The Crypto Daily – Movers and Shakers – December 1st, 2020

To view this video content please accept our cookie policy.

Bitcoin, BTC to USD, rallied by 8.25% on Monday. Following on from a 2.54% gain on Sunday, Bitcoin ended the month up by 42.95% to $19,696.3.

It was a bullish end to the month. Bitcoin rallied from an early morning low $18,196.0 to a mid-afternoon intraday high and a new swing hi $19,844.0.

Bitcoin broke through the day’s major resistance levels to come within the range of $20,000 before pulling back.

The late pullback saw Bitcoin briefly fall back through the third major resistance level at $18,608 before wrapping up the day at $19,690 levels.

The near-term bullish trend remained intact, in spite of the recent slide back to sub-$17,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $10,053 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Monday.

Polkadot slid by 4.45% to buck the trend on the day.

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

Litecoin surged by 10.95% to lead the way.

Binance Coin (+4.55%), Bitcoin Cash SV (+8.36%), Chainlink (+6.53%), Ethereum (+6.95%), and Ripple’s XRP (+9.60%) also found strong support.

Cardano’s ADA (+3.32%) and Crypto.com Coin (+1.66%) trailed the front runners, however.

It was also a mixed bag for the month.

Ripple’s XRP surged by 177.02% to lead the pack.

Cardano’s ADA (+85.17%), Chainlink (+26.91%), Ethereum (+59.55%) and Litecoin (+57.35%) also found strong support.

Binance Coin (+10.29%), Bitcoin Cash SV (+9.39%) trailed the front runners, however.

Bucking the trend in the month were Crypto.com Coin (-20.47%) and Polkadot (-10.08%).

At the start of the week, the crypto total market cap rose from a Monday low $531.50bn to a Monday high $593.32bn. At the time of writing, the total market cap stood at $573.35bn.

Bitcoin’s dominance fell to a Monday low 62.47% before rising to a Monday high 67.46%. At the time of writing, Bitcoin’s dominance stood at 63.36%.

This Morning

At the time of writing, Bitcoin was down by 0.50% to $19,597.0. A mixed start to the day saw Bitcoin rise to an early morning high $19,715.0 before falling to a low $19,506.0

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

Elsewhere, it was a mixed start to the day.

Chainlink (+0.09%) and Crypto.com Coin (+4.17%) bucked the trend early on, with Bitcoin Cash SV flat.

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

At the time of writing, Litecoin was down by 1.63% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $19,245 to bring the first major resistance level at $20,295 into play.

Support from the broader market would be needed for Bitcoin to break through to $20,000 levels.

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

In the event of a crypto breakout, Bitcoin could test resistance at $20,500 before any pullback. The second major resistance level sits at $20,893.

Failure to avoid a fall through the $10,245 pivot would bring the first major support level at $18,647 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$18,000 levels. The second major support level sits at $17,597.