The Crypto Daily – Movers and Shakers -27/11/19

The crypto bears look to fight back after 2 days of gains. A Bitcoin move through to $7,200 would support a market rebound, however.
Bob Mason
Crypto00 567

Bitcoin rose by 0.50% on Tuesday. Following on from a 2.84% rally on Monday, Bitcoin ended the day at $7,198.3.

A bullish start to the day saw Bitcoin rise to a mid-morning intraday high $7,386.3 before hitting reverse.

Falling short of the first major resistance level at $7,512.13, Bitcoin slid to a late morning intraday low $7,047.2.

Steering clear of sub-$7,000 levels and the first major support level at $6,715.73, Bitcoin found support through the afternoon.

Bitcoin moved back through to $7,200 levels before wrapping up the day at $7,198.3.

In spite of 2nd consecutive day in the green, the near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact.

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 another mixed day for the majors on Tuesday.

EOS and Litecoin led the way, with gains of 3.64% and 3.14% on the day.

Binance Coin (+1.25%), Bitcoin Cash ABC (+1.79%), Bitcoin Cash SV (+1.83%), Ethereum (+1.14%), and Ripple’s XRP (+1.37%) also saw solid gains.

Stellar’s Lumen bucked the trend on the day, however, falling by 0.17%.

From outside of the top 10, Tron’s TRX rallied by 8.08% on the day, as it looked to recover its number 10 spot.

In the early part of the week, the crypto total market cap slid to a Monday low $180.76bn before rebounding to a Monday current week high $198.76bn. At the time of writing, the total market cap stood at $196.40bn.

Bitcoin’s dominance held onto 66% levels, in spite of the more bullish start to the week for the broader market. 24-hour trading volumes fell back to sub-$80bn levels from $133bn levels earlier in the week.

This Morning

At the time of writing, Bitcoin was down by 1.29% to $7,105.3. A mixed start to the day saw Bitcoin rise to an early morning high $7,227.4 before falling to a low $7,100.0.

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

Elsewhere, it was a mixed start to the day for the majors. Stellar’s lumen bucked the trend once more, rising by 0.17%.

It was red for the rest, however, with Bitcoin Cash SV sliding by 3.73% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $7,210 levels to support a run at the first major resistance level at $7,374.0.

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

Barring a broad-based crypto rally, Tuesday’s high $7,386.3 and first major resistance level would likely limit any upside.

Failure to move back through to $7,200 levels could see Bitcoin slide deeper into the red.

A fall back through the morning low $7,100.0 would bring the first major support level at $7,034.90 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$7,000 support levels on the day

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
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.
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.