The Crypto Daily – Movers and Shakers – December 6th, 2021
Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP
Bitcoin, BTC to USD, rose by 0.47% on Sunday. Following an 8.23% tumble on Saturday, Bitcoin ended the week down by 13.70% to $49,474.
A mixed start to the day saw Bitcoin rise to a mid-morning intraday high $49,769 before hitting reverse. Falling well short of the first major resistance level at $54,874, Bitcoin fell to a mid-afternoon intraday low $47,860.
Steering clear of the 38.2% FIB of $44,144 and the first major support levels at $42,629, Bitcoin found late support to end the day in positive territory.
The near-term bullish trend remained intact, in spite of the latest pullback to $41,000 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 Sunday.
Ethereum rose by 1.90% to join Bitcoin in the green.
It was another bearish session for the rest of the majors, however.
In the week, the crypto total market rose to a Wednesday high $2,712bn before sliding to a Saturday low $1,881bn. At the time of writing, the total market cap stood at $2,255bn.
Bitcoin’s dominance rose to a Monday high 43.01% before falling to a Sunday low 40.21%. At the time of writing, Bitcoin’s dominance stood at 41.27%.
At the time of writing, Bitcoin was down by 0.37% to $49,290. A mixed start to the day saw Bitcoin rise to an early morning high $49,522 before falling to a low $49,267.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin bucked the early trend, rising by 3.70%.
It was a bearish start for the rest of the majors, however.
At the time of writing, Bitcoin Cash SV was down by 1.68% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $49,034 pivot to bring the first major resistance level at $50,209 into play. Support from the broader market would be needed, however, for Bitcoin to break back through to $50,000 levels.
Barring an extended crypto rally, the first major resistance level would likely cap the upside.
In the event of an extended rally, Bitcoin could test resistance at $52,000 levels before easing back. The second major resistance level sits at $50,943.
A fall through the $49,034 pivot would bring the first major support level at $48,300 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $47,125.