Month: December 2019

Bitcoin BTC Price Downside Thrust Underway Bulls Struggling

December 11, 2019 David

Bitcoin (BTC) Price Downside Thrust Underway, Bulls Struggling

  • Bitcoin price failed to stay above the $7,400 support and declined recently against the US Dollar.

  • The price is trading below $7,280 and it could even decline below the $7,160 support.

  • There is a major declining channel forming with resistance near $7,240 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair remains at a risk of a downside thrust below $7,160 and $7,040 in the near term.

Bitcoin price is showing a few bearish signs below $7,280 against the US Dollar. BTC is likely to continue lower below $7,160 unless it climbs above $7,400.

Bitcoin Price Analysis

Yesterday, we saw a downside break in bitcoin price below the $7,400 support against the US Dollar. BTC price broke many supports near $7,320 and settled below the 100 hourly simple moving average.

Moreover, the bears were able to push the price below the $7,280 support area. Finally, the price traded below the $7,200 support and tested the $7,160 support zone.

A low was formed near $7,159 and the price is currently correcting higher. An immediate resistance is near the $7,240 and $7,250 levels. Besides, there is a major declining channel forming with resistance near $7,240 on the hourly chart of the BTC/USD pair.

Above the channel resistance, the $7,280 level is a key resistance. Additionally, the 23.6% Fib retracement level of the recent drop from the $7,664 high to $7,159 low.

If bitcoin manages to recover above $7,240 and $7,280, the price could climb towards the next major resistance near the $7,400 area. More importantly, the 50% Fib retracement level of the recent drop from the $7,664 high to $7,159 low is also near the $7,410 level to stop the bulls.

If the bulls succeed in clearing the $7,400 resistance area, the price could surge towards $7,660 or $7,700. On the other hand, the price may perhaps continue to move down below $7,200.

An immediate support is near $7,160, below which the price is likely to accelerate towards $7,040 or $7,000 in the near term. Any further losses might call for a test of the $6,600 area.

 

Bitcoin Price

Looking at the chart, bitcoin price is facing an increase in selling below $7,400 and $7,280. As long as it is trading below $7,400, there remains a risk of another drop below $7,000.

Technical indicators:

Hourly MACD – The MACD is showing negative signs in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level.

Major Support Levels – $7,160 followed by $7,040.

Major Resistance Levels – $7,280, $7,400 and $7,420.

 

 

Aayush Jindal

David – http://markethive.com/david-ogden

Bitcoin Bears Back on Bakkt Launch as Markets Tumble Again

December 10, 2019 David

Bitcoin Bears Back on Bakkt Launch as Markets Tumble Again

Around $6 billion has been dumped out of crypto markets over the past few hours as the bears return again.has been dumped out of crypto markets over the past few hours as the bears return again. Coincidentally it has happened again, right after Bakkt launched more institutional investment products for Bitcoin.

Bitcoin Barrels Towards $7k

BTC charts were looking positive during late trading yesterday but the Asian session changed all of that. A brief spike above $7,600 was followed by a massive dump back to $7,270 according to Tradingview.com. Bitcoin is currently trading in the $7,350 range but analysts are growing increasingly bearish.

The wicks up have been a bearish test of resistance that was too strong to overcome and BTC is currently battling at the point of control according to analyst Josh Rager.

“Bitcoin is battling the POC at $7315 area and so far holding steady. Below that we’d want to look at the low of the value area – $7100s (sweep of low $7080)”

He added that the asset is still ranging in what could be an accumulation area. Yesterday’s mini-survey on CT resulted in a very even split of market sentiment from the 2,000 respondents though 53% were bullish.

The bottom in 2018 consolidated around or below $4k for almost four months in what was a painfully chilly crypto winter. If this really is the new bottom then BTC could range in this channel until February next year when halving FOMO revives it.

No Favors From Bakkt

Coincidentally this latest drop comes just after Bakkt launched more institutional investment products. The last time this happened was in late September when crypto markets dumped $10 billion following the launch of its BTC futures contracts.

