The Crypto Daily – Movers and Shakers – August 21st, 2021
Bitcoin, BTC to USD, rallied by 5.48% on Friday. Following a 4.57% gain on Thursday, Bitcoin ended the day at $49,330.5.
A mixed morning saw Bitcoin fall to an early morning intraday low $46,647.0 before finding support.
Steering clear of the of the first major support level at $44,818, Bitcoin rallied to a late intraday high $49,400.
Bitcoin broke through the first major resistance level at $47,887 and the second major resistance level at $49,008.
A late pullback, however, saw briefly Bitcoin fall back through the second major resistance level before ending the day at sub-$49,300 levels.
The near-term bullish trend remained intact, supported by the latest return to $49,000 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 bullish day on Friday.
In the current week, the crypto total market fell to a Wednesday low $1,832bn before rising to a Friday high $2,110bn. At the time of writing, the total market cap stood at $2,068bn.
Bitcoin’s dominance fell to a Tuesday low 43.67% before rising to a Wednesday high 45.35%. At the time of writing, Bitcoin’s dominance stood at 44.67%.
At the time of writing, Bitcoin was down by 0.35% to $49,157.8. A mixed start to the day saw Bitcoin rise to an early morning high $49,374.0 before falling to a low $49,157.8.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Ripple’s XRP was down by 0.92% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $48,459 pivot to bring the first major resistance level at $50,271 and the 23.6% FIB of $50,473 into play.
Support from the broader market would be needed for Bitcoin to break out from Friday’s high $49,400.0.
Barring a broad-based crypto rally, the first major resistance level and resistance at the 23.6% FIB would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $53,000 levels before any pullback. The second major resistance level sits at $51,212.
A fall through the $48,459 pivot would bring the first major support level at $47,518 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$46,000 levels. The second major support level sits $45,706.