The Crypto Daily – Movers and Shakers -01/12/19

It’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…
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

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.

This Morning

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.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US