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The Crypto Daily – Movers and Shakers – April 19th, 2021
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After yesterday's sell-off, a Bitcoin move back through to $60,000 levels would deliver support to the broader market.
Bitcoin, BTC to USD, slid by 6.29% on Sunday. Following on from a 2.27% decline on Saturday, Bitcoin ended the week down by 6.43% to $56,172.0.
A bullish start to the day saw Bitcoin rise to an early morning intraday high $60,279.0 before hitting reverse.
Falling short of the first major resistance level at $61,197, Bitcoin tumbled to an early morning intraday low $50,500.0.
The extended sell-off saw Bitcoin fall through the major support levels
Finding support at the 23.6% FIB of $50,473, Bitcoin broke back through the third major resistance level at $55,104 to end the day at $56,100 levels.
The near-term bullish trend remained intact in spite of the slide back to $50,500 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $27,237 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a bearish day on Sunday.
Crypto.com Coin tumbled by 15.14% to lead the way down, with Bitcoin Cash SV sliding by 12.39%.
Litecoin (-8.92%) and Ripple’s XRP (-8.28%) also saw heavy losses.
Binance Coin (-6.24%), Cardano’s ADA (-6.50%), Chainlink (-2.17%), Ethereum (-3.35%), and Polkadot (-5.14%) saw relatively modest losses on the day.
It was also a mixed week for the majors in the week ending 18th April.
Binance Coin slid by 8.23%, with Crypto.com Coin falling by 5.08% to join Bitcoin in the red.
It was a bullish week for the rest of the majors, however.
Bitcoin Cash SV jumped by 25.25% to lead the way, with Polkadot rallying by 15.72%.
Cardano’s ADA (+1.32%), Ethereum (+4.23%), Litecoin (+8.68%), and Ripple’s XRP (+4.67%) also ended the week in positive territory.
In the week, the crypto total market rose to a Friday high $2,305bn before sliding to a Sunday low $1,755bn. At the time of writing, the total market cap stood at $2,019bn.
Bitcoin’s dominance rose to a Monday high 56.61% before falling to a Saturday low 51.37%. At the time of writing, Bitcoin’s dominance stood at 52.52%.
This Morning
At the time of writing, Bitcoin was up by 0.81% to $56,625.1. A mixed start to the day saw Bitcoin fall to an early morning low $55,709.0 before rising to a high $56,666.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Polkadot (-0.77%) and Ripple’s XRP (-0.55%) saw red to buck the trend early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Chainlink was up by 3.69% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $55,650 to bring the first major resistance level at $60,801 into play.
Support from the broader market would be needed for Bitcoin to break back through to $60,000 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $60,279.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at Wednesday’s swing hi $64,829.0 before any pullback. The second major resistance level sits at $65,429.
Failure to avoid a fall through the $55,650 pivot would bring the first major support level at $51,022 and the 23.6% FIB of $50,473 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The second major support level sits at $45,871.
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.
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