The Crypto Daily – Movers and Shakers – December 10th, 2020

It’s a mixed start to the day for the majors. A Bitcoin move back through to $18,500 levels should support the broader market.
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Bitcoin, BTC to USD, rose by 1.25% on Wednesday. Partially reversing a 4.52% slide from Tuesday, Bitcoin ended the day at $18,558.0.

It was a bearish start to the day. Bitcoin fell to a mid-morning intraday low $17,742.0 before making a move.

The reversal saw Bitcoin fall through the first major support level at $17,959.

Finding late morning support, however, Bitcoin rallied to a late intraday high $18,630.0.

Falling short of the first major resistance level at $19,010, Bitcoin eased back to end the day at $18,500 levels.

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 mixed day on Wednesday.

Bitcoin Cash SV and Crypto.com Coin fell by 1.95% and by 2.11% to buck the trend on the day.

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

Cardano’s ADA (+5.00%), Chainlink (+4.07%), and Ripple’s XRP (+4.35%) led the way.

Binance Coin (+1.85%), Ethereum (+3.35%), Litecoin (+0.98%), and Polkadot (+1.64%) trailed the front runners.

In the current week, the crypto total market cap rose to a Monday high $569.88bn before falling to a Wednesday low $509.70bn. At the time of writing, the total market cap stood at $538.22bn.

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 63.55%.

This Morning

At the time of writing, Bitcoin was down by 0.33% to $18,497.0. A mixed start to the day saw Bitcoin rise to an early morning high $18,568.0 before falling to a low $18,470.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+0.52%), Crypto.com Coin (+0.66%), and Polkadot (+0.28%) found early support to buck the trend early on.

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

At the time of writing, Litecoin was down by 0.57% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $18,310 to bring the first major resistance level at $18,878 into play.

Support from the broader market would be needed for Bitcoin to break out from Wednesday’s high $18,630.0.

Barring an extended crypto rally, the first major resistance level and resistance at $19,000 would likely cap any upside.

In the event of a crypto breakout, the second major resistance level at $19,198 and resistance at $19,500 would likely come into play.

A fall through the $18,310 pivot would bring the first major support level at $17,990 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of the second major support level at $17,422.

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