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Bitcoin Ethereum Crypto Market Daily

Bullish pattern still in play for BTC heading into the weekend

2020.12.04 Adam James

Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.

For the third day in a row, the price of Bitcoin (BTC) is trading just above 19,400 USDT on OKEx — with virtually no change in price since this time yesterday. Some altcoins have used this breather to their advantage, though there hasn't been a particularly noteworthy surge in the market, as a whole.

The total cryptocurrency market capitalization has increased by roughly $3 billion, as per data from CoinGecko. BTC dominance, meanwhile, declined by 0.2%.

The cryptocurrency market has been relatively stagnant over the past 24 hours. Source: Coin360

Stocks in the United States pulled back following confusion over the eventual rollout of COVID-19 vaccines. The Nasdaq Composite, however, closed at a new all-time high — something the S&P 500 also flirted with before news of supply chain problems relating to Pfizer Inc.'s coronavirus vaccine rejected the benchmark index. Threats of further lockdown restrictions in some states, such as California, are also presenting more complications to the already ravaged "real economy."

Top altcoin gainers and losers 

  • KCASH/USDT +59.27%
  • QUN/USDT +39.63%
  • OM/USDT +33.43%
  • LMCH/USDT -7.59%
  • DCR/USDT -8.46%
  • GTO/USDT -9.30%

Once again, the top performers on OKEx over the past 24 hours have experienced larger moves than the worst performers — though more significantly than yesterday. KCASH is up nearly 60% while QUN is pushing 40%.

BTC technical analysis

The inverted head-and-shoulders pattern we mentioned yesterday appears highly interested in playing out. The price of BTC is currently assaulting the resistance level around 19,500 USDT, though it still has a lot of resistance to chew through if it wishes to close above 20,000 USDT.

We have seen traders take advantage of weekends — when trading volume is lower — as of late. This weekend could potentially see some price volatility as a result.

OKEx's BTC/USDT 4h chart — 12/04. Source: OKEx, TradingView

ETH technical analysis

The price of Ether (ETH) looks keen for a breakout today. It is using the ribbon of exponential moving averages on the four-hour time frame as support while assaulting the resistance level around 620 USDT. However, the foremost altcoin may simply follow BTC's lead heading into the weekend.

OKEx's ETH/USDT 4h chart — 12/04. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.