The Crypto Daily – Movers and Shakers – October 18th, 2021
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.
It was a bearish day for the rest of the majors, however.
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%.
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.