The Crypto Daily – Movers and Shakers -01/12/19It’s a bearish start to the month as Bitcoin tests support levels early. A move back through to $7,650 levels would signal a rebound…
Bitcoin fell by 2.52% on Saturday. Partially reversing a 4.50% rally from Friday, Bitcoin ended the day at $7,599.9.
A mixed start to the day saw Bitcoin rise to a late morning intraday high $7,861.6 before hitting reverse.
Falling short of the first major resistance level at $8,003.33, Bitcoin slid to a late afternoon intraday low $7,492.00.
Bitcoin fell through the first major support level at $7,519.93 before finding support.
A move back through the first major support level to $7,600 levels was short-lived, however.
Bitcoin closed out the day at $7,500 levels to end the month of November down by 17.3%.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of 4 days in the green from 6.
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 bearish day for the majors on Saturday.
Binance Coin and Bitcoin Cash ABC led the way down, with losses of 3.32% and 3.23% respectively.
Litecoin (-2.86%), Ripple’s XRP (-2.19%), and Stellar’s Lumen (-2.82%) also saw relatively heavy losses.
EOS (1.65%), Ethereum (-1.92%), and Bitcoin Cash SV (-1.94%) fared better than the rest.
The last day of the month was a reflection of the bearish November that left the majors deep in the red.
Binance Coin (-21.1%), Bitcoin Cash ABC (-23.2%), and Ripple’s XRP (-23.3%) saw the heaviest losses.
Things were not much better elsewhere, however.
Bitcoin Cash SV (-16.7%), EOS (-15.4%), Ethereum (-16.8%), Litecoin (-19.1%), and Stellar’s Lumen (-11.4%) also saw double digit losses.
Through the current week, the crypto total market cap slid to a Monday low $180.76bn before rebounding to a Saturday current week high $211.90bn. While recovering in the week, the total market cap sat well below a November high $254.2bn. At the time of writing, the total market cap stood at $202.40bn.
Bitcoin’s dominance held on to 66% levels in spite of Saturday’s fall. 24-hour trading volumes did fall back to sub-$60bn levels on Saturday, having peaked at $133bn levels earlier in the week.
At the time of writing, Bitcoin was down by 2.19% to $7,433.4. A particularly bearish start to the day saw Bitcoin slide from an early morning high $7,600.1 to a low $7,420.0.
Falling short of the major resistance levels, Bitcoin fell through the first major support level at $7,440.73.
Elsewhere, it was a sea of red across the crypto board.
Binance Coin and Bitcoin Cash SV led the way down, with losses of 3.0% and 3.6% respectively.
Ethereum (-2.4%), Litecoin (2.8%), and Stellar’s Lumen (2.1%) also saw heavy losses early on.
Bitcoin Cash ABC (-1.5%), EOS (1.7%), and Ripple’s XRP (-1.7%) saw relatively modest losses, however.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the first major support level to $7,650 levels to support a run at the first major resistance level at $7,810.33.
Support from the broader market would be needed, however, for Bitcoin to break out from $7,600 levels.
Barring a broad-based crypto rebound, resistance at $7,600 levels would likely cap any upside.
Failure to move through $7,650 levels could see Bitcoin spend a 2nd consecutive day in the red.
A fall through to sub-$7,400 levels would bring the second major support level at $7,281.57 into play before any recovery.
Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$7,000 for a 4th consecutive day.