The Crypto Daily – Movers and Shakers -07/12/19It’s a mixed start for the majors. A Bitcoin move back through to $7,600 levels would signal support for the broader market.
Bitcoin rose by 1.99% on Friday. Following on from a 2.77% rally on Thursday, Bitcoin ended the day at $7,588.3.
A choppy start to the day saw Bitcoin rise to a morning high $7,496.5 before falling to a late morning intraday low $7,350.0.
Steering clear of the first major support level at $7,243.7, Bitcoin rallied to a late afternoon intraday high $7,661.8.
Bitcoin broke through the first major resistance level at $7,583.6 before falling back to sub-$7,500 levels.
Late support delivered the upside on the day, with Bitcoin breaking back through the first major resistance level to hit $7,600 levels before easing back.
In spite of the upside on the day, the first major resistance level at $7,583.6 capped the upside on the day.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the upside in 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.
Bitcoin Cash SV led the way, rallying by 2.89%.
EOS (+1.62%), Litecoin (+1.14%), Ripple’s XRP (+2.04%), and Stellar’s Lumen (+1.11%) also saw solid gains.
Binance Coin (+0.19%) and Ethereum (+0.42%) trailed the pack, while Bitcoin Cash ABC bucked the trend, with a 0.12% loss.
Through the current week, the crypto total market cap slid from $203bn levels on Monday to a Wednesday low $195.19bn before hitting $204bn levels on Saturday. At the time of writing, the total market cap stood at $204.28bn.
Bitcoin’s dominance returned to 67% levels, supported by the strong gains on the day. 24-hour trading volumes failed to recover to $100bn levels, with volumes at sub-$60bn on Friday.
At the time of writing, Bitcoin was down by 0.31% to $7,564.6. A mixed start to the day saw Bitcoin rise to an early morning high $7,609.7 before falling back to a low $7,557.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, EOS (-0.05%), Ripple’s XRP (-0.28%), and Stellar’s Lumen (-0.22%) joined Bitcoin in the red.
It was a relatively positive day for the rest of the pack, however, with Binance Coin up by 0.44% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move back through to $7,600 levels to support a run at the first major resistance level at $7,716.73.
Support from the broader market would be needed, however, for Bitcoin to break out from Friday’s high $7,661.8.
Barring a broad-based crypto rebound on the day, Friday’s high and resistance at $7,700 would likely pin Bitcoin back.
In the event of a rebound, Bitcoin could visit $7,800 levels before any pullback.
Failure to move back through to $7,600 levels could see Bitcoin struggle on the day.
A fall back through to sub-$7,530 levels would bring the first major support level at $7,404.93 into play.
Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$7,300 levels for a 2nd consecutive day.
In the event of an extended reversal, the second major support level at $7,221.57 would come into play, however.