The Crypto Daily – Movers and Shakers – December 2nd, 2020

Bitcoin, BTC to USD, fell by 4.48% on Tuesday. Partially reversing an 8.25% rally from Monday, Bitcoin ended the day at $18,814.0.

It was a bullish start to the day. Bitcoin rallied to a late morning intraday high and a new swing hi $19,956 before hitting reverse.

Falling short of the first major resistance level at $20,295, Bitcoin slid to an early afternoon intraday low $18,279.0.

The selloff saw Bitcoin fall through the first major support level at $18,647 before finding support.

Bitcoin briefly bounced back to $19,500 levels before falling back through to end the day at sub-$19,000 levels.

The first major support level limited the downside late in 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 bearish day on Tuesday.

Bitcoin Cash SV (-7.09%), Cardano’s ADA (-9.62%), and Ripple’s XRP (-8.05%) led the way down.

Binance Coin (-4.03%), Chainlink (-6.32%), and Ethereum (-5.02%), and also saw relatively heavy losses. Coin (-0.74%), Litecoin (-2.87%), and Polkadot (-0.91%) saw relatively modest losses on the day, however.

In the current week, the crypto total market cap rose from a Monday low $531.50bn to a Monday high $589.74bn. At the time of writing, the total market cap stood at $552.36bn.

Bitcoin’s dominance fell to a Monday low 62.47% before rising to a Tuesday high 63.99%. At the time of writing, Bitcoin’s dominance stood at 63.26%.

This Morning

At the time of writing, Bitcoin was up by 0.20% to $18,852.0. A mixed start to the day saw Bitcoin fall to an early morning low $18,528.0 before rising to a high $18,885.0.

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

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.10%) and Coin (-1.50%) saw red to buck the trend early on.

It was a bullish start to the day for the rest of the pack, however, which recovered from early losses.

At the time of writing, Litecoin was up by 1.41% to lead the way.

BTCUSD 021220 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $19,016 to bring the first major resistance level at $19,754 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 and resistance at $20,000 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 $20,693.

Failure to move through the $19,016 pivot would bring the first major support level at $18,077 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 $17,339.