The Crypto Daily – Movers and Shakers – August 15th, 2021
Bitcoin, BTC to USD, fell by 3.59% on Saturday. Partially reversing a 7.70% rally from Friday, Bitcoin ended the day at $47,084.0.
A mixed start to the day saw Bitcoin rise to a late morning intraday high $48,141.0 before hitting reverse.
Falling well short of the first major resistance level at $49,113, Bitcoin slid to a late morning intraday low $45,935.0.
Steering clear of the first major support level at $45,412, Bitcoin revisited $47,400 levels before easing back.
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 Saturday.
Ripple’s XRP surged by 17.57% to lead the way.
It was a bearish day for the rest of the major, however, with Ethereum (-1.74%) leading the way down.
In the current 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 $1,978bn.
Bitcoin’s dominance rose to a Monday high 47.44% before falling to a Saturday low 44.74%. At the time of writing, Bitcoin’s dominance stood at 44.82%.
At the time of writing, Bitcoin was up by 0.29% to $47,222.0. A mixed start to the day saw Bitcoin fall to an early morning low $47,078.0 before rising to a high $47,222.0.
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, Cardano’s ADA was up by 2.00% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $47,053 pivot to bring the first major resistance level at $48,172 into play.
Support from the broader market would be needed for Bitcoin to break back through to $48,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $48,141.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $49,259.
A fall through the $47,053 pivot would bring the first major support level at $45,967 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 $44,847.