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The Crypto Daily – Movers and Shakers -23/12/19

By:
Bob Mason
Published: Dec 23, 2019, 03:17 UTC

The majors find more support this morning. Bitcoin will need to hold onto $7,600 levels to support a bullish afternoon...

Closeup hand holding bitcoin over the Cryptocurrency trading scr

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.

This Morning

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%.

BTC/USD 23/12/19 Daily Chart

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.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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