The Crypto Daily – Movers and Shakers – 31/12/19

It a mixed day for the pack. A Bitcoin move through to $7,295 levels would signal support for the broader market.
bitcoin with us dollars and calculator

Bitcoin fell by 2.09% on Monday. Reversing 1.08% gain from Sunday, Bitcoin ended the day at $7,260.9.

A bearish start to the day saw Bitcoin recover from an early dip to strike a mid-morning intraday high $7,421.7.

Falling well short of the first major resistance level at $7,539.6, Bitcoin tumbled to a mid-afternoon intraday low $7,201.3.

Bitcoin fell through the first major support level at $7,299.6 before recovering to $7,297 levels.

The first major support level pinned Bitcoin back from a return to $7,300 levels 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 Monday, rising by 1.19%.

It was a bearish day for the rest of the pack, however, with Bitcoin Cash SV sliding by 3.66% to lead the way down.

Binance Coin (-1.85%), EOS (-2.37%), Ethereum (-2.39%), Litecoin (-1.88%), Ripple’s XRP (-1.78%), Tron’s TRX (-2.53%), and also saw heavy losses.

Bitcoin Cash ABC (-0.97%) and Stellar’s Lumen (-1.09%) saw relatively modest losses on the day.

Through the start of the week, the crypto total market cap hit a Monday high $198.27bn before falling to a Monday low $193.13bn. At the time of writing, the total market cap stood at $193.0bn.

Bitcoin’s dominance continued to sit at 68% levels in spite of the Monday loss. Trading volumes hit $80bn levels before easing back. At the time of writing, volumes were at $76bn levels.

This Morning

At the time of writing, Bitcoin was down by 0.16% to $7,249.0. A relatively bearish start to the day saw Bitcoin fall to an early morning low $7,215.9 before striking a high $7,276.2.

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

Elsewhere, it was a mixed start to the day, with Bitcoin Cash SV (+0.66%), EOS (+0.19%), Litecoin (+0.12%), and Ripple’s XRP (+0.04%) finding early support.

It was bearish for the rest of the pack, however, with, Tezos sliding by 1.59% to lead the way down.

Binance Coin (-0.34%), Bitcoin Cash ABC (-0.17%), Ethereum (-0.09%), Stellar’s Lumen (-0.30%), and Tron’s TRX (-0.22%) also joined Bitcoin in the red.

For the Bitcoin Day Ahead

Bitcoin would need to move back through $7,295 levels to support a run at the first major resistance level at $7,387.97.

Support from the broader market would be needed, however, for Bitcoin to break back through to $7,300 levels.

Barring a broad-based crypto rally on the day, the first major resistance level and Monday’s high $7,421.7 would likely limit any upside.

Failure to move back through to $7,295 levels could see Bitcoin slide deeper into the red.

A fall through to Monday’s low $7,201.3 would bring the first major support level at $7,167.57 into play before any recovery.

Barring an extended sell-off, however, Bitcoin should steer clear of sub-$7,100 levels and the second major support level at $7,074.23.

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