Advertisement
Advertisement

The Crypto Daily – Movers and Shakers -04/12/19

By:
Bob Mason
Published: Dec 4, 2019, 04:51 GMT+00:00

It's deep red for the majors this morning. A bitcoin move through to $7,260 levels would signal the start of a rebound...

Depositphotos_179061572_s-2019

Bitcoin slipped by 0.19% on Tuesday. Following on from a 1.34% fall from Monday, Bitcoin ended the day at $7,336.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $7,454.6 before hitting reverse.

Falling short of the first major resistance level at $7,476.27, Bitcoin slid to a late morning intraday low $7,287.0.

Steering clear of the first major support level at $7,215.37, Bitcoin bounced back to an afternoon high $7,399.6 before easing back into the red.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, supported by the downside for the current 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 on Tuesday.

Binance Coin (+0.53%), EOS (+0.63%), and Stellar’s Lumen (+0.67%) saw green on the day.

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

Bitcoin Cash SV led the way, sliding by 4.81%.

Bitcoin Cash ABC (-1.46%), Ethereum (-1.01%), and Litecoin (-1.65%) also saw relatively heavy losses on the day.

Ripple’s XRP ended the day with just a 0.02% loss.

Through the early part of the week, the crypto total market cap slid from a Monday high $203.16bn to a Wednesday low $195.19bn. At the time of writing, the total market cap stood at $195.34bn.

Bitcoin’s dominance held on to 66% levels supported by Tuesday’s modest loss. 24-hour trading volumes fell back further back on the day to $52bn levels before picking up.

Last week, volumes had hit $113bn levels before the current sell-off ensued.

This Morning

At the time of writing, Bitcoin was down by 1.81% to $7,203.2. A bearish start to the day saw Bitcoin slide from an early morning high $7,339.7 to a low $7,151.6.

Bitcoin fell through the first major support level at $7,263.8 and the second major support level at $7,191.6. The first major resistance level at $7,431.4 was left untested early on.

Elsewhere, it was a sea of red across the crypto board.

EOS led the way down, sliding by 3.49%. Ripple’s XRP and Stellar’s Lumen weren’t far behind, with losses of 3.04% and 3.01% respectively.

Binance Coin (-1.43%), Bitcoin Cash ABC (-2.79%), Ethereum (-2.05%), and Litecoin (-1.63%) also struggled.

Bitcoin Cash SV saw a more modest loss of 0.89% following Tuesday’s heavy slide.

BTC/USD 04/12/19 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to break back through the second major support level at $7,191.6 to $7,200 levels to support a rebound.

Support from the broader market would be needed, however, for Bitcoin to break back through the first major support level at $7,263.8.

Barring a broad-based crypto rebound, Bitcoin would likely fail to move back through the morning high $7,339.7.

In the event of a broad-based crypto rebound, however, Bitcoin would need to move through to $7,360 levels to support a run at the first major resistance level at $7,431.4.

Failure to move through the first major support level at $7,263.8 could see Bitcoin slide deeper into the red.

A fall through the morning low $7,151.6 would bring sub-$7,100 levels into play before any recovery.

Barring an extended sell-off through the day, however, Bitcoin should steer clear of sub-$7,000 levels.

The third major support level at $7,024.0 should limit the downside on the day.

About the Author

Bob Masonauthor

With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.

Advertisement