Today markets are down over 21% from those levels and poised to drop below $200 billion again as the bears gather steam. There has been a lot of negativity towards Bakkt from the crypto community following yesterday’s launch of BTC monthly options and cash settled futures in Singapore.

Many feel that these products are providing more tools for institutions to suppress the price of the digital asset. Cash settled futures do nothing for Bitcoin as it is instantly liquidated back into markets on contract expiry.

Day one of trading started well with over a thousand cash settled contracts opened at ICE Futures Singapore according to the official Bakkt channel.

Elsewhere on Crypto Markets

As usual the altcoins have followed their big brother again in a tediously predictable pattern. The $6 billion market dump has seen no survivors but some are suffering more than others.

Ethereum has lost 2% to fall back below $150 again while XRP and BCH have done the same. Following an impressive weekend of gains Tezos is dumping hard today with a 6.5% slide and Cosmos is not far behind.

Today’s altcoin suicide though is MATIC which has just been obliterated 70% an hour or so ago.

 

Martin Young

David – http://markethive.com/david-ogden

Make or Break Time For Bitcoin How Likely is Another Final Capitulation?

December 9, 2019 David

Make or Break Time For Bitcoin, How Likely is Another Final Capitulation?

Following a little momentum last week Bitcoin spent most of the weekend consolidating. It has been pretty flat for the past fortnight and analysts are now considering the unpopular premise of a final capitulation approaching which would mirror movements from this time last year.

Bitcoin Bulls and Bears Poised

Crypto markets were lifted on Friday which resulted in BTC topping out over $7,600 briefly on Saturday. A Sunday dip to $7,400 was quickly recovered and the best part of the past two days has been spent at $7,500.

BTC price 1 hour chart – Tradingview.com

Since the big dump on November 25, Bitcoin has remained at this level with very little momentum to take it higher. There have been two green weekly closes but nowhere near enough to cancel out last month’s massive red candles.

Sentiment is generally mixed at the moment with a number of analysts eyeing the possibility of another final capitulation as charts are beginning to mirror patterns this time last year when BTC dumped into the $3k zone.

Trader and analyst Jacob Canfield polled some of his followers to gauge sentiment of the two opposing groups of Bitcoin bulls and bears.

Unsurprisingly things were very close from the 1,500 or so respondents at the time of writing with just over half of them bullish. Another sentiment measure is the BTC fear and greed index and that is still registering a fearful 28 at the moment.

Any move south from here is likely to retest the $6,500 level first. A final capitulation however could see prices plunge to $5k which is where the 200 week moving average lies and the first level of resistance on the upside of the rally in April.
 

When Halving Pump?

Eventually though, halving FOMO will start to kick in as mathematical scarcity notion takes a grip. There is usually a little momentum in the lead up to the event but we still have around six months to go. A final shake out could be the last good buying opportunity before a bull market after the halving in 2020.

Replying to a chart comparison, trader and analyst Josh Rager noted that this still feels like the accumulation phase that occurred last year.

It is also highly likely that this consolidation could continue until after the New Year as traders take a break over the festive period.

Either way, if history rhymes there will be a big upside push for the halving as there has been for the past two. Economic principles like stock to flow models are hard to ignore, especially when the banks of the world are trying their hardest to devalue traditional currencies.

Whatever happens in the short term for Bitcoin should not deter investors but it may irk the day traders who are largely responsible for all of this volatility in the first place!

 

Martin Young

David – http://markethive.com/david-ogden

Secret Bitcoin Indicator Signals Major BTC Bull Run Incoming Says Crypto Hedge Fund Insider

December 8, 2019 David

Secret Bitcoin Indicator Signals Major BTC Bull Run Incoming, Says Crypto Hedge Fund Insider

An analyst at the crypto hedge fund Adaptive Capital is releasing a mysterious chart that he says indicates a major Bitcoin bull run is about to begin.

