The Crypto Daily – Movers and Shakers – December 9th, 2020

Bitcoin, BTC to USD, slid by 4.52% on Tuesday. Following a 1.10% decline on Monday, Bitcoin ended the day at $18,329.0.

It was a mixed start to the day. Bitcoin rose to a mid-morning intraday high $19,322.0 before hitting reverse.

Falling short of the first major resistance level at $19,462, Bitcoin slid to a late intraday low $18,271.

The reversal saw Bitcoin fall through the first major support level at $18,927 and the second major support level at $18,659.

Finding late support, Bitcoin moved back through to $18,300 levels to reduce the deficit from the day.

The near-term bullish trend remained intact, in spite of the latest pullback to sub-$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 bearish day on Tuesday.

Cardano’s ADA (-8.51%), Litecoin (-8.08%), Ripple’s XRP (-8.17%) led the way down.

Ethereum (-6.12%), Chainlink (-7.38%), and Binance Coin (-5.84%) also saw heavy losses.

Bitcoin Cash SV (-3.01%), Crypto.com Coin (-2.69%), and Polkadot (-2.00%) saw relatively modest losses on the day, however.

In the current week, the crypto total market cap rose to a Monday high $569.88bn before falling to a Tuesday low $525.36bn. At the time of writing, the total market cap stood at $529.96bn.

Bitcoin’s dominance fell to a Monday low 63.30% before rising to a Tuesday high 64.19%. At the time of writing, Bitcoin’s dominance stood at 63.88%.

This Morning

At the time of writing, Bitcoin was down by 0.21% to $18,291.0. A mixed start to the day saw Bitcoin fall to an early morning low $18,236.0 before rising to a high $18,393.0

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

Elsewhere, it was a mixed start to the day.

Litecoin found early support, rising by 0.43% to buck the trend, with Polkadot flat.

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

At the time of writing, Crypto.com Coin was down by 2.44% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $18,641 to bring the first major resistance level at $19,010 into play.

Support from the broader market would be needed for Bitcoin to break out from $18,500 levels and back through to $19,000 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a crypto breakout, resistance at $19,500 and the second major resistance level at $19,692 would likely come into play.

Failure to move through the $19,641 pivot would bring the first major support level at $17,959 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of the second major support level at $17,590.