The Crypto Daily – Movers and Shakers -12/03/20

The crypto majors continue to struggle as the markets, with resistance at $8,000 pinning Bitcoin back. A break out from $8,000 would support the pack…
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin rose by 0.65% on Wednesday. Reversing a 0.65% decline from Tuesday, Bitcoin ended the day at $7,969.6.

A mixed start to the day saw Bitcoin rise to an early morning high $7,985.0 before hitting reverse.

Falling well short of the major resistance levels, Bitcoin tumbled to a late afternoon intraday low $7,634.8.

The reversal saw Bitcoin fall through the first major support level at $7,733.6 before finding support.

A late bounce back saw Bitcoin strike an intraday high $8,034.6 before easing back to sub-$8,000 levels.

In spite of the late support, Bitcoin came up short of the first major resistance level at $8,137.0.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin struggling at $8,000 levels.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a bearish day.

Cardano’s ADA led the way down, with a 4.46% slide. Bitcoin Cash SV (-3.83%), Ethereum (-3.00%), Litecoin (-3.35%), and Tezos (-3.22%) were close behind.

Binance Coin (-1.72%), Bitcoin Cash ABC (-1.37%), Monero’s XMR (-1.28%), Ripple’s XRP (-1.45%), Stellar’s Lumen (-2.52%), and Tron’s TRX (-1.46%) also saw red.

EOS joined Bitcoin in the green, with a 0.15% gain on the day.

Through the first half of the week, the crypto total market cap slid from a Monday current week high $233.12bn to a Wednesday current week low $215.34bn. At the time of writing, the total market cap stood at $223.85bn.

Bitcoin’s dominance returned to 64% levels after having fallen to sub-63.2% levels last week. At the time of writing, Bitcoin’s dominance stood at 64.7%.

Trading volumes hit $184bn levels on Monday before falling back to $121bn levels on Wednesday. At the time of writing, 24-hr volumes stood at $130.42bn.

This Morning

At the time of writing, Bitcoin was up by 0.1% to $7,977.7. Another mixed start to the day saw Bitcoin rise to an early morning high $8,001.7 before falling to a low $7,960.0.

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

Elsewhere, it was a bearish start to the day for the majors.

Stellar’s Lumen and Tezos led the way down, with losses of 0.52% and 0.59% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $8,000 levels to bring the first major resistance level at $8,124.53 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from Wednesday’s high $8,034.6

Barring a broad-based crypto rebound, Wednesday’s high and resistance at $8,100 would likely cap any upside.

Failure to move through $8,000 levels could see Bitcoin struggle throughout the day.

A fall back through to sub-$7,880 levels would bring the first major support level at $7,724.73 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $7,479.87.

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