The Crypto Daily – Movers and Shakers -04/12/19

It’s deep red for the majors this morning. A bitcoin move through to $7,260 levels would signal the start of a rebound…
Bob Mason
Depositphotos_179061572_s-2019

Bitcoin slipped by 0.19% on Tuesday. Following on from a 1.34% fall from Monday, Bitcoin ended the day at $7,336.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $7,454.6 before hitting reverse.

Falling short of the first major resistance level at $7,476.27, Bitcoin slid to a late morning intraday low $7,287.0.

Steering clear of the first major support level at $7,215.37, Bitcoin bounced back to an afternoon high $7,399.6 before easing back into the red.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, supported by the downside for the current week.

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 on Tuesday.

Binance Coin (+0.53%), EOS (+0.63%), and Stellar’s Lumen (+0.67%) saw green on the day.

It was red for the rest of the pack, however.

Bitcoin Cash SV led the way, sliding by 4.81%.

Bitcoin Cash ABC (-1.46%), Ethereum (-1.01%), and Litecoin (-1.65%) also saw relatively heavy losses on the day.

Ripple’s XRP ended the day with just a 0.02% loss.

Through the early part of the week, the crypto total market cap slid from a Monday high $203.16bn to a Wednesday low $195.19bn. At the time of writing, the total market cap stood at $195.34bn.

Bitcoin’s dominance held on to 66% levels supported by Tuesday’s modest loss. 24-hour trading volumes fell back further back on the day to $52bn levels before picking up.

Last week, volumes had hit $113bn levels before the current sell-off ensued.

This Morning

At the time of writing, Bitcoin was down by 1.81% to $7,203.2. A bearish start to the day saw Bitcoin slide from an early morning high $7,339.7 to a low $7,151.6.

Bitcoin fell through the first major support level at $7,263.8 and the second major support level at $7,191.6. The first major resistance level at $7,431.4 was left untested early on.

Elsewhere, it was a sea of red across the crypto board.

EOS led the way down, sliding by 3.49%. Ripple’s XRP and Stellar’s Lumen weren’t far behind, with losses of 3.04% and 3.01% respectively.

Binance Coin (-1.43%), Bitcoin Cash ABC (-2.79%), Ethereum (-2.05%), and Litecoin (-1.63%) also struggled.

Bitcoin Cash SV saw a more modest loss of 0.89% following Tuesday’s heavy slide.

For the Bitcoin Day Ahead

Bitcoin would need to break back through the second major support level at $7,191.6 to $7,200 levels to support a rebound.

Support from the broader market would be needed, however, for Bitcoin to break back through the first major support level at $7,263.8.

Barring a broad-based crypto rebound, Bitcoin would likely fail to move back through the morning high $7,339.7.

In the event of a broad-based crypto rebound, however, Bitcoin would need to move through to $7,360 levels to support a run at the first major resistance level at $7,431.4.

Failure to move through the first major support level at $7,263.8 could see Bitcoin slide deeper into the red.

A fall through the morning low $7,151.6 would bring sub-$7,100 levels into play before any recovery.

Barring an extended sell-off through the day, however, Bitcoin should steer clear of sub-$7,000 levels.

The third major support level at $7,024.0 should limit the downside on the day.

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