The Crypto Daily – Movers and Shakers – May 17th, 2021It’s a bearish start to the day for the majors. A Bitcoin move back through to $50,000 levels would be needed to support the broader market.
Bitcoin, BTC to USD, fell by 0.53% on Sunday. Following on from a 6.17% slide on Saturday, Bitcoin ended the week down by 20.04% to $46,597.0.
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A mixed start to the day saw Bitcoin fall to an early morning low $46,500 before making a move.
Steering clear of the major support levels, Bitcoin struck a late morning intraday high $49,870.0 before hitting reverse.
The early rally saw Bitcoin break through the first major resistance level at $49,506 before sliding to a late intraday low $44,021.0.
Bitcoin fell through the first major support level at $45.413 before ending the day at $46,500 levels.
The near-term bullish trend remained intact in spite of the latest slide back to sub-$45,000 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 Sunday.
It was a bearish day for the rest of the majors, however.
Ripple’s XRP fell by 2.69% to lead the way down.
It was also a mixed week for the majors in the week ending 16th May.
Cardano’s ADA and Polkadot rallied by 30.20% and by 32.02% respectively to buck the trend in the week.
It was a bearish week for the rest of the pack, however.
Chainlink and Litecoin tumbled by 22.17% and by 23.74% respectively to lead the way down, with, with Binance Coin sliding by 14.86%.
Bitcoin Cash SV (-4.56%), Crypto.Com Coin (-9.40%), Ethereum (-8.73%), and Ripple’s XRP (-5.63%) also struggled.
In the week, the crypto total market rose to a Tuesday high $3,069bn before sliding to an early Thursday low $1,967bn. At the time of writing, the total market cap stood at $2,101bn.
Bitcoin’s dominance rose to a Monday high 46.84% before falling to a Tuesday low 34.72%. At the time of writing, Bitcoin’s dominance stood at 41.03%.
At the time of writing, Bitcoin was down by 0.67% to $46,287.0. A mixed start to the day saw Bitcoin rise to an early morning high $46,796.0 before falling to a low $46,144.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Crypto.com Coin was down by 2.85% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $46,829 to support a run at the first major resistance level at $49,638.
Support from the broader market would be needed for Bitcoin to break back through to $49,000 levels.
Barring an extended crypto rally, the first major resistance level and the 23.6% FIB of $50,473 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test the second major resistance level at $52,678.
Failure to move through the pivot at $46,829 would bring the first major support level at $43,789 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $40,980. The 38.2% FIB of $41,592 should limit the downside.