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The Crypto Daily – Movers and Shakers – May 15th, 2021
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It's a mixed start to the day for the majors. A Bitcoin move back through to $51,500 levels would support the broader market.
In this article:
Bitcoin, BTC to USD, rose by 0.35% on Friday. Following on from a 0.34% gain on Thursday, Bitcoin ended the day at $49,924.0.
A mixed start to the day saw Bitcoin fell to an early morning intraday low $48,877.0 before making a move.
Steering clear of the first major support level at $47,123, Bitcoin rallied to a mid-afternoon intraday high $51,512.0.
While falling short of the first major resistance level at $51,855, Bitcoin broke back through the 23.6% FIB of $50,473.
A second sell-off, however, saw Bitcoin slide back through the 23.6% FIB to sub-$50,000 levels.
The near-term bullish trend remained intact in spite of the latest slide back to sub-$50,000 levels. For the bears, Bitcoin would need to slide 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.
Polkadot surged by 19.60% to lead the way.
Binance Coin (+5.64%), Bitcoin Cash SV (+9.93%), Chainlink (+8.00%), Crypto.com Coin (+7.56%), and Ethereum (+9.71%) also found strong support.
Cardano’s ADA (+4.16%), Litecoin (+2.63%), and Ripple’s XRP (+2.98%) trailed the front runners, however.
In the current week, the crypto total market rose to a Wednesday high $2,577bn before sliding to an early Thursday low $1,965bn. At the time of writing, the total market cap stood at $2,295bn.
Bitcoin’s dominance rose to a Monday high 46.90% before falling to a Friday low 40.42%. At the time of writing, Bitcoin’s dominance stood at 40.73%.
This Morning
At the time of writing, Bitcoin was up by 0.31% to $50,079.8. A mixed start to the day saw Bitcoin fall to an early morning low $49,884.0 before rising to a high $50,388.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Polkadot (-2.97%), Crypto.Com Coin (-1.85%), and Ripple’s XRP (-0.06%) saw red early on.
It was a relatively bullish start for the rest of the majors, however.
At the time of writing, Chainlink was up by 0.71% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the pivot level at $50,104 to support a run at the 23.6% FIB of $50,473 and the first major resistance level at $51,332.
Support from the broader market would be needed for Bitcoin to break back through to $51,000 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s high $51,512.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $52,739.
Failure to move back through the pivot at $50,104 would bring the first major support level at $48,697 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level at sits $47,469.
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.
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