According to Willy Woo, who invented the Network Value to Transactions Ratio (NVT) to measure the dollar value of crypto transactions relative to network value, Bitcoin’s on-chain volume suggests the bottom is in and a long-term rally is about to begin.

“On-chain momentum is crossing into bullish. Prep for halvening front running here on in. Can’t say what this indicator is, as it’s proprietary to @AdaptiveFund , but it tracks investor momentum.

The bottom is mostly likely in, anything lower will be just a wick in the macro view.”

The debate on the potential impact of Bitcoin’s upcoming halving (aka halvening) is hitting a fever pitch as 2019 comes to a close.

The halving is set to happen in May of next year, slashing the reward miners receive for each new block of Bitcoin, reducing it from 12.5 BTC to 6.25 BTC.

The event happens every four years on average, slowing the amount of new BTC entering the market as the leading cryptocurrency slowly approaches its hard cap of 21 million coins.

Analysts like PlanB say BTC’s price history shows halvings have been strongly correlated with previous Bitcoin rallies.

But other analysts, such as Morgan Creek Digital’s Jason A. Williams, say BTC’s next halving is so highly anticipated that it may already be priced in.

The co-founder of mining giant Bitmain, Jihan Wu, says that although he’s a long-term Bitcoin bull, he’s also not convinced the halving will trigger the next rally, reports the Chinese crypto news outlet 8BTC.

“Bitcoin halving may not lead to bull market, but I am positive about the long-term trend of Bitcoin’s price.

There are many uncertainties, but now is a good time to invest in crypto mining. If I were a miner, I would not stop mining and continue to invest in mining equipment. We are currently in a short-term correction of price. Having a long-term perspective is important. If Bitcoin’s price remains unchanged after halving, the efficiency of existing equipment must be improved to balance efficiency and computing power.”

 

December 8, 2019

Daily Hodl Staff

David – http://markethive.com/david-ogden

Bitcoin Price Still on Track to Hit 6200 Eerily Accurate Fractal Predicts

December 7, 2019 David

Bitcoin Price Still on Track to Hit $6,200, Eerily Accurate Fractal Predicts

Bitcoin’s precipitous drop to $6,600 seen earlier this month caught many traders aback; nearly no one, not even the top traders and analysts, expected for that price action to play out as it did in real life. Few predicted the subsequent bounce to $7,800, where BTC sits as of the time of writing this, too.

Though, one trader has been calling the moves all along, using a lesser-known and slightly unorthodox method of analysis to predict the directionality of the Bitcoin and cryptocurrency market.

Related Reading: Eat My Shorts: Everything You Need To Know About The Bitcoin Bart Pattern

Bitcoin Fractal Implies 18% Drop

Over the past few months, a popular trader on Twitter, NebraskanGooner, has been touting what is known as a “fractal” via his social media pages.

A quick aside for those unaware of what a fractal is: a fractal, in financial markets, is when the historical price pattern or direction of an asset is reflected/seen again on a different time frame and/or for a different asset. While some analysts see them as pure coincidences, analyses have found that fractals can work well for Bitcoin and other cryptocurrencies, potentially due to the inherent cyclicity of this market.

The fractal predicted the cryptocurrency’s dramatic price drop to $6,600 weeks before it took place, and the subsequent recovery to nearly $8,000 seen a week or two back. Now, as Nebraskan recently pointed out, it shows that Bitcoin is about to fall off a precipitous cliff in the coming week or two, in a move that may bring the price of BTC to $6,200, maybe even lower. That would represent an 18% drop from current levels.

That’s not all. The analyst pointed out in a separate post that Bitcoin’s weekly chart looks bearish again in spite of the fact that a recovery was seen after the strong move lower. The analyst specifically remarked that BTC failed to break the key 99-week simple moving average and a horizontal zone of resistance, before adding that the “increased buyer volume” narrative is a clear misnomer and that the on-balance volume indicator saw a bearish retest.

With that in mind, the cryptocurrency trader remarked that he expects for Bitcoin to see a “slow bleed” lower, which will be marked by investors trying to buy the dip and then being stopped out, then a “fast dip with rapid absorption” in the $6,000s.

