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The Crypto Daily – Movers and Shakers – December 4th, 2020

Bitcoin, BTC to USD, rose by 1.14% on Thursday. Following on from a 2.25% gain on Wednesday, Bitcoin ended the day at $19.449.0.

It was another bearish start to the day. Bitcoin fell to a mid-morning intraday low $18,900.0 before making a move.

Steering clear of the first major support level at $18,620, Bitcoin rose to a late afternoon intraday high $19,628.0.

Coming up against the first major resistance level at $19,603, Bitcoin fell back to sub-$19,230 levels and into the red.

Finding late support, however, Bitcoin moved back through to $19,400 levels to deliver the upside on the day.

The near-term bullish trend remained intact, supported by the latest recovery to $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 Thursday.

Polkadot fell by 2.33% to buck the trend on the day.

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

Cardano’s ADA  and Ethereum led the way, with gains of 3.48% and 3.29% respectively.

Binance Coin (+1.43%), Bitcoin Cash SV (+0.27%), Chainlink (+0.15%), Coin (+0.46%), Litecoin (+0.16%), and Ripple’s XRP (+0.19%) saw relatively modest gains on the day.

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 $573.35bn.

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 63.20%.

This Morning

At the time of writing, Bitcoin was up by 0.33% to $19,514.0. A mixed start to the day saw Bitcoin fall to an early morning low $19,401.7 before rising to a high $19,550.0.

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

Elsewhere, it was a bullish start to the day, with the majors recovering from early losses.

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

BTCUSD 041220 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $19,326 to bring the first major resistance level at $19,751 into play.

Support from the broader market would be needed for Bitcoin to break out from Thursday’s high $19,628.0.

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 $20,054.

A fall through the $19,326 pivot would bring the first major support level at $19,023 into play.

Barring an extended crypto sell-off, Bitcoin should to steer clear of the second major support level at $18,598.