The Crypto Daily – Movers and Shakers -15/12/19There’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.
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.
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%.
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.