The Crypto Daily – Movers and Shakers -25/11/19

The bears continue to claw their way through the crypto majors, with another bearish start to the day this morning…
Bob Mason

Bitcoin slid by 5.27% on Sunday. Reversing a 0.46% gain from Saturday, Bitcoin ended the week down 18.4% to $6,965.3.

A bearish start to the day saw Bitcoin slide from an early morning intraday high $7,372.0 to a late morning low $7,150.0.

Falling short of the major resistance levels, Bitcoin fell through the first major support level at $7,200.73.

Of greater significance, however, was a fall back through the 62% FIB of 7,245.0.

Finding support in the late morning, Bitcoin moved back through to $7,300 levels before hitting reverse.

The reversal saw Bitcoin slid to a late intraday low $6,922.0

Bitcoin fell through the first major support level and second major support level at $7,048.87.

Sunday’s slide back through to sub-$7,000 levels led to the formation of a near-term bearish trend formed at late June’s swing hi $13,764.0.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was also bearish for the majors on Sunday.

On the day, Stellar’s Lumen led the way down, sliding by 10.1%.

EOS (-9.7%), Tron’s TRX (-9.5%), Bitcoin SV (-8.9%), and Litecoin (-8.9%) also saw particularly heavy losses.

Binance Coin (-7.7%), Bitcoin Cash SV (-5.7%), Ethereum (-7.9%) and Ripple’s XRP (-5.8%) saw more modest losses.

For the week, EOS led the way down, sliding by 29%.

Binance Coin (-25.6%), Bitcoin Cash ABC (-23.8%), Bitcoin Cash SV (-19.2%), Cardano’s ADA (-22.1%), Ethereum (-23.9%), Litecoin (-25.8%), Stellar’s Lumen (-22.1%), and Tron’s TRX (-26.1%) also saw heavy losses.

Relative to the broader markets, Ripple’s XRP saw a more modest loss of 16% for the week.

In the 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 $196.32bn.

Bitcoin’s dominance recovered to 66% levels in the week, as the majority of the top 10 took deeper dives in the week. Volatility across the crypto market saw trading volumes gyrate in the week. 24-hour volumes fell from $112bn levels to $70bn levels before bouncing back.

This Morning

At the time of writing, Bitcoin was down by 2.13% to $6,817.0. A mixed start to the day saw Bitcoin rise to an early morning high $7,013.5 before sliding to a new swing low $6,720.0.

Falling short of the major resistance levels, Bitcoin fell through the first major support level at $6,800.87.

Elsewhere, Ripple’s XRP led the way down, sliding by 3.33%.

Binance Coin (-2.89%), Bitcoin Cash SV (-2.61%), EOS (1.47%), and Ethereum (-1.93%) also saw heavy losses early on.

Litecoin and Stellar’s Lumen saw modest losses early on, with the pair down by 0.61% and by 0.51% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $7,090 levels to support a run at the first major resistance level at $7,250.87.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $7,013.5.

Barring a broad-based crypto rebound, resistance at $7,000 would likely limit any upside on the day.

Failure to move through to $7,090 levels could see Bitcoin take another heavy loss on the day.

A fall back through the first major support level at $6,800.87 would bring the second major support level at $6,636.43 into play before any recovery.

Barring an extended sell-off through the day, Bitcoin should steer clear of sub-$6,500 levels.

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