Yahoo Finance The Crypto Daily – Movers and Shakers – December 2nd, 2021
Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP
Bitcoin, BTC to USD, rose by 0.44% on Wednesday. Partially reversing a 1.51% gain from Tuesday, Bitcoin ended the day at $57,249.
After a mixed morning, Bitcoin rose to a late afternoon intraday high $59,055 before hitting reverse. Bitcoin broke through the first major resistance level at $58,794 before sliding to a late intraday low $56,505.
Steering clear of the first major support level at $55,519, however, Bitcoin moved back through to $57,200 levels and into the green.
The near-term bullish trend remained intact, in spite of the latest pullback to sub-$54,000 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.
Polkadot slid by 3.53% to lead the way down.
Bitcoin Cash SV (-1.17%), Cardano’s ADA (-0.45), Ethereum (-1.07%) and Ripple’s XRP (-0.66%) also saw red.
Crypto.com Coin rallied by 7.78% to lead the way, however, with Binance Coin (+0.85%), Chainlink (+0.07%), and Litecoin (+0.43%) also finding support.
In the current week, the crypto total market fell to a Tuesday low $2,490bn before rising to a Wednesday high $2,712bn. At the time of writing, the total market cap stood at $2,578bn.
Bitcoin’s dominance rose to a Monday high 43.01% before falling to a Wednesday low 41.17%. At the time of writing, Bitcoin’s dominance stood at 41.75%.
This Morning
At the time of writing, Bitcoin was down by 0.48% to $56,965. A bearish start to the day saw Bitcoin fall from an early morning high $57,239 to a low $56,941.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a bearish start to the day.
At the time of writing, Crypto.com Coin was down by 5.31% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $57,600 pivot to bring the first major resistance level at $58,695 into play. Support from the broader market would be needed, however, for Bitcoin to break out from $58,500 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $59,055 would likely cap the upside.
In the event of an extended rally, Bitcoin could test resistance at $61,000 levels before easing back. The second major resistance level sits at $60,150.
Failure to move through the $57,600 pivot would bring the first major support level at $56,145 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level at $55,050 should limit the downside.
This article was originally posted on FX Empire
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