The Crypto Daily – Movers and Shakers -05/12/19

It’s getting choppier for Bitcoin and the majors, which suggests a move is imminent. Bitcoin will need to avoid sub-$7,100 to support the pack…
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Bitcoin fell by 1.33% on Tuesday. Following on from a 0.19% decline on Tuesday, Bitcoin ended the day at $7,238.3.

A bearish start to the day saw Bitcoin fall to a late morning intraday low $7,129.0.

Bitcoin fell through the first major support level at $7,263.8 and the second major support level at $7,191.6.

Finding support through the late morning, Bitcoin rallied to an intraday high $7,890 before hitting reverse.

Bitcoin broke through the major resistance levels before sliding back through the first and second major support levels.

The reversal saw Bitcoin fall to a 2nd half of a day low $7,131 before finding support to move back through to $7,200 levels.

In spite of the partial recovery, Bitcoin failed to move back through the first major support level at $7,263.8.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the upside in the week.

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 also a bearish day for the majors on Wednesday.

EOS and Ripple’s XRP led the way, with the pair sliding by 2.64% and by 2.52% respectively.

Bitcoin Cash ABC (-1.40%) and Ethereum (-1.24%) also saw relatively heavy losses.

Binance Coin (-0.85%), Bitcoin Cash SV (-0.79%), Litecoin (-0.36%) and Stellar’s Lumen (-0.84%) saw relatively modest losses on the day.

Through the 1st half of the week, the crypto total market cap slid from $203bn levels on Monday to a Wednesday low $195.19bn before hitting a Wednesday high $203.25bn. At the time of writing, the total market cap stood at $196.37bn.

Bitcoin’s dominance held on to 66% levels, supported more modest losses in the week. 24-hour trading volumes hit $70bn levels before easing back.

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This Morning

At the time of writing, Bitcoin was up by 1.14% to $7,321.1. A mixed start to the day saw Bitcoin fall to an early morning low $7,218.0 before striking a high $7,405.0.

In spite of the early moves, however, Bitcoin left the major support and resistance levels untested.

Elsewhere, it was a mixed start to the day. Ethereum (-0.89%), Litecoin (1.88%) and Ripple’s XRP (-0.90%) saw red early on.

Binance Coin (+1.09%), Bitcoin Cash ABC (+.32%), Bitcoin Cash SV (+0.17%), EOS (+0.79%), and Stellar’s Lumen (+0.15%) joined Bitcoin in the green.

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For the Bitcoin Day Ahead

Bitcoin would need to break back through the morning high $7,405 to support a run at the first major resistance level at $7,709.2.

Support from the broader market would be needed, however, for Bitcoin to break back through to $7,400 levels.

Barring an extended rally through the day, resistance at $7,400 would likely cap any upside.

Failure to move through the morning high could see Bitcoin hit reverse.

A fall through the morning low $7,191.0 would bring the first major support level at $6,948.2 into play.

Barring a broad-based crypto sell-off, however, Bitcoin should steer clear of sub-$7,100 levels…

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