The Crypto Daily – Movers and Shakers -08/12/19

A bearish start to the day sees the major support levels tested as Bitcoin coughs up gains from earlier in the week. Bitcoin will need to hit $7,580 to recover…
Bob Mason
Coins of crypto currency are presented on a dark background. Virtual money concept.

Bitcoin fell by 0.55% on Saturday. Partially reversing a 1.99% rally from Friday, Bitcoin ended the day at $7,543.2.

A bullish start to the day saw Bitcoin rally to a mid-morning intraday high $7,669.8 before hitting reverse.

Falling well short of the first major resistance level at $7,716.73, Bitcoin fell to a late morning intraday low $7,533.1.

Steering clear of the first major support level at $7,404.93, Bitcoin move through to an afternoon high $7,599.0.

Resistance at $7,600 kicked in once more, however, leading to a fall back into the red.

While ending the day in the red, Bitcoin held onto gains from earlier in the week. Monday through Saturday, Bitcoin was up by 1.25%.

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.

Ripple’s XRP bucked the trend on the day, rising by 0.63%, while the rest of the pack saw red.

Bitcoin Cash SV and Bitcoin Cash ABC led the way down, with losses of 1.34% and 1.08% respectively.

Binance Coin (-0.19%), EOS (-0.28%), Ethereum (-0.93%), Litecoin (-0.35%), and Stellar’s Lumen (-0.24%) saw modest losses on the day.

For the current week, it was also a mixed bag for the pack.

Binance Coin and Ripple’s XRP joined Bitcoin in the green, with gains of 1.16% and 0.98% respectively.

It was bearish for the rest, however, with Bitcoin Cash SV sliding by 7.26% to lead the way down.

Litecoin (-4.82%), Stellar’s Lumen (-3.31%), Ethereum (-2.33%), EOS (-2.01%), and Bitcoin Cash ABC (-1.42%) also saw relatively heavy losses.

Through the current week, the crypto total market cap slid from $203 levels on Monday to a Wednesday low $195.19bn before hitting $205bn levels on Saturday. At the time of writing, the total market cap stood at $202.58bn.

Bitcoin’s dominance held onto 67% levels before falling back to 66% levels this morning.

24-hour trading volumes failed to recover to $100bn levels, with volumes at $50bn levels on Sunday morning.

This Morning

At the time of writing, Bitcoin was down by 1.35% to $7,441.2. A bearish start to the day saw Bitcoin fall from an early morning high $7,548.9 to a low $7,433.6.

Steering clear of the major resistance levels, Bitcoin fell through the first major support level at $7,483.33.

Elsewhere, it was also a bearish start to the day.

Binance Coin (-1.62%), Bitcoin Cash SV (-1.05%), and Stellar’s Lumen (-1.27%) were deep in the red.

The losses were more modest elsewhere, however, with Ethereum and Litecoin down by just 0.45% and by 0.58% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $7,580 levels to support a run at the first major resistance level at $7,636.43.

Support from the broader market would be needed, however, for Bitcoin to break back through to $7,600 levels.

Barring a broad-based crypto rebound, resistance at $7,600 would likely limit any upside on the day.

Failure to move through to $7,580 levels could see Bitcoin struggle throughout the day.

A fall back through the morning low $7,433.6 would bring the second major support level at $7,423.47 into play.

Barring an extended sell-off through the day, however, Bitcoin should steer clear of sub-$7,400 levels.

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