The Crypto Daily – Movers and Shakers -24/12/19

It’s a mixed start to the day for the majors, after Monday’s slide. A Bitcoin move through to $7,450 levels would signal a bounce…
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Bitcoin slid by 2.5% on Monday. Partially reversing a 5.14% rally from Sunday, Bitcoin ended the day at $7,347.4.

A mixed start to the day saw Bitcoin fall from an early morning high $7,681.0 to a mid-morning low $7,485.0.

Bitcoin broke through the first major resistance level at $7,662.2, whilst steering clear of the major support levels.

Finding support through the early afternoon, Bitcoin rallied to a mid-afternoon intraday high $7,715.1 before hitting reverse.

Bitcoin broke back through the first major resistance level before sliding to a late intraday low $7,282.4.

Finding support at the first major support level at $7,287.2, Bitcoin moved back to $7,300 levels to limit the loss on the day.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of Bitcoin’s 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 the day once more, rising by 3.10%.

It was a bearish session for the rest of the pack, with Tron’s TRX sliding by 8.63% to lead the way down.

Binance Coin (-3.84%), Bitcoin Cash ABC (-4.25%), Ethereum (-3.49%), Litecoin (-3.13%), Ripple’s XRP (-3.45%), and Stellar’s Lumen (-5.32%) also saw heavy losses.

Bitcoin Cash SV (-2.53%) and EOS (-0.97%) saw relatively modest losses on the day.

Through the start of the week, the crypto total market cap hit a Monday high $200.48bn before sliding to a day low $192.87bn. At the time of writing, the total market cap stood at $192.80bn.

Bitcoin’s dominance held onto 68% levels on Monday. Trading volumes hit $90bn levels before easing back in what was a choppy day for the majors.

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This Morning

At the time of writing, Bitcoin was down by 0.17% to $7,335.2. A range-bound start to the day saw Bitcoin fall from an early morning high $7,347.4 to a low $7,315.5 before finding support.

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

Elsewhere, it was a mixed start to the day for the majors. Ripple’s XRP (+0.77%) and Binance Coin (+0.27%) led the way up, while Tron’s TRX (-0.99%) and Tezos (-0.78%) led the way down.

It was flat for the rest of the pack through the early morning.

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For the Bitcoin Day Ahead

Bitcoin would need to move through to $7,450 levels to support a run at the first major resistance level at $7,614.2.

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

Barring an extended rally throughout the day, resistance at $7,500 would likely cap any upside on the day.

Failure to move through to $7,450 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low $7,315.5 would bring the first major support level at $7,181.5 into play.

Barring a broad-based sell-off, however, Bitcoin should steer clear of the second major support level at $7,015.60.

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