 

Nick Chong

David – http://markethive.com/david-ogden

British Virgin Islands Government Turning to Blockchain?

December 6, 2019 David

British Virgin Islands Government Turning to Blockchain? 

Blockchain technology was first introduced through Bitcoin as a means to aid and empower global citizens. However, governments worldwide are increasingly looking into the nascent tech as a means of building out their own economies and national infrastructure.

Cryptocurrency and blockchain tech have broad applications, as has been exemplified by implementation into a plethora of industries: from cloud computing and predictive analytics to accounting and healthcare. As the space continues to mature, the influence blockchain has as society transitions towards a digital economy will become further evident.

BLOCKCHAIN IN GOVERNMENT

It’s no secret that governments across the board are now looking into blockchain. While some have only just begun dipping their toes into cryptocurrency, others are wholly entrenched with blockchain initiatives across various sectors. The United States government, for example, has already engulfed on a number of projects, including a healthcare data exchange for patients and 3d printing file storage at military bases.

Recently, China has dominated headlines after the nation’s President, Xi Jinping, held a press conference stating China’s intention to go big on blockchain. This recent initiative includes a state-led blockchain alliance with major Chinese cryptocurrency firms to build out blockchain infrastructure throughout the country.

Critics highlight the danger of China’s recent endorsement as a means to leverage transparent and immutable properties of the technology to further increase surveillance on their citizens. Similar concerns have been applied to regimes like North Korea and Russia, who have similarly displayed a curiosity towards blockchain.

ACCELERATING EMERGING ECONOMIES

Beyond potential to further restrict individual freedoms, governments can also utilize digital currencies as a means to bring greater consistency, autonomy, and efficiency to their respective currencies and broader economies. This opportunity is especially worthwhile for third world and emerging nations looking to evolve towards a more digital, interconnected national economy.

Early proponents of cryptocurrency, such as Malta and Estonia, have already reaped benefits from their integration. Malta’s crypto-friendly corporate and tax laws sparked a major GDP boost when cryptocurrency firms worldwide, such as Binance, chose to relocate the island nation. Estonia leveraged blockchain to take their various aspects of their government digital, such as healthcare records for the nation’s 1.3 million citizens. In doing so, they’ve seen major savings in operating costs and gains in efficiency.

Premier Andrew Fahie and Sanjay Jadhav (left)

BRITISH VIRGIN ISLANDS DIGITAL CURRENCY INITIATIVE

A recent pioneer in blockchain integration is found through the British Virgin Islands. Leaders in the BVI have advocated to push the archipelago towards a greater presence in the emerging Financial Technology sector.

As part of this goal, British Virgin Islands hosted its BVI Digital Economy symposium on December 3. This event connected over 100 stakeholders across the private and public sector to strategize and receive further education on the nation’s transition towards a digital standard.

A major highlight of the symposium was seen through a presentation given by philanthropic blockchain startup LIFElabs.io regarding the ongoing BVI~LIFE project. The British Virgin Islands have partnered with LIFElabs to build out a national digital currency as an alternative to the US Dollar, which the government has relied on for business and consumption since 1959.

The central digital currency, coined BVI~LIFE, will be pegged 1:1 against USD and is built as a means to reduce transactional costs, improve transaction speeds, and improve the ability to conduct business between islands. The currency will be available to BVIslanders and tourists alike.

Another component of the project is seen through the Rapid Cash Response (RCR) fund. In 2017, Hurricane Irma spawned US$3 billion in damages across the BVI and instigated immeasurable emotional trauma to citizens. Much of the damage was seen through the aftermath, with insufficient liquid capital available to alleviate the effects of the hurricane. The RCR will enable rapid deployment of funds in order to minimize the damage from future disasters.

If successful, this digital currency initiative could reposition the British Virgin Islands as a noteworthy player in FinTech and blockchain. Additionally, such a success may likely act as a catalyst for other nations, particularly those burdened by a cash-dominated economy, to embark on similar projects.

