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The Crypto Daily – Movers and Shakers – October 18th, 2021
By:
Following a mixed week for the majors, a Bitcoin move back through to $62,500 levels would signal a bullish start to the week for the crypto majors.
In this article:
Bitcoin, BTC to USD, rose by 1.05% on Sunday. Partially reversing a 1.33% loss from Saturday, Bitcoin ended the week up by 12.48% to $61,504.0.
A mixed start to the day saw Bitcoin rise to a late morning intraday high $61,475.0 before hitting reverse.
Falling well short of the first major resistance level at $62,077, Bitcoin slid to a late intraday low $59,019.0.
Bitcoin fell through the first major support level at $59,915 before a late move back through to $61,000 levels.
The near-term bullish trend remained intact, supported the latest return to $62,000 levels. For the bears, Bitcoin would need a sustained fall 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.
Binance Coin and Ethereum rose by 1.15% and by 0.46% respectively to buck the trend at the end of the week.
It was a bearish day for the rest of the majors, however.
Chainlink and Ripple’s XRP fell by 2.55% and by 3.61% respectively to lead the way down.
Bitcoin Cash SV (-1.66%), Crypto.com Coin (-2.08%), and Litecoin (-1.22%) also struggled.
Cardano’s ADA (-0.89%) and Polkadot (-0.20%) saw relatively modest losses on the day, however.
It was also a mixed week ending 17th October for the majors.
Bitcoin Cash SV (-2.26%), Cardano’s ADA (-1.44%), Crypto.com Coin (-1.62%), and Ripple’s XRP (-3.90%) saw red.
It was a bullish week for the rest of the majors, however.
Binance Coin jumped by 16.51% to lead the way, with Ethereum (+12.66%), Litecoin (+12.46%), and Polkadot (+8.69%) also finding strong support.
Chainlink (+3.43%) trailed the front runners, however.
In the week, the crypto total market fell to a Tuesday low $2,210bn before rising to a Friday high $2,606bn. At the time of writing, the total market cap stood at $2,503bn.
Bitcoin’s dominance fell to a Thursday low 44.43% before rising to a Sunday high 46.75%. At the time of writing, Bitcoin’s dominance stood at 46.63%.
This Morning
At the time of writing, Bitcoin was up by 0.58% to $61,862.0. A mixed start to the day saw Bitcoin fall to an early morning low $61,406.0 before rising to a high $61,862.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Cardano’s ADA bucked the early trend, falling by 0.09%.
It was a bullish start for the rest of the majors, however.
At the time of writing, Litecoin was up by 0.55% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $60,666 pivot to bring the first major resistance level at $62,313 into play.
Support from the broader market would be needed for Bitcoin to break back through to $62,000 levels.
Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $62,475.0 would likely cap the upside.
In the event of another breakout, Bitcoin could test resistance at $65,000 levels before any pullback. The second major resistance level sits at $63,122.
Bitcoin would need plenty of support, however, to breakout from 14th April 2021’s swing hi $64,829.0
A fall through the $60,666 would bring the first major support level at $59,857 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$59,000 levels, The second major support level sits at $58,210.
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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