The Crypto Daily – Movers and Shakers – December 3rd, 2021

Daily Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP

Bitcoin, BTC to USD, fell by 1.26% on Thursday. Reversing a 0.44% gain from Wednesday, Bitcoin ended the day at $56,517.

A mixed morning saw Bitcoin rise to an early morning intraday high $57,390 before hitting reverse. Falling short of the first major resistance level at $58,695, Bitcoin slid to an early morning intraday low $55,842.

Bitcoin fell through the first major support level at $56,145 before briefly revising $57,300 levels. A bearish end to the day, however, saw Bitcoin fall back to sub-$57,000 and into the red.

The near-term bullish trend remained intact, in spite of the latest pullback to sub-$54,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.

The Rest of the Pack

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

Cardano’s ADA jumped by 11.18% to lead the way, with Bitcoin Cash SV (+0.47%) also bucking the trend on the day.

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

Crypto.com Coin slid by 6.52% to lead the way down.

Binance Coin (-1.21%), Chainlink (-3.16%), Ethereum (-1.58%), Litecoin (-2.56%), Polkadot (-1.57%), and Ripple’s XRP (-1.73%) also saw red.

In the current week, the crypto total market fell to a Tuesday low $2,490bn before rising to a Wednesday high $2,712bn. At the time of writing, the total market cap stood at $2,572bn.

Bitcoin’s dominance rose to a Monday high 43.01% before falling to a Thursday low 41.13%. At the time of writing, Bitcoin’s dominance stood at 41.59%.

This Morning

At the time of writing, Bitcoin was up by 0.18% to $56,620. A mixed start to the day saw Bitcoin fall to an early morning low $56,466 before rising to a high $56,620.

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

Elsewhere, it was a mixed start to the day.

At the time of writing, Binance Coin (-0.03%), Cardano’s ADA (-0.52%), Crypto.com Coin (-0.52%), and Ripple’s XRP (-0.18%) saw red early on.

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

Chainlink was up by 0.41%, at the time of writing, to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $56,583 pivot to bring the first major resistance level at $57,324 into play. Support from the broader market would be needed, however, for Bitcoin to break back through to $57,000 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $57,390 would likely cap the upside.

In the event of an extended rally, Bitcoin could test resistance at $58,500 levels before easing back. The second major resistance level sits at $58,131.

A fall back through the $56,583 pivot would bring the first major support level at $55,776 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level at $55,035 should limit the downside.