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The Crypto Daily – Movers and Shakers -22/12/19

It’s a mixed start to the day. Bitcoin will need to move back through to $7,175 levels to signal a bullish end to a bearish week for the pack…
Bob Mason
Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin fell by 0.65% on Saturday. Reversing a 0.43% gain from Friday, Bitcoin ended the day at $7,166.4.

A bearish morning saw Bitcoin slide from an early morning intraday high $7,215.1 to an early afternoon intraday low $7,136.5.

Falling short of the first major resistance level at $7,269.0, Bitcoin found support at the first major support level at $7,136.8.

Through the 2nd half of the day, Bitcoin managed to visit $7,200 levels before easing back.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of Bitcoin’s return to $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 mixed day for the majors.

Tron’s TRX bucked the trend on the day, rising by 0.3%.

It was a bearish day for the rest of the majors, however.

Top 10 newcomer Tezos took a dive on the day, sliding by 8.13% to lead the way down.

Bitcoin Cash SV (-4.09%) also saw heavy losses on the day.

Binance Coin (-1.48%), Bitcoin Cash ABC (-0.52%), EOS (-1.60%), Litecoin (-1.00%), Ripple’s XRP (-1.90%), and Stellar’s Lumen (-1.88%) saw more modest losses on the day.

For the current week, it’s been one to forget for many, with Ripple’s XRP and Tezos sliding by 11.90% and by 11.62% to lead the way down.

Binance Coin (-7.44%), Bitcoin Cash ABC (-9.84%), Bitcoin Cash SV (-8.53%), Ethereum (-10.74%), Litecoin (-8.52%), and Stellar’s Lumen (-10.96%) also saw heavy losses.

While none of the majors were in the green alongside Bitcoin for the current week, EOS and Tron’s TRX saw relatively modest losses.

EOS was down by 4.69% Monday through Saturday, with Tron’s TRX down by 3.63%.

Through the current week, the crypto total market cap rose to a Monday high $195.00bn before sliding to a low $175.14bn on Wednesday. At the time of writing, the total market cap stood at $190.62bn.

Bitcoin’s dominance held onto 68% levels on Saturday, with the broader market seeing heavier losses. For the current week, Bitcoin was up by 0.19%. Trading volumes fell back from $76bn levels to $63bn levels, after having hit $100bn levels in the week.

This Morning

At the time of writing, Bitcoin was down by 0.09% to $7,160.0. A range-bound start to the day saw Bitcoin fall from an early morning high $7,166.4 to a low $7,160.0.

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

Elsewhere, Tezos found early support rising by 1.03% to lead the way. EOS (+0.20%), Stellar’s Lumen (+0.19%), and Tron’s TRX (+0.62%) were also in the green.

It was a bearish start for the rest of the pack, however, with Ripple’s XRP down by 0.44% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $7,175 levels to support a run at the first major resistance level at $7,208.83.

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 Saturday’s high $7,215.1 would likely pin Bitcoin back.

Failure to move through to $7,175 levels could see Bitcoin slide deeper into the red. A fall through to sub-$7,150 levels would bring the first major support level at $7,130.23 into play.

Barring an extended sell-off, however, Bitcoin should steer clear of the second major support level at $7,094.07.

In the event of a sell-off, the third major support level at $7,015.47 should prevent a return to sub-$7,000 levels.

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