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Crypto Market Daily

BTC bids to break $19.5K with potentially bullish pattern

2020.12.03 Adam James

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

The price of Bitcoin (BTC) is trading at 19,441 USDT on OKEx — nearly the same level as this time yesterday. At the same time, major altcoins have experienced equally slight gains or losses.

The total cryptocurrency market capitalization has reverted its previous 1.3% loss and now sits at $583,069,973,963, as per data from CoinGecko. BTC dominance remains unchanged, at 61.6%.

The wider cryptocurrency market is mixed but generally flat. Source: Coin360

Though stocks in Europe primarily closed down yesterday, those in the United Kingdom received a boost following the approval of a coronavirus vaccine. Markets in the United States also took a breather, though bullish sentiment remains strong following positive vaccine news and developments surrounding economic stimulus.

Top altcoin gainers and losers 

  • NEAR/USDT +38.39%
  • DHT/USDT +37.37%
  • DCR/USDT +29.70%
  • MCO/USDT -12.18%
  • MEME/USDT -12.49%
  • INX/USDT -16.96%

The top performers on OKEx over the past 24 hours have experienced larger moves than the worst performers. Near Protocol (NEAR) and dHedge (DHT) are both pushing gains just south of 40%, while Decred (DCR) is making a bid to also see a gain of over 30%.

BTC technical analysis

As noted yesterday, the price of BTC has used the ribbon of exponential moving averages as support on the four-hour time frame. It is now challenging the key resistance zone between 19,500 USDT and 20,000 USDT as sell volume gets absorbed while forming an inverse head-and-shoulders pattern — albeit one without the straightest of necklines. Nevertheless, the pattern could complete and push the price of BTC through resistance and up into open skies as it cleanly surpasses its previous all-time high.

OKEx's BTC/USDT 4h chart — 12/03. Source: OKEx, TradingView

ETH technical analysis

The price of Ether (ETH) looks a bit less convincing than BTC on the bullish front, but it would likely follow the leader if a breakout was to transpire. Resistance for the leading altcoin remains just above 620 USDT — with little but clear skies above.

OKEx's ETH/USDT 4h chart — 12/03. 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.