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The Crypto Daily – Movers and Shakers -15/12/19

By:
Bob Mason
Published: Dec 15, 2019, 03:42 UTC

There's no holiday spirit in this market... While the global equity markets enjoy the month, the crypto bears are in control of December with 2 weeks left.

Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin slid by 2.50% on Saturday. Reversing a 0.82% gain from Friday, Bitcoin ended the day at $7,100.8.

A relatively bullish start to the day saw Bitcoin rise to an early morning intraday high $7,290.5 before hitting reverse.

Falling well short of the first major resistance level at $7,337.23, Bitcoin slid to an early afternoon intraday low $7,032.6.

The sell-off saw Bitcoin fall through the day’s major support levels before rising back to $7,100 levels.

While breaking back through the third major support level at $7,051.37, it was Bitcoin’s first visit to sub-$7,100 since 27th November.

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 bearish day for the majors.

Binance Coin and Stellar’s Lumen saw heavy losses, sliding by 3.23% and by 3.46% respectively on Saturday.

Stellar’s Lumen fell out of the top 10 by market cap, as a result of the sell-off, giving Tezos the number 10 spot.

Bitcoin Cash ABC (-2.22%), EOS (-2.04%), Ethereum (-2.05%), Litecoin (-2.68%), and Ripple’s XRP (-1.96%) also saw heavy losses.

It was a more modest 0.23% loss for Bitcoin Cash SV on the day.

For the current week, Monday through Saturday, it’s been a bearish week. Stellar’s Lumen and Binance Coin led the way down, with losses of 9.04% and 7.94% respectively.

Bitcoin Cash SV (-4.39%), EOS (-6.53%), Ethereum (-5.95%), and Ripple’s XRP (-5.94%) were also deep in the red.

Bitcoin Cash ABC and Litecoin saw more modest losses of 3.78% and 2.57% respectively.

For the new entry into the top 10, Tezos was up by 4.56%, with the upside coming in spite of a 5.31% slide on Saturday.

Through the first half of the week, the crypto total market cap rose to a Monday high $206.02bn before sliding to an early Sunday low $193.13bn. At the time of writing, the total market cap stood at $193.64bn.

Bitcoin’s dominance held at sub-67% levels on the day, with Bitcoin struggling alongside the broader market in the week. Trading volumes had recovered to $60bn levels before falling back to sub-$60bn levels.

This Morning

At the time of writing, Bitcoin was down by 0.15% to $7,090.1. A mixed start to the day saw Bitcoin slide from an early morning high $7,100.9 to a low $7,043.9 before finding support.

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

Elsewhere, it was a mixed start to the day for the rest of the pack.

Tezos led the way down, sliding by 3.58%, with Binance Coin and Bitcoin Cash SV down by 1.09% and 0.98% respectively.

Litecoin bucked the trend early, rising by 0.05%.

BTC/USD 15/12/19 Daily Chart

For the Bitcoin Day Ahead

A move back through to $7,140 levels would bring the first major resistance level at $7,250 into play.

Bitcoin would need the support of the broader market, however, to break back through to $7,200 levels.

Barring a broad-based crypto rebound, Bitcoin would likely fall short of $7,300 levels for a 2nd consecutive day.

The first major resistance level and Saturday’s high $7,290.5 would likely pin Bitcoin back.

Failure to move back through to $7,140 levels could see Bitcoin slide deeper into the red.

A fall through the morning low $7,043.9 would bring the first major support level at $6,992.1 into play.

Barring another crypto sell-off, however, Bitcoin should steer clear of sub-$6,900 support 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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