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The Crypto Daily – Movers and Shakers – 29/12/19

Bob Mason

Bitcoin rose by 0.62% on Saturday. Following on from a 0.77% gain on Friday, Bitcoin ended the day at $7.334.4.

A bullish start to the day saw Bitcoin rise from an early morning intraday low $7,279.2 to a mid-morning high $7,388.0.

Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $7,353.57 before easing back.

In spite of the late morning pullback, Bitcoin found support at $7,300 to strike a mid-afternoon intraday high $7,390.0.

Bitcoin broke back through the first major resistance level before a slide back to $7,302 levels.

A 3rd break through the first major resistance level also ended in a pullback, with Bitcoin unable to break through to $7,400 levels 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 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 and Stellar’s Lumen bucked the trend, with declines of 4.13% and 2.18% respectively on Saturday.

It was bullish for the rest of the pack, however, with Bitcoin Cash SV and Litecoin rallying by 5.11% and 4.37% respectively to lead the way.

Binance Coin (+2.79%), EOS (+1.33%), Ethereum (+1.33%), Ripple’s XRP (+1.54%), and Tron’s TRX (+1.43%) also saw solid gains.

Bitcoin Cash ABC saw a more modest gain of 0.62% on the day.

Through the week, the crypto total market cap hit a Monday high $200.48bn before sliding to a low $189.60bn on Thursday. At the time of writing, the total market cap stood at $193.30bn.

Bitcoin’s dominance continued to sit at 68% levels on Saturday. Trading volumes continued to fall short of $90bn levels seen on Monday, however. At the time of writing, volumes were at $71bn levels.

This Morning

At the time of writing, Bitcoin was down by 0.06% to $7,329.9. A relatively bearish start to the day saw Bitcoin fall from an early morning high $7,335.0 to a low $7,311.6.

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

Elsewhere, it was a mixed start to the day, with Binance Coin (+0.21%), EOS (+0.25%), and Tezos (+0.57%) finding early support.

It was bearish for the rest of the pack, however. Bitcoin Cash SV (-0.50%) and Tron’s TRX (-0.46%) led the way down early on.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the morning high $7,335.0 to support a run at the first major resistance level at $7,389.87.

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

Barring a broad-based crypto rally on the day, the first major resistance level and Saturday’s high $7,390.00 would likely limit any upside.

Failure to move back through the morning high $7,335.0 could see Bitcoin slide deeper into the red.

A fall through to $7,310 levels would bring the first major support level at $7,279.07 into play before any recovery.

Barring an extended sell-off, however, Bitcoin should steer clear of sub-$7,200 levels. The second major support level at $7,223.73 should limit any downside on the day.

This article was originally posted on FX Empire

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