FXEMPIRE
All

The Crypto Daily – Movers and Shakers -11/12/19

It’s another bearish start for the majors. A Bitcoin move back through to $7,300 would signal a move…
Bob Mason
bitcoin with us dollars and calculator

Bitcoin fell by 1.69% on Tuesday. Following on from a 2.45% slide on Monday, Bitcoin ended the day at $7,254.6.

A relatively bullish start to the day saw Bitcoin rise to an early morning intraday high $7,434.6.

Falling well short of the first major resistance level at $7,650.07, Bitcoin slid to a late afternoon intraday low $7,200.0.

The reversal saw Bitcoin slide through the first major support level at $7,207.57.

Finding support late in the day, Bitcoin broke back through the first major support level to limit the downside.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin on the back foot 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 rose by 0.27% to buck the trend on the day.

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

Binance Coin led the way down, sliding by 3.40%.

EOS and Stellar’s Lumen also saw heavy losses, with the pair falling by 2.04% and 2.13% respectively.

Bitcoin Cash ABC (-0.63%), Ethereum (-1.18%), Litecoin (-0.77%), and Ripple’s XRP (-0.67%) saw relatively modest losses on the day.

Through the early part of the week, the crypto total market cap rose to a Monday high $206.02bn before sliding to a Tuesday low $196.37bn. At the time of writing, the total market cap stood at $196.95bn.

Bitcoin’s dominance held at sub-67% levels on the day, with heavy losses relative to the broader market pinning Bitcoin back. The continued sell-off did manage to draw in sidelined investors, with trading volumes hitting $60bn levels before easing back.

This Morning

At the time of writing, Bitcoin was down by 0.29% to $7,233.8. A mixed start to the day saw Bitcoin rise to an early morning high $7,312.0 before falling to a low $7,223.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, Stellar’s Lumen bucked the trend, rising by 0.48%.

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

Ripple’s XRP and Bitcoin Cash SV led the way down with falls of 1.1% and 0.63% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $7,300 levels to support a run at the first major resistance level at $7,392.8.

Support from the broader market would be needed, however, for Bitcoin to break out from the early morning high $7,312.0.

Barring a broad-based crypto rebound, Bitcoin would likely come up short of Tuesday’s high $7,434.6.

The first major resistance level and resistance at $7,400 would likely cap any upside on the day.

Failure to move back through to $7,300 levels could see Bitcoin slide deeper into the red.

A fall through the morning low $7,223.0 would bring the first major support level at $7,158.2 into play.

Barring an extended sell-off through the day, however, Bitcoin should steer clear of sub-$7,100 levels.

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