The Crypto Daily – The Movers and Shakers – December 18th, 2020

Bitcoin, BTC to USD, rallied by 6.89% on Thursday. Following on from Wednesday’s 9.55% surge, Bitcoin ended the day at $22,786.0.

It was a mixed start to the day. Bitcoin slipped to an early morning intraday low $21,197.0 before making a move.

Steering clear of the first major support level at $19,443, Bitcoin rallied to a late afternoon intraday high and a new swing hi $23,630.0.

The breakout saw Bitcoin break through the first major resistance level at $22,069 and the second major resistance level at $22,820.

Coming up short of $24,000 levels, however, Bitcoin fell back to end the day at sub-$23,000 levels.

The pullback saw Bitcoin fall back through the second major resistance level at $22,820.

The near-term bullish trend remained intact, supported by the breakthrough to $23,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $11,500 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was another mixed day on Thursday.

Binance Coin (-1.20%), Cardano’s ADA (-2.98%), Chainlink (-0.39%), and Polkadot (-6.95%) saw red on the day

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

Crypto.com Coin and Litecoin rallied by 9.21% and by 8.86% to lead the way.

Bitcoin Cash SV (+0.37%), Ethereum (+0.86%), and Ripple’s XRP (+1.49%) also joined Bitcoin in the green.

For the current week, the crypto total market cap fell to a Monday low $545.05bn before rising to a Thursday high $679.01bn. At the time of writing, the total market cap stood at $634.00bn.

Bitcoin’s dominance fell to a Monday low 64.21% before rising to a Thursday high 66.70%. At the time of writing, Bitcoin’s dominance stood at 66.56%.

This Morning

At the time of writing, Bitcoin was down by 0.37% to $22,702.0. A mixed start to the day saw Bitcoin rise to an early morning high $22,847.5 before falling to a low $22,466.0

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

Elsewhere, it was a mixed start to the day.

Litecoin and Polkadot bucked the trend early on, with gains of 1.57% and 0.35% respectively.

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

At the time of writing, Crypto.com Coin was down by 3.78% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $22,538 to bring the first major resistance level at $23,878 into play.

Support from the broader market would be needed for Bitcoin to break out from Thursday’s high $23,630.

Barring an extended crypto rally, the first major resistance level and resistance at $24,000 would likely cap any upside.

In the event of another extended crypto rally, Bitcoin could test resistance at $25,000 before any pullback. The second major resistance level sits at $24,971.

Failure to avoid a fall back through the $22,538 pivot would bring the first major support level at $21,445 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$21,000 levels. The second major support level sits at $20,105.