The Crypto Daily – Movers and Shakers – December 6th, 2020

Bitcoin, BTC to USD, rose by 2.72% on Saturday. Partially reversing a 4.10% slide from Friday, Bitcoin ended the day at $19,159.0.

It was a mixed start to the day. Bitcoin slid to an early morning intraday low $18,498.0 before making a move.

Steering clear of the first major support level at $18,318, Bitcoin rallied to a late morning intraday high $19,182.0.

Falling short of the first major resistance level at $19,268, Bitcoin fell back to sub-$19,000 levels.

Avoiding a fall back through the pivot level at $18,943, Bitcoin bounced back to $19,100 levels to close out the day in the green.

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 mixed day on Saturday.

Crypto.com Coin fell by 0.62% to buck the trend on the day.

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

Cardano’s ADA  led the way, rallying by 7.92%.

Ethereum (+5.20%), Litecoin (+5.37%), and Ripple’s XRP (+5.93%) also found strong support.

Binance Coin (+2.31%), Bitcoin Cash SV (+3.00%), Chainlink (+3.79%), and Polkadot (+0.92%) trailed the front runners, however.

In the current week, the crypto total market cap rose to a Tuesday high $589.96bn before falling to a Tuesday low $525.17bn. At the time of writing, the total market cap stood at $562.33bn.

Bitcoin’s dominance fell to a Monday low 62.55% before rising to a Friday high 64.17%. At the time of writing, Bitcoin’s dominance stood at 63.50%.

This Morning

At the time of writing, Bitcoin was up by 0.44% to $19,244.1. A bullish start to the day saw Bitcoin rally from an early morning low $19,156.0 to a high $19,272.0.

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

Elsewhere, it was a mixed start to the day.

Polkadot was down by 0.34% to buck the trend early on.

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

At the time of writing, Litecoin was up by 1.53% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $18,946 to bring the first major resistance level at $19,395 into play.

Support from the broader market would be needed for Bitcoin to break back through to $19,300 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, Bitcoin could test resistance at $20,000 before any pullback. The second major resistance level sits at $19,630.

A fall through the $18,946 pivot would bring the first major support level at $18,711 into play.

Barring an extended crypto sell-off, Bitcoin should continue to steer clear of sub-$18,000 levels. The second major support level at $18,262 should limit any downside.