The Crypto Daily – Movers and Shakers -25 25/12/19

It’s a bearish start to the day, with the majors seeing red. A Bitcoin move through to $7,300 could deliver a reversal, however.
Bob Mason
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin fell by 0.96% on Tuesday. Following a 2.5% slide on Monday, Bitcoin ended the day at $7,276.9.

Another mixed start to the day saw Bitcoin fall to an early morning low $7,216.0 before making a move.

Steering clear of the first major support level at $7,181.5, Bitcoin rallied to an early afternoon intraday high $7,445.0.

Falling short of the first major resistance level at $7,614.2, Bitcoin slid to a late intraday low $7,182.1.

Bitcoin fell through the first major support level at $7,181.5 before recovering to $7,200 levels.

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

EOS led the way, rising by 1.09%, with Bitcoin Cash SV (+0.90%), Ripple’s XRP (+0.70%), Stellar’s Lumen (+0.24%), and Binance Coin (+0.23%) also seeing green.

Tezos led the way down, however, sliding by 2.29%.

Bitcoin Cash ABC (-1.64%), Ethereum (-0.03%), Litecoin (-0.59%), and Tron’s TRX (-1.15%) also joined Bitcoin in the red.

Through the early part of the week, the crypto total market cap hit a Monday high $200.48bn before sliding to a low $192.18bn on Tuesday. At the time of writing, the total market cap stood at $192.62bn.

Bitcoin’s dominance held onto 68% levels on Tuesday. Trading volumes had hit $90bn levels on Monday before easing back to sub-$80bn levels on Tuesday.

This Morning

At the time of writing, Bitcoin was down by 0.27% to $7,257.5. A mixed start to the day saw Bitcoin rise to an early morning high $7,282.0 before falling to a low $7,245.0.

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

Elsewhere, it was a sea of red across the crypto board, with Tron’s TRX (-1.42%), Ethereum (-1.35%), and Ripple’s XRP (-1.21%) leading the way down.

Litecoin (-0.84%), EOS (-0.66%), Tezos (-0.40%), Binance Coin (-0.38%), Bitcoin Cash SV (-0.09%), and Stellar’s Lumen (-0.04%) saw modest losses early on.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $7,300 levels to support a run at the first major resistance level at $7,420.57.

Support from the broader market would be needed, however, for Bitcoin to break through to $7,300 levels.

Barring an extended rally throughout the day, resistance at $7,400 would likely cap any upside on the day.

Failure to move through to $7,300 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low $7,245.0 would bring the first major support level at $7,157.67 into play.

Barring a broad-based sell-off, however, Bitcoin should steer clear of the second major support level at $7,038.43.

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