The Crypto Daily – Movers and Shakers -18/12/19

Bitcoin fell by 3.75% on Tuesday. Following on from a 3.16% slide on Monday, Bitcoin ended the day at $6,667.1.

A mixed start to the day saw Bitcoin rise from a morning low $6,900.0 to a late morning intraday high $6,972.0.

Falling short of the first major resistance level at $7,115.07, Bitcoin tumbled to a late intraday low $6,620.0.

Bitcoin fell through the first major support level at $6,819.07 and second major support level at $6,711.54.

In spite of a partial recovery late on, Bitcoin failed to break back through the second major support level.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin back at sub-$7,000 levels.

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 also a particularly bearish day for the majors.

Bitcoin Cash ABC and Ripple’s XRP led the way down tumbling by a 10.24% and 10.76% respectively.

Things were not much better elsewhere, however.

Binance Coin (-8.04%), Bitcoin Cash SV (-9.24%), Ethereum (-7.96%), and Stellar’s Lumen (-8.30%) saw particularly heavy losses.

EOS (-7.10%), Litecoin (-7.39%), Tezos (-7.30%), and Tron’s TRX (-7.01%) saw more modest losses on the day.

Through the start of the week, the crypto total market cap rose to a high $195.00bn before sliding to a low $176.33bn on Tuesday. At the time of writing, the total market cap stood at $177.04bn.

Bitcoin’s dominance made its way towards 68% levels on Tuesday, with Bitcoin seeing modest losses relatively to the rest of the majors. Trading volumes were also on the rise, with volumes up from $60bn levels to $80bn levels before easing back.

This Morning

At the time of writing, Bitcoin was up by 0.07% to $6,671.5. A positive start to the day saw Bitcoin rise from an early morning low $6,654.5 to a high $6,672.1.

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

Elsewhere, Ethereum found early support with a 1.05% rise to lead the way.

Binance Coin (+0.38%), EOS (+0.62%), Litecoin (+0.38%), Ripple’s XRP (+0.56%), and Stellar’s Lumen (+0.40%) also found support.

Tezos bucked the trend early on, falling by 0.34%, while Bitcoin Cash SV saw a modest 0.16% gain.

For the Bitcoin Day Ahead

A move through to $6,755 levels would support a run at the first major resistance level at $6,886.07.

Support from the broader market would be needed, however, for Bitcoin to break back through to $6,800 levels.

Barring a broad-based crypto rally through the morning, resistance at $6,700 would likely pin Bitcoin back.

In the event of a breakout, Bitcoin could test resistance at $7,000 before any pullback.

Failure to move through to $6,755 levels could see Bitcoin spend a 3^rd consecutive day in the red.

A fall back through the morning low $6,654.5 would bring the first major support level at $6,534.07 into play.

Barring another crypto meltdown, however, Bitcoin should steer clear of the second major support level at $6,401.03.