The Crypto Daily – Mover and Shaker – December 26th, 2020

0
85
The Crypto Daily - Mover and Shaker - December 26th, 2020

Bitcoin, BTC to USD, gained 4.11% on Friday. After gaining 2.31% on Thursday, Bitcoin ended the day at $ 24,720.1.

It was another mixed start to the day. Bitcoin fell to an early morning low of $ 23,420.0 before moving.

Bitcoin stayed out of the first major support level at $ 23,033, hitting a late morning high of $ 24,722.0.

Bitcoin broke the first major resistance level at $ 24,122 and the second major resistance level at $ 24,501 before hitting reverse.

The reversal slipped Bitcoin to an early afternoon intraday low of $ 22,855.

Bitcoin fell through the first major support level at $ 23,033 before hitting a late intraday high and a new swing of $ 24,802.0.

The rebound resulted in Bitcoin breaking the first and second major resistance levels to end the day at $ 24,700.

The short term uptrend remained intact, aided by the recent break to $ 24,000. For the bears, Bitcoin would have to slide through the 62% FIB of $ 11,946 to form a short-term bearish trend.

The rest of the pack

For the other majors it was a mixed day on Friday.

Chainlink (-0.29%), Polkadot (-2.20%) and Ripple’s XRP (-5.94%) saw red to buck the trend of the day.

For the rest of the majors, however, it was a bullish day.

Litecoin was up 14.84% and led the way.

Bitcoin Cash SV (+ 2.96%), Cardanos ADA (+ 2.99%) and Crypto.com Coin (+ 3.96%) also found relatively strong support.

However, Binance Coin (+ 2.13%) and Ethereum (+ 2.37%) followed the front runners.

Over the current week, total crypto market cap rose to a Monday high of $ 671.50 billion before slipping to a Wednesday low of $ 590.85 billion. At the time of writing, its total market cap was $ 657.72 billion.

Bitcoin’s dominance rose from a Monday low of 66.74% to a Wednesday high of 71.14%. At the time of writing, Bitcoin was dominant at 69.49%.

This morning

At the time of writing, Bitcoin was down 0.51% to $ 24,594.0. On a mixed start to the day, Bitcoin rose to an early morning high of $ 24,775.0 before falling to a low of $ 24,550.0.

The story goes on

Bitcoin left key support and resistance levels untested early on.

Elsewhere it was a mixed start to the day.

Ripple’s XRP (-2.02%), Cardanos ADA (-0.29%) and Litecoin (-0.12%) joined Bitcoin early on.

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

At the time of writing, Crypto.com Coin was up 2.42%, leading the way.

For the Bitcoin Day Ahead

Bitcoin would have to avoid a drop in the pivot level at $ 24,126 to bring the first major resistance level into play at $ 25,396.

Support from the broader market would be needed for Bitcoin to break out of Friday’s high of $ 24,802.0.

Aside from an extended crypto rally, the first major level of resistance would likely limit an uptrend.

In the event of another extended crypto rally, Bitcoin could test resistance before pulling back at $ 26,000. The second major resistance level is at $ 26,073.

Unless a fall from the $ 24,126 pivot is avoided, the first major support level of $ 23,449 is brought into play.

Subject to another extended crypto sell-off, Bitcoin should avoid levels below $ 23,000. The second major level of support is at $ 22,179.

This article was originally published on FX Empire

More from FXEMPIRE: