FXEMPIRE
All

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.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US