The Crypto Daily – Movers and Shakers -23/12/19The majors find more support this morning. Bitcoin will need to hold onto $7,600 levels to support a bullish afternoon…
Bitcoin rallied by 5.14% on Sunday. Reversing a 0.65% fall from Saturday, Bitcoin ended the week up 5.35% at $7,535.1.
A relatively bullish morning saw Bitcoin recover from a mid-morning intraday low $7,159.6 to strike a morning high $7,228.1.
The early morning move saw Bitcoin break through the first major resistance level at $7,208.83 before easing back.
Bitcoin eased to sub-$7,200 levels ahead of a particularly bullish 2nd half that saw Bitcoin strike a late intraday high $7,541.4.
Bitcoin broke through and held above the major support levels on the day.
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 mixed day for the majors.
Tezos bucked the trend on the day, falling by 0.79%.
It was a bullish session for the rest of the pack, with Tron’s TRX rallying by 9.9% to lead the way.
Bitcoin Cash ABC (+4.58%), Bitcoin Cash SV (+4.35%), EOS (+3.92%), Ethereum (+4.12%), Litecoin (+5.54%), and Stellar’s Lumen (+3.99%) also saw solid gains.
Binance Coin (+3.53%) and Ripple’s XRP (+2.54%) trailed the pack on the day.
For the week, it was also a mixed bag.
Tron’s TRX joined Bitcoin in the green, with a 6.61% gain for the week.
For the rest of the pack, it was one to forget, however.
Tezos led the way down, sliding by 12.23%.
Ethereum (-7.01%), Ripple’s XRP (-9.67%), and Stellar’s Lumen (-7.23%) also saw relatively heavy losses.
Binance Coin (-4.10%), Bitcoin Cash ABC (-4.91%), Bitcoin Cash SV (-4.91%) EOS (-0.99%), and Litecoin (-3.45%) saw more modest losses.
Through the week, the crypto total market cap slid to a low $175.14bn on Wednesday before rising to a Sunday high $198.8bn. At the time of writing, the total market cap stood at $199.50bn.
Bitcoin’s dominance hit 69% levels on Sunday before easing back. The pickup from 67% levels from early in the week came from Bitcoin’s trend-bucking gain from the week. Trading volumes bounced back from $60bn levels to $82bn levels on Sunday but still came short of $100bn levels from earlier in the week.
At the time of writing, Bitcoin was up by 0.99% to $7,609.7. A bullish start to the day saw Bitcoin rise from an early morning intraday low $7,535.3 to a high $7,681.0.
Bitcoin broke through the first major resistance level at $7,662.2 before easing back.
Elsewhere, it was a mixed start to the day.
Tezos and Tron’s TRX led the way, with gains of 1.74% and 1.60% respectively.
Bitcoin Cash SV and Ethereum were close behind, with gains of 1.19% and 1.28% respectively.
Bucking the trend early on, however, was Stellar’s Lumen, which was down by 0.18%.
For the Bitcoin Day Ahead
Bitcoin would need to hold onto $7,600 levels to support another run at the first major resistance level at $7,662.2.
Following last week’s solid gain, support from the broader market would be needed, however for Bitcoin to break out from $7,600 levels.
Barring an extended rally throughout the day, Bitcoin would likely fall short of the second major resistance level at $7,789.3.
Failure to hold onto $7,600 levels could see Bitcoin come under pressure.
A fall back through the morning low $7,535.3 would bring $7,400 levels into play before any recovery.
Barring a broad-based sell-off, however, Bitcoin should steer clear of the first major support level at $7,287.2.