The Crypto Daily – Movers and Shakers – May 19th, 2021

Bitcoin, BTC to USD, fell by 1.47% on Tuesday. Following a 6.55% slide on Monday, Bitcoin ended the day at $42,900.0.

A bullish start to the day saw Bitcoin rise to a mid-morning intraday high $45,800.0 before hitting reverse.

Falling short of the first major resistance level at $46,177, Bitcoin slid to a late intraday low $42,316.0.

Steering clear of the 38.2% FIB of $41,592 and the first major support level at $41,509, Bitcoin ended the day at $42,900 levels.

The near-term bullish trend remained intact in spite of the latest slide back to sub-$43,000 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 Tuesday.

Chainlink jumped by 14.38% to lead the way, with Polkadot, and Ripple’s XRP rallying by 6.54% and by 6.46% respectively.

Bitcoin Cash SV (+3.91%), Crypto.com Coin (+2.04%), Ethereum (+2.82%), and Litecoin (+4.49%) also found support

It was a bearish start to the week for the rest of the majors, however.

Binance Coin (-0.84%) and Cardano’s ADA (-1.33%), and joined Bitcoin in the red.

Early in the week, the crypto total market rose to a Monday high $2,160bn before falling to a Monday low $1,885bn. At the time of writing, the total market cap stood at $2,022bn.

Bitcoin’s dominance rose to a Monday high 41.78% before falling to a Tuesday low 39.89%. At the time of writing, Bitcoin’s dominance stood at 40.03%.

This Morning

At the time of writing, Bitcoin was up by 0.72% to $43,211.0. A mixed start to the day saw Bitcoin fall to an early morning low $42,566.0 before rising to a high $43,600.0.

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

Elsewhere, it was a mixed start to the day.

Polkadot was down by 0.11% to buck the trend early on.

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

At the time of writing, Crypto.com Coin was up by 2.00% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move through the pivot level at $43,672 to support a run at the first major resistance level at $45,028.

Support from the broader market would be needed for Bitcoin to break back through to $44,500 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $45,800.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $50,000 before any pullback. The second major resistance level sits at $47,156.

Failure to move through the pivot at $43,672 would bring the 38.2% FIB of $41,592 and the first major support level at $41,544 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $40,188 and sub-$40,000 levels.