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

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Updated: Jan 18, 2021, 01:47 UTC

It's a mixed start to the week. A Bitcoin move back through to $37,000 levels would support the pack.

Coins of crypto currency are presented on a dark background. Virtual money concept.

The Rest of the Pack

Across the rest of the majors, it was another mixed day on Sunday.

Chainlink jumped by 15.8% to lead the way, with Binance Coin and Cardano’s ADA rallying by 6.38% and by 8.64% respectively. Ethereum also avoided the red, rising by a modest 0.43%.

It was a bearish day for the rest of the pack.

Bitcoin Cash SV and Polkadot led the way down, with losses of 3.42% and 4.67% respectively.

Crypto.com Coin (-0.63%), Litecoin (-0.54%), and Ripple’s XRP (-0.68%) saw modest losses on the day.

For the week ending 17^th January, it was also a mixed bag for the majors.

Polkadot surged by 95.6% to lead the way, with Chainlink jumping by 46.2%.

Cardano’s ADA also found strong support, rallying by 26.3%, with Binance Coin rising by 7.99%.

It was a bearish week for the rest of the pack, however.

Bitcoin Cash SV slid by 21.9% to lead the way down.

Litecoin and Ripple’s XRP also struggled, sliding by 16.1% and by 12.0% respectively.

Crypto.com Coin and Ethereum saw relatively modest losses of 2.7% and 1.8% respectively.

In the week, the crypto total market cap fell to a Monday low $803.97bn before rising to a Thursday high $1,083.27bn. At the time of writing, the total market cap stood at $1,002.00bn.

Bitcoin’s dominance rose to a Thursday high 70.28% before falling to a Sunday low 66.33%. At the time of writing, Bitcoin’s dominance stood at 66.68%.

This Morning

At the time of writing, Bitcoin was up by 0.33% to $36,018.0. A mixed start to the day saw Bitcoin fall to an early morning low $35,630.0 before striking a high $36,071.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.28%), Chainlink (-0.21%), and Ripple’s XRP (-0.03%) saw red early on.

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

At the time of writing, Cardano’s ADA was up by 3.08% to lead the way, with Binance Coin up by 2.07%.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $35,565 to bring the first major resistance level at $37,263 into play.

Support from the broader market would be needed for Bitcoin to break back through to $37,000 levels.

Barring an extended crypto rally, first major resistance level and resistance at $37,500 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $40,000 before any pullback. The second major resistance level sits at $38,625.

Failure to avoid a fall through the $35,565 pivot would bring the first major support level at $34,203 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of the second major support level at $32,505. The 23.6% FIB of $33,008 should limit any downside.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.