The Crypto Daily – The Movers and Shakers 12/06/19

Litecoin steals the spotlight, as buyers continue to flood in ahead of this summer’s halving event. Elsewhere, Binance Coin is also on the move.
Bob Mason
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin fell by 1.41% on Tuesday. Partially reversing a 5.05% rally from Monday, Bitcoin ended the day at $7,905.5.

A bearish start to the day saw Bitcoin fall from an early morning intraday high $8,049 to a late afternoon intraday low $7,711.

Falling well short of the first major resistance level at $8,206.8, Bitcoin found support at the 23.6% FIB of $7,718. While calling on support at the 23.6% FIB, Bitcoin steered clear of the first major support level at $7,672.0.

Finding support through the late part of the day, Bitcoin recovered to $7,900 levels to limit the loss on the day.

The Rest of the Pack,

Across the rest of the top 10 cryptos, it was a sea of red for the majors, with the exception of Litecoin. Bitcoin Cash SV continued to leak, falling by 2.87%. EOS and Ripple’s XRP also saw relatively heavy losses, falling by 2.02% and 2.09% respectively.

Bucking the trend on the day was Litecoin, which rallied by 5.1% off the back of a 13% surge on Monday.

For Litecoin, this summer’s halving event continues to be the key driver. Year-to-date, Litecoin was up by 357% to the end of Tuesday. From the top 10 majors, only Binance Coin has done better, rallying by 406%.

The summer halving event has certainly drawn plenty of attention. The upward momentum since mid-December’s swing lo $22.17 is considered a dress rehearsal to Bitcoin’s halving event next year.

If a similar trend is seen in Bitcoin from the start of next year, however, Bitcoin would hit $35,000 levels. That is assuming that Bitcoin’s 1st January opening price is at around $8,000 levels.

If the bull run kicks off early, possibly in the wake of the Litecoin halving event, that would be quite a run. The reality is, however, that in stark contrast to Litecoin, Bitcoin is currently down by just 60% from its all-time high.

That leaves much less wiggle room for the Bitcoin bulls than that enjoyed by the Litecoin bulls. The Bitcoin bulls would be in search of a new all-time high, however. Few would scoff at a 152% rally to Bitcoin’s high $19,891.

At the start of the year, Litecoin was down by 929% from its all-time high $420 and current levels continue to fall well short of the all-time high, supporting the surge.

It’s not just down to the halving event, however. A shift in the regulatory landscape is expected in the coming months and the SEC will need to make a decision.

That should keep an early halving event-driven Bitcoin bull run in check for now…

This Morning,

At the time of writing, Bitcoin was up by 0.61% to $7,954.1. A relatively bullish start to the day saw Bitcoin rally from a morning low $7,821 to a high $8,100 before sliding back.

The early rally saw Bitcoin break through the first major resistance level at $8,066.

Elsewhere, Ripple’s XRP reversed early gains to fall into the red, down 0.04% at the time of writing. EOS was also in the red, down by 0.19%, whilst the rest of the pack were in the green.

Leading the way through the early hours was Binance Coin, up by 5.08%, with Litecoin a distant 2nd, up by 3.3%.

For the Day Ahead,

Bitcoin would need to move back through to $8,000 levels to hold onto positive territory on the day.

A move back through to $8,000 levels would bring the first major resistance level at $8,066 back into play.

Barring another crypto break out, however, Bitcoin would likely come up short of the morning high $8,100.

Failure to move back through to $8,000 levels could see Bitcoin slide through first major support level at $7,728. The 23.6% FIB of $7,718 should limit the downside on the day.

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