The Crypto Daily – Movers and Shakers – December 8th, 2020

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

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Bitcoin, BTC to USD, fell by 1.10% on Monday. Reversing a 1.31% gain from Sunday, Bitcoin ended the day at $19,196.1.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $19,460.0 before hitting reverse.

Falling short of the first major resistance level at $19,614, Bitcoin slid to a late intraday low $18,925.0.

The reversal saw Bitcoin fall through the first major support level at $19,056 before finding late support.

Late in the day, Bitcoin broke back through the first major support level to wrap up the day at $19,190 levels.

The near-term bullish trend remained intact, in spite of the latest pullback to sub-$19,000 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 Monday.

Chainlink slid by 3.16% to lead the way down.

Ripple’s XRP (-2.50%), Ethereum (-1.74%), Cardano’s ADA (-2.88%), and Bitcoin Cash SV (-1.38%) also struggled.

Binance Coin (-0.56%), Crypto.com Coin (-0.16%), Litecoin (-0.20%), and Polkadot (-0.43%) saw relatively modest losses on the day, however.

At the start of the week, the crypto total market cap rose to a Monday high $566.95bn before falling to a Monday low $552.03bn. At the time of writing, the total market cap stood at $560.71bn.

Bitcoin’s dominance rose to a Monday high 63.73% before falling to a low 63.48%. At the time of writing, Bitcoin’s dominance stood at 63.64%.

This Morning

At the time of writing, Bitcoin was up by 0.07% to $19,210.0. A mixed start to the day saw Bitcoin rise to an early morning high $19,211 before falling to a low $19,157.6

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

Elsewhere, it was a mixed start to the day.

Ethereum (-0.08%) and Ripple’s XRP (-0.02%) saw red to buck the trend early on, with Bitcoin Cash SV flat.

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

At the time of writing, Crypto.com Coin was up by 2.05% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $19,194 to bring the first major resistance level at $19,462 into play.

Support from the broader market would be needed for Bitcoin to break back through to $19,400 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $19,500 would likely cap any upside.

In the event of a crypto breakout, the second major resistance level at $19,729 and resistance at $20,000 would likely come into play.

A fall back through the $19,194 pivot would bring the first major support level at $18,927 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of the second major support level at $18,659.

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