x
Bitcoin fell by 1.96% on Sunday. Following on from a 2.52% slide from Saturday, Bitcoin ended the week up 6.96% to $7,450.1.
A particularly bearish start to the day saw Bitcoin slide from an early morning intraday high $7,600.1 to an intraday low $7,288.6.
Falling short of the major resistance levels, Bitcoin fell through the first major support level at $7,440.73.
Finding support at the second major support level at $7,281.57, Bitcoin recovered to an afternoon high $7,523.2.
The return to $7,500 levels was brief, however, with Bitcoin sliding back through the first major support level.
Late support led to a move back through to $7,400 levels to limit the downside 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 on Sunday.
Bitcoin Cash SV led the way down, sliding by 2.94%.
Binance Coin (-1.72%), Ethereum (-0.42), and Ripple’s XRP (-0.18%) also joined Bitcoin in the red.
It was a bullish day for the rest of the pack, however, with Litecoin and EOS rising by 1.29% and 1.23% respectively to lead the way.
Stellar’s Lumen and Bitcoin Cash ABC saw more modest gains of 0.84% and 0.71% respectively.
For the week, it was green across the board, however, with EOS surging by 15.15% to lead the way.
Bitcoin Cash ABC (7.22%), Ethereum (7.76%), and Litecoin (8.90%) also found strong support.
Binance Coin (3.06%), Bitcoin Cash SV (5.18%), Ripple’s XRP (1.97%), and Stellar’s Lumen (3.41%) trailed the front runners.
Through the week, the crypto total market cap slid to a Monday week low $180.76bn before rebounding to a Saturday week high $211.90bn. At the time of writing, the total market cap stood at $201.29bn.
Bitcoin’s dominance held on to 66% levels. 24-hour trading volumes fell back to sub-$60bn levels on Saturday before recovering to $62bn levels. Earlier in the week, volumes had peaked at $133bn levels.
This Morning
At the time of writing, Bitcoin was down by 0.34% to $7,424.6. A bearish start to the day saw Bitcoin fall from an early morning high $7,462.8 to a low $7,411.3.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was red across the crypto board, with Stellar’s Lumen falling by 1.18% to lead the way down.
Losses elsewhere were modest within the 1st hour, with Ripple’s XRP down by just 0.05%.
For the Bitcoin Day Ahead
Bitcoin would need to move through to $7,450 levels to support a run at the first major resistance level at $7,603.93.
Support from the broader market would be needed, however, for Bitcoin to break through to $7,600 levels.
Barring a broad-based crypto rally on the day, Sunday’s high $7,600.1 and the first major resistance level should cap any upside.
Failure to move through to $7,450 levels could see Bitcoin fall for 3rd consecutive day.
A slide back through to sub-$7,400 levels would bring the first major support level at $7,292.43 into play.
Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $7,134.77.
Bob Mason
FX EmpireDecember 2, 2019
