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The Crypto Daily – Movers and Shakers – December 7th, 2020

By:
Bob Mason
Published: Dec 7, 2020, 01:05 UTC

It's a mixed start to the day for the majors. A Bitcoin move through to $19,500 levels would support the pack.

Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

In this article:

Bitcoin, BTC to USD, rose by 1.31% on Sunday. Following on from a 2.72% gain on Saturday, Bitcoin ended the week up by 6.67% to $19,410.0.

It was a mixed start to the day. Bitcoin rose to an early morning high $19,344.0 before hitting reverse.

Falling short of the first major resistance level at $13,395, Bitcoin slid to an early afternoon intraday low $18,905.0.

Steering clear of the first major support level at $18,711, however, Bitcoin rallied to a final hour intraday high $19,463.0.

Bitcoin broke through the first major resistance level at $19,395 to wrap up the day at $19,400 levels.

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 Sunday.

Binance Coin (-0.73%), Cardano’s ADA  (-0.68%), Crypto.com Coin (-0.31%), and Polkadot (-2.20%) saw red to buck the trend on the day.

It was a bullish day for the rest of the majors, however.

Ripple’s XRP rallied by 6.24% to lead the way, with Chainlink (+2.67%) and Bitcoin Cash SV (+1.51%) finding strong support.

Ethereum (+0.78%) and Litecoin (+0.52%) trailed the front runners, however.

It was also a mixed week for the majors.

Binance Coin (-1.94%), Cardano’s ADA (-4.75%), Crypto.com Coin (-4.08%), and Polkadot (-7.31%) saw red for the week.

It was a bullish week for the rest of the majors, however.

Bitcoin Cash SV (+7.75%), Chainlink (+0.97%), Ethereum (+4.34%), Litecoin (+5.86%), and Ripple’s XRP (+2.69%) joined Bitcoin in the green.

In the 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 $562.79bn.

Bitcoin’s dominance fell to a Monday low 62.55% before rising to a Friday high 64.17%. At the time of writing, Bitcoin’s dominance stood at 63.63%.

This Morning

At the time of writing, Bitcoin was down by 0.11% to $19,388.7. A mixed start to the day saw Bitcoin rise to an early morning high $19,460.0 before falling to a low $19,347.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was up by 0.47%, with Bitcoin Cash SV flat to buck the trend early on.

It was a bearish start for the rest of the majors, however.

At the time of writing, Ripple’s XRP was down by 1.18% to lead the way down.

BTCUSD 071220 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $19,259 to bring the first major resistance level at $19,614 into play.

Support from the broader market would be needed for Bitcoin to break out from $19,500 levels.

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 $19,817.

A fall through the $19,259 pivot would bring the first major support level at $19,056 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of the second major support level at $18,701.

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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