The Crypto Daily – Movers and Shakers -29/11/19

It’s a positive start to the day as the majors recover from a late sell-off from Thursday. Bitcoin at $7,600 would signal a rebound…
Bob Mason
Closeup hand holding bitcoin over the Cryptocurrency trading scr

Bitcoin fell by 1.15% on Thursday. Partially reversing a 4.88% rally from Wednesday, Bitcoin ended the day at $7,460.8.

A mixed start to the day saw Bitcoin rise to an early morning high $7,611.0 before falling to a mid-morning ow $7,454.6.

Steering well clear of the first major support level at $7,055.33, Bitcoin held onto $7,500 levels through to the late morning.

A late morning pullback saw Bitcoin fall back to $7,460 levels before rallying to an early evening intraday $7,690.0.

Despite the breakout from $7,500 levels, Bitcoin fell well short of the first major resistance level at $7,866.13.

Tracking the broader market late on, Bitcoin fell back to an intraday low $7,415 before finding support.

Whilst steering clear of the first major support level, the pullback left Bitcoin in the red for the day.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of 3 days in the green from 4.

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 bearish day for the majors on Thursday.

EOS and Binance Coin slid by 3.28% and by 3.23% to lead the way down.

Bitcoin Cash ABC (-2.28%), Bitcoin Cash SV (-1.83%), Ethereum (-1.33%), and Litecoin (-1.86%) also saw heavy losses.

Ripple’s XRP (-0.43%) and Stellar’s Lumen (-1.06%) saw more modest losses on the day.

Through the current week, the crypto total market cap slid to a Monday low $180.76bn before rebounding to a Thursday current week high $208.02bn. At the time of writing, the total market cap stood at $203.27bn.

Bitcoin’s dominance rose from 66.2% to 66.5%, following Wednesday’s break out and more modest loss on Thursday. 24-hour trading volumes fell back to $65bn levels on Thursday, having peaked at $133bn levels earlier in the week.

This Morning

At the time of writing, Bitcoin was up by 0.78% to $7,519.0. A relatively bullish start to the day saw Bitcoin rise from an early morning low $7,450.0 to a high $7,519.0.

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

Elsewhere, Binance Coin (+1.01%), EOS (+1.20%), Ethereum (+0.98%), Ripple’s XRP (+0.95%) found strong support early.

Bitcoin Cash SV (+0.38%) and Stellar’s Lumen (+0.37%) trailed the pack through the first hour.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $7,520 levels to support a run at the first major resistance level at $7,628.87.

Support from the broader market would be needed, however, for Bitcoin to break back through to $7,600 levels.

Barring a broad-based crypto rebound on the day, Thursday’s high $7,690 and first major resistance level at $7,628.87 would likely limit any upside.

Failure to move through to $7,520 levels could see Bitcoin hit reverse. A fall back to sub-$7,500 levels would bring the first major support level at $7,353.87 into play.

Barring a broad-based crypto sell-off, however, Bitcoin should steer clear of sub-$7,300 support levels on the day.

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