin to break back through to $19,000 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $19,500 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 $19,884.
Failure to move through the $18,934 pivot would bring the first major support level at $18,318 into play.
Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$18,000 levels. The second major support level sits at $17,984.
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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