The Crypto Daily – Movers and Shakers -20/12/19It’s a mixed start to the day in what’s been a bearish week for the majors. A Bitcoin move through to $7,230 would signal support.
Bitcoin fell by 1.97% on Thursday. Partially reversing a 9.89% rally from Wednesday, Bitcoin ended the day at $7,181.8.
A bearish start to the day saw Bitcoin slide from an early morning intraday high $7,417.1 to late morning intraday low $7,079.7.
Steering clear of the day’s major support and resistance levels, Bitcoin recovered to $7,200 levels before easing back to a range-bound end to the day.
Following a particularly choppy few days, a relatively calm 2nd half of the day would have been welcomed by ll…
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of Bitcoin’s hold onto $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 bearish day for the majors.
Tezos led the way down, sliding by 5.18%. Ethereum (-3.54%), Ripple’s XRP (-4.21%), Stellar’s Lumen (-.3.18%), and Tron’s TRX (-3.95%) also saw heavy losses.
Binance Coin (-2.13%), Bitcoin Cash SV (-2.11), and Litecoin (-2.65%) also struggled.
Bitcoin Cash ABC and EOS saw more modest losses of 1% and 0.53% respectively.
Through the start of the week, the crypto total market cap rose to a Monday high $195.00bn before sliding to a Wednesday low $175.14bn. At the time of writing, the total market cap stood at $191.23bn.
Bitcoin’s dominance held onto 68% levels on Thursday, with the broader market seeing heavier losses. Trading volumes were also on the rise, with volumes hitting $108bn levels before easing back to sub-$100bn levels.
At the time of writing, Bitcoin was down by 0.02% to $7,180.1. A range-bound start to the day saw Bitcoin rise to an early morning high $7,188.3 before falling to a low $7,180.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Binance Coin (-0.53%), Bitcoin Cash SV (-0.20%), EOS (-0.13%), and Ripple’s XRP (-0.45%) also saw early red.
Ethereum (+0.03%), Litecoin (+0.05%), Stellar’s Lumen (+0.10%), and Tezos (+1.56%) found early support.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $7,230 levels to support a run at the first major resistance level at $7,372.7.
Support from the broader market would be needed, however, for Bitcoin to break out from $7,100 levels.
Barring a broad-based crypto rally, the first major resistance level would likely pin Bitcoin back from Thursday’s high $7,417.1
Failure to move through to $7,230 levels could see Bitcoin slide deeper into the red. A fall through to sub-$7,100 levels would bring the first major support level at $7,035.3 into play.
Barring an extended sell-off, however, Bitcoin should steer clear of sub-$7,000 support levels on the day.
In the event of a sell-off, the second major support level at $6,888.8 should limit any downside.