Mark  5th December 2019

 

David – http://markethive.com/david-ogden

Can Central Bank Digital Currencies Oust Bitcoin and Ethereum?

December 5, 2019 David

Can Central Bank Digital Currencies Oust Bitcoin and Ethereum?

The debate around central bank digital currencies (CBDCs) has been raging on for the last year, and governments across the world have been studying and researching them very intricately. As more governments explore digital money, some traditional-minded economists believe that these currencies can erode the value of public ledger cryptocurrencies.

Understanding the Value of Decentralization and Censorship Resistance

Central bank digital currencies will simply be another form of fiat. The main difference between regular fiat and a CBDC will just be their form and efficiency. In essence, all the money in your bank account is digital fiat currency. You can choose to print it into existence at an ATM or simply transact with the digital variant using cards, cheques, etc.

Fiat currencies are not inherently present. By this, I mean a dollar bill is not actually a dollar – it’s an IOU for a dollar from the central bank or the Federal Reserve. Cash is a term used to classify securities that are liquid and easily convertible, but all cash is merely a debt note. Ever since the gold standard was abolished, the redeemable features have been non-existent, rendering the dollar bill itself into a true commodity.

Bitcoin and Ethereum derive their value from being inherently present and uncensorable. Bitcoin is a decentralized store of value and a simple payments ledger, while Ethereum enables a world of financial activity. Store of value and payments are very much present in traditional finance by way of equities, bonds, and gold for SoV properties, and various systems and processors for payments. So where does the real benefit lie?

Firstly, nobody can stop anyone from doing anything. Bottom line, that is the true value. When you look at decentralized technology, what you are looking at is a political revolution masked by a layer of secure, distributed technology. UMA Protocol is a synthetic asset minting system that runs on Ethereum. It allows anyone to recreate any real-world asset and mimic its price action. The implications of this are a synthetic Tesla stock that a retail investor can invest in from Estonia. For the Estonian resident to do so via the New York Stock Exchange and traditional channels would take mounds of paperwork and hours – if not days – of time. With UMA, it’s a matter of minutes.

Understanding this industry lies in the social repercussions it brings with it. The technology, the blockchain – they are just tools that make the political revolution possible. In reality, these systems are about creating something that cannot discriminate or seize. A system for the people, by the people.

 

The End Game

At long last, the conclusion of this is that central bank digital currencies are an efficient version of fiat. And while they improve on the weaknesses in payment throughput and cost, they do not even skim the surface when it comes to censorship.

In fact, given the absolute lack of privacy over CBDC ledgers and the massive amount of data that can be procured, they are actually even worse than regular banks and paper fiat.

 

Published by Ashwath Balakrishnan at December 4, 2019

David – http://markethive.com/david-ogden

Are Bitcoin Traders That Bought at 3-6k Starting to Sell BTC Now?

December 4, 2019 David

Are Bitcoin Traders That Bought at $3-6k Starting to Sell BTC Now?

On-chain metrics can offer valuable insights into Bitcoin market movements and the latest data is showing that unrealized losses are mounting up. This could lead to a larger selloff as those that bought the dip in late 2018 fear for loss of profits now.

Bitcoin Selloff Resumes

Following the weekend’s push to close in on $8k, there has been a slide of almost 8% as the king of crypto retreats for the seventh time since late June. The correction from this year’s peak is currently 48% and analysts are suggesting that it is not over yet.

Chances of a ‘Santa rally’ are dwindling as the asset looks set to dip into the $6k region again this week. There may well be no recovery until the halving approaches in six months’ time, and that may even take a while to gather momentum.

On-chain data has been used to analyze estimated cost basis and 45% of investors are currently in the red. CIO of Point-Slope Capital Chris Russi has been looking at the figures and they do not bode well.

“While it’s been quite a drawdown from the ~$13k top in June, I still expect slightly more pain to push that # closer to ≥50% until we trend up again.”

