The Crypto Daily – Movers and Shakers – December 3rd, 2020

It’s a mixed start to the day for the majors. A Bitcoin move through to $19,500 would support a breakout.
Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

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Bitcoin, BTC to USD, rose by 2.25% on Wednesday. Partially reversing a 4.48% slide from Tuesday, Bitcoin ended the day at $19,241.0.

It was a bearish start to the day. Bitcoin slid to an early morning intraday low $18,361.0 before making a move.

Steering clear of the first major support level at $18,077, Bitcoin rose to a late morning intraday high $19,344.0.

Falling short of the first major resistance level at $19,754, Bitcoin fell back to sub-$18,800 levels and into the red.

Finding late support, however, Bitcoin moved back through to $19,200 levels to deliver the upside on the day.

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 $10,095 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. Coin fell by 2.25% to buck the trend on the day.

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

Chainlink and Polkadot led the way, with gains of 4.63% and 5.12% respectively.

Litecoin (+4.47%) and Ripple’s XRP (+3.18%) also found strong support.

Binance Coin (+0.32%), Bitcoin Cash SV (+0.64%), Cardano’s ADA (+2.05%), and Ethereum (+1.96%) trailed the front runners, however.

In the current week, the crypto total market cap rose from a Monday low $531.50bn to a Tuesday high $589.96bn. At the time of writing, the total market cap stood at $563.13bn.

Bitcoin’s dominance fell to a Monday low 62.55% before rising to a Tuesday high 63.97%. At the time of writing, Bitcoin’s dominance stood at 63.31%.

This Morning

At the time of writing, Bitcoin was down by 0.26% to $19,191.0. A mixed start to the day saw Bitcoin rise to an early morning high $19,300.0 before falling to a low $19,176.0.

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

Elsewhere, it was a mixed start to the day.

Chainlink (-0.44%), Ethereum (-0.24%), Litecoin (-0.61%), Polkadot (-0.53%), and Ripple’s XRP (-0.61%) joined Bitcoin in the red.

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

At the time of writing, Coin was up by 2.15% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $18,982 to bring the first major resistance level at $19,603 into play.

Support from the broader market would be needed for Bitcoin to break through to $19,500 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 $20,000 before any pullback. The second major resistance level sits at $19,965.

A fall through the $18,982 pivot would bring the first major support level at $18,620 into play.

Barring another extended crypto sell-off, Bitcoin should continue to steer clear of sub-$18,000 levels. The second major support level sits at $17,999.

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