The Crypto Daily – Movers and Shakers -03/12/19

Bitcoin fell by 1.34% on Monday. Following on from a 1.96% decline from Sunday, Bitcoin ended the day at $7,350.3.

Another bearish start to the day saw Bitcoin fall from an early morning intraday high $7,467.3 to a mid-morning intraday low $7,206.4.

Falling short of the first major resistance level at $7,603.93, Bitcoin fell through the first major support level at $7,292.43.

Finding support through the late morning, Bitcoin recovered to $7,400 levels going into the afternoon.

Through the 2nd half of the day, Bitcoin eased back to $7,300 levels and into a relatively range-bound end to the day.

While resistance at $7,400 pinned Bitcoin back, Bitcoin did manage to break back through and hold above the first major support level.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the gains from last 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 bearish day for the majors on Monday.

Litecoin led the way down, sliding by 4.06%.

Bitcoin Cash SV and EOS weren’t far behind, with losses of 2.77% and 3.38% respectively.

Binance Coin (-1.94%), Ethereum (-1.31%), and Ripple’s XRP (-2.59%) also saw deep red.

Bitcoin Cash ABC managed to avoid a loss on the day, with a late recovery leaving Bitcoin Cash ABC flat.

Through the start of the week, the crypto total market cap slid from a Monday high $203.16bn to a low $197.05bn. Finding support in the 2nd half of the day, the total market cap recovered to $199bn levels. At the time of writing, the total market cap stood at $199.25bn.

Bitcoin’s dominance held on to 66% levels with heavier losses seen across the broader market. 24-hour trading volumes fell back to sub-$60bn levels on the day after having hit $63bn levels early in the day.

This Morning

At the time of writing, Bitcoin was up by 0.26% to $7,369.2. A relatively range-bound start to the morning saw Bitcoin rise from an early morning low $7,350.2 to a high $7,371.1.

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

Elsewhere, it was green across the crypto board for the majors, though the early gains were modest at best.

Litecoin and Ripple’s XRP led the way, with gains of 0.5% and 0.41% respectively, with EOS up by 0.36%.

BTC/USD 03/12/19 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to steer clear of sub-$7,350 levels to support a run at the first major resistance level at $7,476.27.

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

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $7,467.3 would likely limit any upside.

In the event of a breakout, the second major resistance level at $7,602.23 could come into play.

Failure to steer clear of sub-$7,350 levels could see Bitcoin fall for a 4th consecutive day.

A fall through the morning low $7,350.2 would bring the first major support level at $7,215.37 into play.

Barring a broad-based crypto sell-off, however, Bitcoin should steer clear of the second major support level at $7,134.77.

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