The Crypto Daily – Movers and Shakers – January 18th, 2021It’s a mixed start to the week. A Bitcoin move back through to $37,000 levels would support the pack.
Bitcoin, BTC to USD, slipped by 0.38% on Sunday. Following on from a 1.91% fall on Saturday, Bitcoin ended the week down by 6.02% to $35,900.0.
It was a mixed start to the day. Bitcoin rose to an early morning intraday high $36,928.0 before hitting reverse.
Falling short of the first major resistance level at $37,553, Bitcoin slid to a late morning intraday low $33,868.0.
Bitcoin fell through the first major support level at $34,974 and the second major support level at $33,906.
Steering clear of the 23.6% FIB of $33,008, Bitcoin revisited $36,900 levels before falling back to sub-$36,000 levels.
The near-term bullish trend remained intact, in spite of the latest reversal. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was another mixed day on Sunday.
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.
For the week ending 17th 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%.
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.