The Crypto Daily – Movers and Shakers – 30/12/19

It’s a mixed start to the week. A Bitcoin move back through to $7,425 would signal a move…
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Bitcoin rose by 1.08% on Sunday. Following on from a 0.62% gain on Saturday, Bitcoin ended the week down by 1.62% to $7,413.6.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $7,311.6 before making a move.

Steering clear of the first major support level at $7,279.07, Bitcoin rallied to a late intraday high $7,551.6.

Bitcoin broke through the first major resistance level at $7,389.87 and the second major resistance level at $7,445.33.

Coming up against the third major resistance level at $7,556.13, Bitcoin fell back to $7,300 levels before moving back through to $7,400 late in the day.

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 bucked the trend on Sunday, falling by 1.19%.

It was a bullish day for the rest of the pack, however, with Bitcoin Cash SV rallying by 7.69% to lead the way.

Ethereum (+4.96%), Bitcoin Cash ABC (+3.95%), Binance Coin (+3.22%), Tron’s TRX (+2.63%), and EOS (+2.46%) also made solid gains.

Litecoin (+0.87%), Stellar’s Lumen (+1.21%), and Ripple’s XRP (+1.92%) saw more modest gains on the day.

For the week, it was also a mixed bag.

Bitcoin Cash SV rallied by 14.4% to lead the way.

Bitcoin Cash ABC (+7.36%) and EOS (+5.99%) also saw solid gains.

Tezos (-10.78%), Tron’s TRX (-7.88), Stellar’s Lumen (-2.11%), and Ripple’s XRP (-0.03%) joined Bitcoin in the red.

Through the 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 $197.98bn.

Bitcoin’s dominance continued to sit at 68% levels in spite of the weekly loss. Trading volumes continued to fall short of $90bn levels seen on Monday. At the time of writing, volumes were at $76bn levels.

This Morning

At the time of writing, Bitcoin was down by 0.25% to $7,394.9. A relatively bearish start to the day saw Bitcoin fall from an early morning high $7,416.1 to a low $7,332.8.

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

Elsewhere, it was a mixed start to the day, with Binance Coin (+1.87%), Bitcoin Cash ABC (+0.20%), EOS (+0.37%), Ethereum (+0.33%), Litecoin (+0.02%), and Tezos (+2.11%) finding early support.

It was bearish for the rest of the pack, however, with Bitcoin Cash SV (-2.02%), Ripple’s XRP (-0.44%), Stellar’s Lumen (-0.18%), and Tron’s TRX (-1.24%) joining Bitcoin in the red.

For the Bitcoin Day Ahead

Bitcoin would need to move back through $7,425 levels to support a run at the first major resistance level at $7,539.6.

Support from the broader market would be needed, however, for Bitcoin to break back through to $7,500 levels.

Barring a broad-based crypto rally on the day, the first major resistance level and Sunday’s high $7,551.6 would likely limit any upside.

Failure to move back through the morning high $7,425 levels could see Bitcoin slide deeper into the red.

A fall through to Sunday’s low $7,311.6 would bring the first major support level at $7,299.6 into play before any recovery.

Barring an extended sell-off, however, Bitcoin should steer clear of sub-$7,200 levels and the second major support level at $7,185.60.

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