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

By:
Bob Mason
Published: Dec 11, 2019, 04:05 UTC

It's another bearish start for the majors. A Bitcoin move back through to $7,300 would signal a move...

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.

BTC/USD 11/12/19 Daily Chart

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.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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