The Crypto Daily – Movers and Shakers – August 16th, 2021
Bitcoin, BTC to USD, slipped by 0.13% on Sunday. Following a 3.59% slide on Saturday, Bitcoin ended the week up by 7.37% to $47,084.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $47,369.0 before hitting reverse.
Falling well short of the first major resistance level at $48,172, Bitcoin slid to an early afternoon intraday low $45,471.0.
Bitcoin fell through the first major support level at $45,966 before briefly revisiting $47,200 levels late in the day.
The near-term bullish trend remained intact, supported by the latest return to $48,000 levels. For the bears, Bitcoin would need a sustained fall 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 mixed day on Sunday.
Cardano’s ADA fell by 0.95% to join Bitcoin in the red.
It was a bullish day for the rest of the majors, however.
Chainlink rose by 2.69% to lead the way.
Binance Coin (+1.33%), Bitcoin Cash SV (+1.70%), Ethereum (+1.36%), Litecoin (+1.01%), and Polkadot (+1.47%) weren’t far off.
Crypto.com Coin (+0.06%) and Ripple’s XRP (+0.41%) trailed the front runners, however.
While it was a mixed end to the week, it was a bullish week for the majors.
Ripple’s XRP surged by 64.95% to lead the way, with Cardano’s ADA ending the week up by 52.04%.
Binance Coin (+21.15%), Chainlink (+21.08%) and Litecoin (+23.27%) also found strong support.
Bitcoin Cash SV (+16.49%), Crypto.Com Coin (+9.20%), Ethereum (+9.85%), and Polkadot (+9.85%) trailed the front runners, however.
For the week, the crypto total market fell to a Monday low $1,696bn before rising to a Saturday high $2,022bn. At the time of writing, the total market cap stood at $1,999.5bn.
Bitcoin’s dominance rose to a Monday high 47.44% before falling to a Sunday low 44.12%. At the time of writing, Bitcoin’s dominance stood at 44.32%.
This Morning
At the time of writing, Bitcoin was up by 0.19% to $47,111.0. A bullish start to the day saw Bitcoin rise from an early morning low $47,023.0 to a high $47,174.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bullish start to the day.
At the time of writing, Crypto.com Coin was up by 1.13% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $46,621 pivot to bring the first major resistance level at $47,770 into play.
Support from the broader market would be needed for Bitcoin to break out from $47,500 levels.
Barring a broad-based crypto rally, the first major resistance level and resistance at $48,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $49,000 levels before any pullback. The second major resistance level sits at $48,519.
A fall through the $46,621 pivot would bring the first major support level at $45,872 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels. The second major support level sits at $44,723.
This article was originally posted on FX Empire
