FXEMPIRE
All

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.

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