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  • S&P/TSX

    21,205.16
    -69.41 (-0.33%)
     
  • S&P 500

    4,532.76
    -44.35 (-0.97%)
     
  • DOW

    35,028.65
    -339.82 (-0.96%)
     
  • CAD/USD

    0.7992
    -0.0004 (-0.05%)
     
  • CRUDE OIL

    86.26
    -0.70 (-0.80%)
     
  • BTC-CAD

    52,372.51
    -1,099.14 (-2.06%)
     
  • CMC Crypto 200

    992.24
    -2.50 (-0.25%)
     
  • GOLD FUTURES

    1,839.60
    -3.60 (-0.20%)
     
  • RUSSELL 2000

    2,062.78
    -33.44 (-1.60%)
     
  • 10-Yr Bond

    1.8270
    -0.0380 (-2.04%)
     
  • NASDAQ futures

    15,021.00
    -12.50 (-0.08%)
     
  • VOLATILITY

    23.85
    +1.06 (+4.65%)
     
  • FTSE

    7,589.66
    +26.11 (+0.35%)
     
  • NIKKEI 225

    27,467.23
    -790.02 (-2.80%)
     
  • CAD/EUR

    0.7043
    -0.0011 (-0.16%)
     

The Crypto Daily – Movers and Shakers – December 4th, 2021

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·3 min read
In this article:
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Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP

Bitcoin, BTC to USD, slid by 5.01% on Friday. Following a 1.26% loss on Thursday, Bitcoin ended the day at $53,687.

After mixed morning, Bitcoin rose to an early afternoon intraday high $57,599 before hitting reverse. Coming up against the first major resistance level at $57,324, Bitcoin slid to a late intraday low $51,333.

The extended sell-off saw Bitcoin fall through the day’s major support levels and the 23.6% FIB of $53,628.

Finding late support, however, Bitcoin broke back through the third major support level at $53,487 and the 23.6% FIB to end the day at $53,600 levels.

The near-term bullish trend remained intact, in spite of the latest pullback to $51,000 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 bearish day on Friday.

Cardano’s ADA slid by 9.47% to lead the way down, with Ethereum (-6.59%) and Litecoin (-7.52%) in the deep red.

Bitcoin Cash SV (-4.65%), Binance Coin (-3.96%), Chainlink (-5.07%), Crypto.com Coin (-4.77%), and Ripple’s XRP (-5.14%) also struggled, while Polkadot slipped by just 0.66%.

In the current week, the crypto total market rose to a Wednesday high $2,712bn before sliding to a Friday low $2,329bn. At the time of writing, the total market cap stood at $2,438bn.

Bitcoin’s dominance rose to a Monday high 43.01% before falling to a Friday low 41.07%. At the time of writing, Bitcoin’s dominance stood at 41.69%.

This Morning

At the time of writing, Bitcoin was up by 0.22% to $53,805. A bullish start to the day saw Bitcoin rise from an early morning low $53,567 to a high $53,823.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+0.11%) and Litecoin (+0.20%) joined Bitcoin in positive territory early on.

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

At the time of writing, Crypto.com Coin was down by 4.17% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $54,206 pivot to bring the first major resistance level at $57,080 into play. Support from the broader market would be needed, however, for Bitcoin to break back through to $57,000 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $57,599 would likely cap the upside.

In the event of an extended rally, Bitcoin could test resistance at $60,000 levels before easing back. The second major resistance level sits at $60,472. Bitcoin would need plenty of support, however, to breakout from $58,500 levels.

Failure to move through the $54,206 pivot would bring the 23.6% FIB of $53,628 and the first major support level at $50,814 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$49,000 levels. The second major support level sits at $47,940.

This article was originally posted on FX Empire

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