A 50% figure would have a BTC price of around $6k which is where a number of technical analysts expect it to go. Mid-$5ks could also be possible as that is where the asset held for a month before initiating its huge rally up to $13,800.

Russi speculated that the largest capitulators have been those that bought the top. This was exactly what happened after the massive boom in early 2018, day traders dumping for fear of losing too much.

“Biggest capitulators during the draw down period have been top buyers @ ~$12K, recent dip buyers at ~$7.5K-$8K, and people locking in profits from catching the earlier bottom @ $3-$6k”

A scarier thought is another big selloff initiated by those that bought Bitcoin during the depths of crypto winter when it spent five months trading below $6k.

This would negate the premise that there has been more hodling occurring this time around and that institutional players have been stock piling the asset for product liquidity.

It stands to reason that anyone lucky enough to time the exact market bottom (which was just below $3,200 on December 15, 2018) would have been selling on the way up and would not have waited until now to offload.

A higher low is expected which would confirm that the long term trend is still intact and BTC is still heading upwards despite these massive peaks and toughs. If Bitcoin drops back into the $3k zone then the bear market that started almost two years ago is still not over.

 

Martin Young

David – http://markethive.com/david-ogden

Crypto Market Cap And Bitcoin Facing Hurdles – BCH BNB EOS TRX Analysis

December 3, 2019 David

Crypto Market Cap And Bitcoin Facing Hurdles – BCH, BNB, EOS, TRX Analysis

  • The total crypto market cap is struggling to surpass the $200.0B resistance area.

  • Bitcoin price is also facing a lot of hurdles near the $7,400 and $7,440 levels.

  • EOS price is holding the $2.500 support, but it is struggling to clear the $2.850 resistance.

  • Binance Coin (BNB) is currently consolidating above the main $15.00 support.

  • BCH price is currently above the $205 support and attempting a break above the $215 resistance.

  • Tron (TRX) price seems to be trading in a range above the $0.0150 support area.

The crypto market cap and bitcoin (BTC) are struggling to gain bullish momentums. Ethereum (ETH), binance coin (BNB), ripple, BCH, tron (TRX), litecoin and EOS are facing hurdles.

 

Bitcoin Cash Price Analysis

After a short term downside reaction, bitcoin cash price found support near the $205 level against the US Dollar. The BCH/USD pair is currently trading in a range above the $205 support area and it is facing a strong resistance near the $215 level.

The next key resistance is near the $225 level, above which there are chances of a decent rise towards the $240 level. On the downside, a close below $200 might start a fresh decrease.

 

Binance Coin (BNB), EOS, Tron (TRX) Price Analysis

EOS price managed to settle above the $2.500 and $2.600 support levels. However, the price is finding it hard to clear the main $2.850 resistance area. If it succeeds, the next stop for the bulls could be $3.000. On the downside, only a close below $2.500 might put the bulls under pressure.

Tron price is currently consolidating above the key $0.0150 support area. On the upside, TRX price is facing resistance near the $0.0158 and $0.0160 levels. A successful close above the $0.0160 resistance is likely to lead the price towards the $0.0165 and $0.0167 levels.

Binance coin (BNB) remained confined in a range above the $14.50 and $15.00 support levels. On the upside, there is a solid resistance forming near the $16.00 area. Once BNB price settles above the $16.00 resistance, it could gain bullish momentum in the near term.

Crypto Market Cap

Looking at the total cryptocurrency market cap 4-hours chart, there was a bearish reaction from the $208.0B resistance area. The crypto market cap declined below the $200.0B support and tested the $188.0B zone. It is currently correcting higher, but facing resistance near the $200.0B area.

To start a fresh increase in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX, the market cap must surpass the $200.0B and $208.0B resistance levels. If not, it could decline further towards $182.0B and $175.0B.

 

Aayush Jindal

David – http://markethive.com/david-ogden

The Crypto Daily Movers and Shakers -021219

December 2, 2019 David

The Crypto Daily – Movers and Shakers -02/12/19

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

David – http://markethive.com/david-ogden