The Crypto Daily – Movers and Shakers – August 18th, 2021

Bitcoin, BTC to USD, fell by 2.70% on Tuesday. Following a 2.31% loss on Monday, Bitcoin ended the day at $44,695.0.

After a choppy start to the day, Bitcoin rose to a late morning intraday high $47,167.0 before hitting reverse.

Falling short of the first major resistance level at $47,441, Bitcoin slid to a late intraday low $44,441.0.

Bitcoin fell through the first major support level at $45,061 to end the day at sub-$45,000 levels.

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 bearish day on Tuesday.

Cardano’s ADA (-7.20%), Chainlink (-6.45%), and Ripple’s XRP (-7.41%) led the way down.

Binance Coin (-3.40%), Bitcoin Cash SV (-5.28%), Crypto.com Coin (-2.10%), Ethereum (-4.31%), and Litecoin (-5.28%) also struggled.

Polkadot fell by a more modest 1.03% on the day, however.

Early in the week, the crypto total market rose to a Monday high $2,061bn before falling to a Tuesday low $1,851bn. At the time of writing, the total market cap stood at $1,885bn.

Bitcoin’s dominance fell to a Tuesday low 43.67% before rising to a Tuesday high 45.06%. At the time of writing, Bitcoin’s dominance stood at 44.65%.

This Morning

At the time of writing, Bitcoin was up by 0.28% to $44,822.0. A mixed start to the day saw Bitcoin rise to an early morning high $45,018.0 before falling to a low $44,625.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin bucked the trend early on, sliding by 3.66%.

It was a bullish start for the rest of the majors, however.

At the time of writing, Polkadot was up by 3.36% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $45,434 pivot to bring the first major resistance level at $46,428 into play.

Support from the broader market would be needed for Bitcoin to break back through to $46,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $47,167 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 $48,160.

Failure to move through the $45,434 pivot would bring the first major support level at $43,702 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of the second major support level at $42,708.