The Crypto Daily – Movers and Shakers -11/12/19

Bitcoin fell by 1.69% on Tuesday. Following on from a 2.45% slide on Monday, Bitcoin ended the day at $7,254.6.

A relatively bullish start to the day saw Bitcoin rise to an early morning intraday high $7,434.6.

Falling well short of the first major resistance level at $7,650.07, Bitcoin slid to a late afternoon intraday low $7,200.0.

The reversal saw Bitcoin slide through the first major support level at $7,207.57.

Finding support late in the day, Bitcoin broke back through the first major support level to limit the downside.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, with Bitcoin on the back foot in 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.

Bitcoin Cash SV rose by 0.27% to buck the trend on the day.

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

Binance Coin led the way down, sliding by 3.40%.

EOS and Stellar’s Lumen also saw heavy losses, with the pair falling by 2.04% and 2.13% respectively.

Bitcoin Cash ABC (-0.63%), Ethereum (-1.18%), Litecoin (-0.77%), and Ripple’s XRP (-0.67%) saw relatively modest losses on the day.

Through the early part of the week, the crypto total market cap rose to a Monday high $206.02bn before sliding to a Tuesday low $196.37bn. At the time of writing, the total market cap stood at $196.95bn.

Bitcoin’s dominance held at sub-67% levels on the day, with heavy losses relative to the broader market pinning Bitcoin back. The continued sell-off did manage to draw in sidelined investors, with trading volumes hitting $60bn levels before easing back.

This Morning

At the time of writing, Bitcoin was down by 0.29% to $7,233.8. A mixed start to the day saw Bitcoin rise to an early morning high $7,312.0 before falling to a low $7,223.0.

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

Elsewhere, Stellar’s Lumen bucked the trend, rising by 0.48%.

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

Ripple’s XRP and Bitcoin Cash SV led the way down with falls of 1.1% and 0.63% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $7,300 levels to support a run at the first major resistance level at $7,392.8.

Support from the broader market would be needed, however, for Bitcoin to break out from the early morning high $7,312.0.

Barring a broad-based crypto rebound, Bitcoin would likely come up short of Tuesday’s high $7,434.6.

The first major resistance level and resistance at $7,400 would likely cap any upside on the day.

Failure to move back through to $7,300 levels could see Bitcoin slide deeper into the red.

A fall through the morning low $7,223.0 would bring the first major support level at $7,158.2 into play.

Barring an extended sell-off through the day, however, Bitcoin should steer clear of sub-$7,100 levels.