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The Crypto Daily – Movers and Shakers – 01/01/20

It’s a bullish start to the day for the Majors. Bitcoin would need to steer clear of $7,235 levels to avoid dragging the pack into the red…
Bob Mason
Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin fell by 0.72% on Tuesday. Following on from a 2.09% slide on Monday, Bitcoin ended the day at $7,208.3.

While ending the month of December down by 5.2% and the 4th quarter down by 13.5%, Bitcoin ended the year with an 88% gain.

On the day, a mixed start to the day saw Bitcoin strike an early afternoon intraday high $7,333.0 before hitting reverse.

Falling short of the first major resistance level at $7,387.97, Bitcoin slid to a late afternoon intraday low $7,161.3.

The reversal saw Bitcoin fall through the first major support level at $7,167.57 before recovering to $7,200 levels.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of Bitcoin continuing to hold onto $7,000 levels.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed day for the majors.

Tezos (+1.96%), Bitcoin Cash SV (+1.55%), and Tron’s TRX (+0.46%) closed out the day in the green.

It was a bearish day for the rest, however, with Litecoin sliding by 2.56% to lead the way down.

Binance Coin (-1.01%), Bitcoin Cash ABC (-1.63%), EOS (-1.54%), Ethereum (-1.94%), Ripple’s XRP (-0.09%), Stellar’s Lumen (-0.94%), and also saw red.

For the month of December, Tezos bucked the trend with a 1% gain, with the rest of the majors in the red.

Stellar’s Lumen slid by 21.5% to lead the way down. Ethereum (-15.2%), Ripple’s XRP (-14.7%), Binance Coin (-13.2%), Litecoin (-13.0%), and Tron’s TRX (-13.0%) also saw heavy losses.

It was a mixed bag for the year, however.

Binance Coin (+116%) and Stellar’s Lumen (+109%) led the way.

Litecoin (+38%) and Bitcoin Cash ABC (+38%) also saw solid gains.

Ripple’s XRP and Tron’s TRX struggled, however, with the pair sliding by 47% and by 31% respectively.

Through the current week, the crypto total market cap hit a Monday high $198.27bn before sliding to a Tuesday low $190.14bn. At the time of writing, the total market cap stood at $192.06bn.

Bitcoin’s dominance continued to sit at 68% levels following relatively modest losses on Tuesday. Trading volumes had hit $80bn levels on Monday before easing back to sub-$70bn levels. At the time of writing, volumes were at $69bn levels.

This Morning

At the time of writing, Bitcoin was up by 0.66% to $7,255.7. Early on, Bitcoin slid to an early morning intraday low $7,185.4 before striking a high $7,256.7.

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

Elsewhere, Bitcoin Cash SV (+1.89%), Litecoin (+1.53%), Ethereum (+1.45%), Bitcoin Cash ABC (+1.44%), and EOS (+1.42%) led the way early on.

Binance Coin (+0.96%), Ripple’s XRP (+0.64%), Stellar’s Lumen (+0.62%), Tezos (+0.19%), and Tron’s TRX (+0.43%) trailed.

For the Bitcoin Day Ahead

Bitcoin would need to steer clear of $7,235 levels to support a run at the first major resistance level at $7,307.10.

Support from the broader market would be needed, however, for Bitcoin to break back through to $7,300 levels.

Barring a broad-based crypto rally on the day, the first major resistance level and Tuesday’s high $7,333 would likely limit any upside.

Failure to steer clear of $7,235 levels could see Bitcoin fall back into the red.

A fall through to morning low $7,185.4 would bring the first major support level at $7,135.4 into play.

Barring an extended sell-off, however, Bitcoin should continue to steer clear of sub-$7,100 levels.

In the event of a sell-off, the second major support level at $7,062.5 should limit any downside.

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