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The Crypto Daily – Movers and Shakers -09/12/19

Bob Mason

Bitcoin rose by 0.29% on Sunday. Partially reversing a 0.55% fall from Saturday, Bitcoin ended the week up by 1.54% to $7,564.6.

A bearish start to the day saw Bitcoin slide to an early morning intraday low $7,433.6 before finding support.

Bitcoin fell through the first major support level at $7,483.33 before making a move.

Rebounding through the late morning, Bitcoin struck a mid-afternoon intraday high $7,620.0 before easing back.

Falling short of the first major resistance level at $7,636.43, Bitcoin eased back to sub-$7,600 levels, limiting the upside on the day.

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 a mixed day for the majors.

Ethereum and Stellar’s Lumen led the way, with gains of 2.22% and 1.96% respectively.

Bitcoin Cash ABC (+1.42%) and Bitcoin Cash SV (+1.60%) also saw solid gains on the day.

EOS (+0.82%), Litecoin (+0.86%), and Ripple’s XRP (+0.92%) saw more modest gains, while Binance Coin fell by 0.06% to buck the trend on the day.

For the week, it was also a mixed bag for the pack.

Binance Coin (+1.10%) and Ripple’s XRP (+1.95%) joined Bitcoin in the green for the week.

It was a bearish week for the rest of the pack. Bitcoin Cash SV (-6.33%) and Litecoin (-4.00%) led the way down.

Through the week, the crypto total market cap slid from $203bn levels on Monday to a Wednesday low $194.62bn before hitting $206bn levels on Sunday. At the time of writing, the total market cap stood at $205.25bn.

Bitcoin’s dominance reached 67% levels before falling back to 66% levels at the end of the week.

24-hour trading volumes fell back from $70bn levels mid-week to sub-$50bn levels on Sunday.

This Morning

At the time of writing, Bitcoin was down by 0.01% to $7,563.8. A range-bound start to the day saw Bitcoin fall from an early morning high $7,564.6 to a low $7,563.4.

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

Elsewhere, EOS (-0.28%) and Ethereum (-0.05%) joined Bitcoin in the red early on.

It was a more positive start to the day for the rest of the pack, however. Binance Coin led the way, rising by 0.62%, with Litecoin and Ripple’s XRP up by 0.20% and by 0.23% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to steer clear of sub-$7,540 levels to support a run at the first major resistance level at $7,645.2.

Support from the broader market would be needed, however, for Bitcoin to break back through to $7,600 levels.

Barring a broad-based crypto rally on the day, the first major resistance level and Sunday’s high $7,620 would likely cap any upside.

A fall through to sub-$7,540 levels would bring the first major support level at $7,458.8 into play before any recovery.

Barring an extended sell-off through the day, however, Bitcoin should steer clear of the sub-$7,400 levels for a 3rd consecutive day.

This article was originally posted on FX Empire

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