The Crypto Daily – Movers and Shakers – December 12th, 2020
Bitcoin, BTC to USD, fell 1.17% on Friday. Following on from a 1.61% decline on Thursday, Bitcoin ended the day at $18,049.9.
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It was a mixed start to the day. Bitcoin rose to an early morning intraday high $18,299.0 before hitting reverse.
Falling short of the first major resistance level at $18,574, Bitcoin fell to a late morning intraday low $17,629.0.
The reversal saw Bitcoin fall through the first major support level at $17,941.
Finding support at the second major support level at $17,621, Bitcoin briefly revisited $18,190 levels before ending the day at sub-$18,100.
The near-term bullish trend remained intact, in spite of the latest pullback to sub-$18,000 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 Friday.
Litecoin and Ripple’s XRP slid by 3.39% and by 3.72% respectively to lead the way down.
Bitcoin Cash SV, (-2.28%), Chainlink (-2.05%), Ethereum (-2.65%) and Polkadot (-2.70%) and also saw relatively heavy losses.
Binance Coin (-1.21%), Cardano’s ADA (-1.79%), and Crypto.com Coin (-1.69%) saw relatively modest losses on the day.
In the current week, the crypto total market cap rose to a Monday high $569.88bn before falling to a Friday low $509.01bn. At the time of writing, the total market cap stood at $531.62bn.
Bitcoin’s dominance rose to a Wednesday high 64.26% before falling to a Wednesday low 63.03%. At the time of writing, Bitcoin’s dominance stood at 64.01%.
This Morning
At the time of writing, Bitcoin was up by 1.62% to $18,342.0. A bullish start to the day saw Bitcoin rise from an early morning low $18,049.9 to a high $18,400.0.
Bitcoin broke through the first major resistance level at $18,356 early on before easing back.
Elsewhere, it was a mixed start to the day.
Ripple’s XRP (-2.22%) and Bitcoin Cash SV (-0.77%) 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, Cardano’s ADA was up by 4.84% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $17,993 to bring the first major resistance level at $18,356 back into play.
Support from the broader market would be needed for Bitcoin to hold onto $18,300 levels early on.
Barring an extended crypto rally, the first major resistance level and resistance at $18,500 would likely cap any upside.
In the event of an extended crypto rally, the second major resistance level at $18,663 and resistance at $19,000 would likely come into play.
Failure to avoid a fall through the $17,993 pivot would bring the first major support level at $17,686 into play.
Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$17,500 levels. The second major support level sits at $17,323.