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The Crypto Daily – Movers and Shakers -16/12/19

Yet another morning in the red for Bitcoin and the broader market. A move through to $7,140 would be the recovery signal…
Bob Mason
Depositphotos_179061572_s-2019

Bitcoin rose by 0.73% on Sunday. Partially reversing a 2.50% slide from Saturday, Bitcoin ended the day at $7,152.7.

Sunday’s minor gains reduced the weekly loss to 5.45%

A bearish start to the day saw Bitcoin fall to an early morning intraday low $7,043.9 before making a move.

Steering clear of the first major support level at $6,992.1, Bitcoin rallied to a mid-morning intraday high $7,224.8.

In spite of the breakout, Bitcoin came up short of the first major resistance level at $7,250.0.

Resistance at $7,200 ultimately weighed, however, with Bitcoin pulling back to sub-$7,200 in the 2nd half of 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 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 ABC led the way, rising by 1.14%.

Bitcoin Cash SV (+0.50%), Ethereum (+0.47%), Litecoin (+0.39%), Ripple’s XRP (+0.48%), and Stellar’s Lumen (+0.38%) also saw green.

EOS (-0.06%) and Tezos (-0.60%) saw red on the day, however, to buck the trend, while Binance Coin was flat.

For the week, Monday through Sunday, it’s was also mixed.

Stellar’s Lumen and Binance Coin led the way down, with losses of 9.03% and 7.88% respectively.

Bitcoin Cash SV (-4.17%), EOS (-6.59%), Ethereum (-5.51%), Litecoin (-4.80%), and Ripple’s XRP (-5.48%) were also deep in the red.

Bitcoin Cash ABC saw a more modest loss of 3.07%, while Tezos bucked the trend with a 4.18% gain.

Through 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 $195.60bn.

Bitcoin’s dominance held at sub-67% levels on the day, with Bitcoin struggling alongside the broader market in the week. Trading volumes were on the lighter side in the week, with volumes struggling to break out from $60bn levels.

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This Morning

At the time of writing, Bitcoin was down by 0.30% to $7,131.0. A bearish start to the day saw Bitcoin fall from an early morning high $7,158.2 to a low $7,100.0.

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

Elsewhere, it was a mixed bag across the majors.

Binance Coin and Bitcoin Cash SV bucked the trend, rising by 0.10% and by 0.22% respectively.

It was red for the rest of the top 10, with Tezos falling by 1.13% to lead the way down.

For the Bitcoin Day Ahead

A move back through to $7,140 levels would support a run at the first major resistance level at $7,237.03.

Support from the broader market would be needed, however, for Bitcoin to break back through to $7,200 levels.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $7,224.8 would likely cap any upside.

Failure to move back through to $7,140 levels could see Bitcoin struggle on the day.

A fall back through the morning low $7,100 would bring the first major support level at $7,056.13 into play.

Barring a crypto meltdown, however, Bitcoin should continue to steer clear of sub-$7,000 levels.

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