The Crypto Daily – Movers and Shakers – March 19th, 2021
Bitcoin, BTC to USD, fell by 2.08% on Thursday. Partially reversing a 3.38% gain from Wednesday, Bitcoin ended the day at $57,640.0.
A mixed start to the day saw Bitcoin rise to an early morning high $59,475.0 before hitting reverse.
Falling short of the first major resistance level at $60,651, Bitcoin slid to an early afternoon low $57,581.0.
Steering clear of the major support levels, Bitcoin rallied to a late afternoon intraday high $60,190.0.
Continuing to fall short of the major resistance levels, Bitcoin slid to a late intraday low $57,005.0.
Steering clear of the first major support level at $55,524, Bitcoin revisited $58,000 levels before easing back.
The near-term bullish trend remained intact supported by last Sunday’s new swing hi $61,699.0. For the bears, Bitcoin would need to slide through the 62% FIB of $26,041 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Thursday.
Crypto.com Coin jumped by 21.22%, with Bitcoin Cash SV rising by 3.98% to buck the trend on the day.
It was a bearish day for the rest of the majors.
Cardano’s ADA slid by 10.67% to lead the way down, with Chainlink falling by 5.07%.
Binance Coin (-3.13%), Ethereum (-2.63%), Litecoin (-3.13%), Polkadot (-0.02%), and Ripple’s XRP (-0.25%) also saw red.
In the week, the crypto total market fell to a Tuesday low $1,593bn before rising to a Thursday high $1.831bn. At the time of writing, the total market cap stood at $1,715bn.
Bitcoin’s dominance rose to a Monday high 63.02% before falling to a Tuesday low 60.84%. At the time of writing, Bitcoin’s dominance stood at 61.78%.
This Morning
At the time of writing, Bitcoin was down by 1.42% to $56,824.0. A bearish start to the day saw Bitcoin fall from an early morning high $57,651.0 to a low $57,277.0.
Bitcoin tested the first major support level at $56,367 early on.
Elsewhere, it was a mixed start to the day.
Polkadot bucked the trend early on, rising by 0.76%.
It was a bearish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was down by 3.20% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $58,279 to bring the first major resistance level at $59,551 into play.
Support from the broader market would be needed for Bitcoin to break back through to $59,000 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $60,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at last Sunday’s new swing hi $61,699.0. The second major resistance level sits at $61,463.
Failure to move through the $58,279 pivot would bring the first major support level at $56,367 back into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$55,000 levels. The second major support level at $55,095 should limit the downside.
