The Crypto Daily – Movers and Shakers -17/12/19

It was a messy start to the week, with Bitcoin struggling at sub-$7,000. A move through to $7,000 would support the rest of the pack…
Cryptomania

Bitcoin slid by 3.16% on Monday. Following on from last week’s 5.45% decline, Bitcoin ended the day at $6,926.6.

A mixed start to the day saw Bitcoin fall to a late morning low $7,087.0 before striking an early afternoon intraday high $7,196.0.

Falling short of the first major resistance level at $7,237.03, Bitcoin tumbled to a late intraday low $6,900.0.

Bitcoin fell through the first major support level at $7,056.13 and the second major support level at $6,959.57.

While finding support late on, Bitcoin failed to break back through the second major support level.

Bitcoin last ended the day at sub-$7,000 levels back on 24th November.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin back at sub-$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 also a bearish day for the majors.

Litecoin led the way down on Monday, sliding by 8.13%, with EOS (-7.48%), Ethereum (-7.04%), and Stellar’s Lumen (-7.22%) close behind.

Binance Coin (-6.54%), Bitcoin Cash ABC (-5.53%), Bitcoin Cash SV (-4.32%), and Ripple’s XRP (-5.33%) also saw relatively heavy losses.

Tezos saw a more modest 0.39% loss on the day.

Through Monday, the crypto total market cap rose to a high $195.00bn before sliding to a low $186.98bn. At the time of writing, the total market cap stood at $187.06bn.

Bitcoin’s dominance recovered to 67% levels on the day, with Bitcoin seeing modest losses relative to the rest of the majors. Trading volumes were also on the rise, with volumes up from sub-$60bn levels to $70bn levels.

This Morning

At the time of writing, Bitcoin was down by 0.24% to $6,909.9. A mixed start to the day saw Bitcoin rise to an early morning high $6,947.2 before falling to a low $6,904.0.

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

Elsewhere, the top 10 newcomer Tezos bucked the trend early on, rallying by 4.02%.

It was bearish for the rest of the pack, however.

Ripple’s XRP led the way down, sliding by 4.55%. Stellar’s Lumen and Binance Coin were also deep in the red, with losses of 2.72% and 2.44% respectively.

Bitcoin Cash SV (-0.82%), EOS (-1.37%), Ethereum (-0.81%), Litecoin (-0.88%), and Tron’s TRX (-0.86%) also struggled.

Bitcoin Cash ABC saw a relatively modest 0.3% loss early on in the day.

For the Bitcoin Day Ahead

A move back through to $7,000 levels would support a run at the first major resistance level at $7,115.07.

Support from the broader market would be needed, however, for Bitcoin to break out from $7,000 levels.

Barring a broad-based crypto rally, the first major resistance level at $7,115.07 would likely limit any upside on the day.

Failure to move back through to $7,000 levels could see Bitcoin struggle on the day.

A fall back through the morning low $6,904.0 would bring the first major support level at $6,819.07 into play.

Barring another crypto meltdown, however, Bitcoin should continue to steer clear of sub-$6,800 levels.

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