The Crypto Daily – Movers and Shakers – May 16th, 2021

Bitcoin, BTC to USD, fell by 6.17% on Saturday. Reversing a 0.35% gain from Friday, Bitcoin ended the day at $46,844.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $50,737.0 before hitting reverse.

While falling short of the first major resistance level at $51,332, Bitcoin broke through the 23.6% FIB of $50,473.

The reversal saw Bitcoin slide back through the 23.6% FIB to a final hour intraday low $46,644.0.

Bitcoin also fell through the first major support level at $48,967 and the second major support level at $47,469.

The near-term bullish trend remained intact in spite of the latest slide back to sub-$47,000 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 mixed day on Saturday.

Cardano’s ADA rallied by 8.24%, with Ripple’s XRP gaining 6.22% to buck the trend on the day.

It was a bearish day for the rest of the majors, however.

Chainlink slid by 11.04% to lead the way down.

Binance Coin (-6.61%),  Bitcoin Cash SV (-8.54%), Ethereum (-10.56%), and Litecoin (-8.07%) also struggled.

Crypto.com Coin (-4.53%) and Polkadot (-3.07%) saw relatively modest losses on the day.

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 $2,162bn.

Bitcoin’s dominance rose to a Monday high 46.90% before falling to a Saturday low 40.04%. At the time of writing, Bitcoin’s dominance stood at 40.88%.

This Morning

At the time of writing, Bitcoin was up by 1.08% to $47.352.0. A mixed start to the day saw Bitcoin fall to an early morning low $46,500.0 before rising to a high $47,429.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was down by 3.24% to buck the trend at the start of the day.

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

At the time of writing, Ethereum was up by 5.78% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $48,075 to support a run at the first major resistance level at $49,506 and the 23.6% FIB of $50,473.

Support from the broader market would be needed for Bitcoin to break back through to $50,000 levels.

Barring an extended crypto rally, the first major resistance level and Saturday’s high $50,737.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $53,000 before any pullback. The second major resistance level sits at $52,168.

Failure to move through the pivot at $48,075 would bring the first major support level at $45,413 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the 38.2% FIB of $41,592. The second major support level at $43,982 should limit the downside.