The Crypto Daily – Movers and Shakers – 27/12/19It’s a positive start to the day for the majority of the majors. Bitcoin will need to return to $7,300 levels to avoid a reversal, however.
Bitcoin rose by 0.17% on Thursday. Partially reversing a 0.78% fall from Wednesday, Bitcoin ended the day at $7,232.4.
A bearish start to the day saw Bitcoin fall to a mid-morning low $7,195.7 before making a move.
Steering clear of the first major support level at $7,124.13, Bitcoin rallied to an early evening intraday high $7,465.0.
Bitcoin broke through the first major resistance level at $7,305.13 and the second major resistance level at $7,390.17.
A late sell-off saw Bitcoin slide back to a late intraday low $7,181.8 before finding support.
Steering clear of the first major support level, Bitcoin moved back through to $7,200 levels to end the day in the green.
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.
Tezos and Litecoin bucked the trend on the day, with the pair falling by 2.62% and by 0.30% respectively.
The rest of the pack saw green, with Bitcoin Cash ABC rising by 1.73% to lead the way.
Bitcoin Cash SV (+1.20), EOS (+1.65%), Stellar’s Lumen (+1.22%), and Tron’s TRX (+1.44%) also saw solid gains.
It was a more muted day for the rest, however. Binance Coin rose by 0.46%, with Ethereum and Ripple’s XRP up by 0.42% and 0.61% respectively.
Through the current week, the crypto total market cap hit a Monday high $200.48bn before sliding to a low $189.60bn on Thursday. At the time of writing, the total market cap stood at $190.61bn.
Bitcoin’s dominance continued to sit at 68% levels on Thursday. Trading volumes continued to fall short of $90bn levels seen on Monday, however. At the time of writing, volumes were at $75bn levels.
At the time of writing, Bitcoin was up by 0.31% to $7,255.0. A relatively bullish start to the day saw Bitcoin rise from an early morning low $7,224.5 to a high $7,275.1.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, EOS led the way early on, rallying by 1.67%. Bitcoin Cash ABC (+1.20%), Bitcoin Cash SV (+1.38%), and Tezos (+1.04%) also found strong support.
Binance Coin (+0.45%), Ethereum (+0.65%), Litecoin (+0.48%), and Stellar’s Lumen (+0.22%) saw more modest gains.
Bucking the trend early, however, were Ripple’s XRP (-0.01%) and Tron’s TRX (-0.12%).
For the Bitcoin Day Ahead
Bitcoin would need to move through to $7,295 levels to support a run at the first major resistance level at $7,404.33.
Support from the broader market would be needed, however, for Bitcoin to break back through to $7,300 levels.
Barring an extended rally, the first major resistance level and Thursday’s high $7,465.0 would likely continue to cap any upside on the day.
Failure to move through to $7,295 levels could see Bitcoin hit reverse.
A fall back through the morning low $7,224.5 would bring the first major support level at $7,121.13 into play.
Barring a broad-based sell-off, however, Bitcoin should steer clear of the second major support level at $7,009.87.