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

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.

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
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.
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.