The Crypto Daily – Movers and Shakers -24/11/19

It’s back into the red for the majors as the bears look to close out the week in full control… A Bitcoin move through to $7,300 would signal support.
Bob Mason
Bitcoin symbol in blockchain technology and cryptocurrency concept. Abstract background 3d illustration.

Bitcoin rose by 0.46% on Saturday. Partially reversing 4.61% slide from Friday, Bitcoin ended the day at $7,352.6.

Relatively bearish through the morning, Bitcoin fell from an early morning high $7,344.4 to a late morning intraday low $7,141.0.

While steering clear of the major support levels, Bitcoin fell through the 62% FIB of $7,245 before finding support.

Through the 2nd half of the day, Bitcoin rose to a late afternoon intraday high $7,385.0 before easing back.

While falling short of the first major resistance level at $7,782.4, Bitcoin moved back through the 62% FIB.

Through the latter part of the day sub-$7,300 support delivered the upside on the day.

For the bulls, the extended bullish trend remained intact in spite of a brief fall through the 62% FIB of 7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was also bullish for the majors on Saturday.

Bitcoin Cash SV led the way, rallying by 11.2%.

Binance Coin (+4.97%), Bitcoin Cash ABC (+4.10%), Stellar’s Lumen (+4.11%), and Tron’s TRX (+5.84%) also saw solid gains.

Ethereum (+1.35%), Litecoin (+1.64%), and Ripple’s XRP (+1.90%) trailed the pack on the day.

In a particularly bearish week, the total crypto market cap fell from a Monday high $237.09bn to a Friday low $189.7bn. At the time of writing, the total market cap stood at $201.32bn.

Bitcoin’s dominance recovered to 66% levels in the week, as a number of the top 10 took heavier losses. Trading volumes bounced back from sub-$70bn levels to $112bn levels before sliding back.

This Morning

At the time of writing, Bitcoin was down by 0.65% to $7,304.5. A bearish start to the day saw Bitcoin fall from an early morning high $7,372.0 to a low $7,272.0.

Bitcoin left the major support and resistance levels and the 62% FIB of $7,245 untested early on.

Elsewhere, it was a sea of red across the crypto board.

Tron’s TRX led the way down, sliding by 1.98%.

Bitcoin Cash ABC (-1.24%), EOS (-1.19%), and Ripple’s XRP (-1.86%) were also deep in the red.

In the early hours, Bitcoin Cash SV saw limited losses, down by 0.29% at the time of writing.

For the Bitcoin Day Ahead

Bitcoin would need to hold onto $7,300 levels to support a run at the first major resistance level at $7,444.73.

Bitcoin would need the support of the broader market to break out from Saturday’s high $7,385.0.

Barring a broad-based crypto rebound on the day, resistance at $7,400 would likely cap any upside on the day.

In the event of a breakout, Bitcoin could test the second major resistance level at $7,536.87 before any pullback.

Failure to hold onto $7,300 levels could see Bitcoin slide deeper into the red.

A fall back through the morning low $7,272.0 would bring the first major support level at $7,200.73 into play.

Barring an extended sell-off through the day, however, Bitcoin should steer clear of the second major support level at $7,048.87.

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