The Crypto Daily – Movers and Shakers – December 20th, 2020
Bitcoin, BTC to USD, rose by 2.96% on Saturday. Following a 1.46% gain from Friday, Bitcoin ended the day at $23.808.0.
It was another mixed start to the day. Bitcoin rose to an early morning high $23,240 before hitting reverse.
Falling short of Friday’s high $23,287 and the major resistance levels, Bitcoin fell to a late morning intraday low $22,768.0
Steering clear of the first major support level at $22,562, Bitcoin rallied to a late afternoon intraday high and a new swing high $24,123.0.
Bitcoin broke through the first major resistance level at $23,487 and the second major resistance level at $23,849.
A choppy end to the day saw Bitcoin fall back to $23,600 before wrapping up the day at $23,800 levels.
The second major resistance level at $23,849 pinned Bitcoin back late in the day.
The near-term bullish trend remained intact, supported by the breakthrough to $24,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $11,687 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was yet another mixed day on Saturday.
Binance Coin and Litecoin rallied by 7.44% and by 9.66% respectively to lead the way.
Crypto.com Coin (+1.85%) and Ethereum (+0.66%), also joined Bitcoin in the green.
It was a bearish day for the rest of the majors, however.
Bitcoin Cash SV (-0.97%), Cardano’s ADA (-0.41%), Chainlink (-0.26%), Polkadot (-3.32%) and Ripple’s XRP (-1.14%) saw red on the day
For the current week, the crypto total market cap fell to a Monday low $545.05bn before rising to a Saturday high $680.60bn. At the time of writing, the total market cap stood at $660.27bn.
Bitcoin’s dominance fell to a Monday low 64.21% before rising to an early Sunday high 66.97%. At the time of writing, Bitcoin’s dominance stood at 66.88%.
This Morning
At the time of writing, Bitcoin was down by 0.48% to $23,693.7. A mixed start to the day saw Bitcoin rise to an early morning high $23,810.0 before falling to a low $23,668.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day for the majors.
Chainlink and Polkadot bucked the trend early on, with gains of 0.01% and 0.63% respectively.
It was a bearish day for the rest of the majors, however.
At the time of writing, Litecoin and Ripple’s XRP led the way down, with losses of 1.07% and 1.05% respectively.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $23.566 to bring the first major resistance level at $24,365 into play.
Support from the broader market would be needed for Bitcoin to break out from Saturday’s high $24,123.0.
Barring an extended crypto rally, the first major resistance level and resistance at $24,500 would likely cap any upside.
In the event of another extended crypto rally, Bitcoin could test resistance at $25,000 before any pullback. The second major resistance level sits at $24,921.
Failure to avoid a fall through the $23,566 pivot would bring the first major support level at $23,010 into play.
Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$22,500 levels. The second major support level sits at $22,211.
This article was originally posted on FX Empire
