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The Crypto Daily – Movers and Shakers -13/12/19

It’s a mixed start to the day as the Bitcoin and the pack struggle for direction. A Bitcoin move through to $7,245 levels would signal support.
Bob Mason
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin slipped by 0.09% on Thursday. Following on from a 0.33% fall on Wednesday, Bitcoin ended the day at $7,224.0.

A particularly bullish start to the day saw Bitcoin strike an early morning intraday high $7,369.0.

Bitcoin broke through the first major support level at $7,305.47 before sliding to an early morning intraday low $7,132.8.

The sell-off saw Bitcoin fall through the first major support level at $7,162.47.

Finding support through the late morning, Bitcoin recovered to $7,200 levels by the late afternoon.

While holding onto $7,200 levels, a late pullback, however, left Bitcoin in the red for the day.

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.

EOS and Ethereum bucked the trend on the day, with gains of 0.36% and 0.98% respectively.

It was a bearish day for the rest of the majors, however, with Bitcoin Cash SV sliding by 2.88% to lead the way down.

Ripple’s XRP and Stellar’s Lumen also saw relatively heavy losses of 1.18% and 1.06% respectively.

Binance Coin (-0.47%), Bitcoin Cash ABC (-0.48%), and Litecoin (-0.05%) saw relatively modest losses.

Through the first half of the week, the crypto total market cap rose to a Monday high $206.02bn before sliding to a Thursday low $194.64bn. At the time of writing, the total market cap stood at $197.06bn.

Bitcoin’s dominance held at sub-67% levels on the day, with Bitcoin struggling alongside the broader market on Thursday. Off the back of the recent sell-off, trading volumes recovered to $60bn levels in the day, however.

This Morning

At the time of writing, Bitcoin was up by just 0.03% to $7,226.3. A mixed start to the day saw Bitcoin rise from an early morning low $7,224.0 to a high $7,245.2.

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

Elsewhere, Bitcoin Cash ABC (+0.15%), Litecoin (+0.16%), Ripple’s XRP (+0.09%), and Stellar’s Lumen (+0.07%) joined Bitcoin in the green.

It was a bearish start for the rest, however, with EOS (-0.18%), Ethereum (-0.21%), and Binance Coin (-0.01%) seeing modest losses.

For the Bitcoin Day Ahead

A move back through the morning high $7,245.2 would bring the first major resistance level at $7,351.07 into play.

Bitcoin would need the support of the broader market, however, to break back through to $7,300 levels.

Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $7,369 would likely limit any upside.

Failure to move back through the morning high could see Bitcoin spend a 5th consecutive day in the red.

A fall back through the morning low $7,218.7 would bring the first major support level at $7,114.87 into play.

Barring a broad-based crypto sell-off, however, Bitcoin should continue to steer clear of sub-$7,100 levels.

In the event of a sell-off, the second major support level at $7,005.73 should limit any downside.

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