The Crypto Daily – Movers and Shakers – December 7th, 2021
Daily Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP
Bitcoin’s Day Prior
Bitcoin, BTC to USD, rose by 2.10% on Monday. Following a 0.47% gain on Sunday, Bitcoin ended the day at $50,513.
A mixed start to the day saw Bitcoin rise to an early morning high $49,522 before hitting reverse. Falling short of the first major resistance level at $50,209, Bitcoin slid to a late morning intraday low $47,167.
The morning sell-off saw Bitcoin fall through the first major support level at $48,300. Finding support at the second major support level at $47,125, however, Bitcoin rallied to a late intraday high $50,988.
Breaking through the first major resistance level at $50,209, Bitcoin tested the second major resistance level at $50,943 before easing back.
The near-term bullish trend remained intact, in spite of the latest pullback to $41,000 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 Monday.
Crypto.com Coin and Polkadot bucked the trend at the start of the week, falling by 1.07% and by 2.76% respectively.
It was a bullish session for the rest of the majors, however.
Bitcoin Cash SV surged by 25.07% to lead the way, with
Binance Coin (+5.39%), Cardano’s ADA (+3.04%), Ethereum (+3.59%), Litecoin (+3.20%), and Ripple’s XRP (+2.84%) also found strong support.
Chainlink (+1.89%) trailed the front runners, however.
Early in the week, the crypto total market fell to a Monday low $2,139bn before rising to a late Monday high $2,342bn. At the time of writing, the total market cap stood at $2,334bn.
Bitcoin’s dominance rose to a Monday high 41.76% before falling to a Monday low 40.83%. At the time of writing, Bitcoin’s dominance stood at 41.04%.
This Morning
At the time of writing, Bitcoin was up by 0.37% to $50,699. A mixed start to the day saw Bitcoin fall to an early morning low $50,397 before rising to a high $50,734.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (-0.39%), Bitcoin Cash SV (-0.47%), Ethereum (-0.06%), and Polkadot (-0.34%) saw red early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 12.09% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $49,556 pivot to bring the first major resistance level at $51,945 into play. Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $50,988.
Barring an extended crypto rally, the first major resistance level would likely cap the upside.
In the event of an extended rally, Bitcoin could test resistance at $55,000 levels before easing back. The second major resistance level sits at $53,377. Bitcoin would need plenty of support, however, to breakout from the 23.6% FIB of $53,628.
A fall through the $49,556 pivot would bring the first major support level at $48,124 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$47,000 levels. The second major support level sits at $45,735.
This article was originally posted on FX Empire
