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The Crypto Daily – Movers and Shakers – October 4th, 2021

By:
Bob Mason
Updated: Oct 4, 2021, 01:13 UTC

Following a broadly bullish end to the week for crypto majors on Sunday, a Bitcoin move through to $50,000 would signal a breakout...

E-coins on tablet computer with charts on screen

In this article:

Bitcoin, BTC to USD, rose by 1.24% on Sunday. Partially reversing a 1.05% loss from Saturday, Bitcoin ended the week up by 11.70% to $48,242.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $47,120.0 before making a move.

Bitcoin fell through the first major support level at $47,275 before rallying to a late afternoon intraday high $49,196.0.

The rally saw Bitcoin break through the first major resistance level at $48,187 and the second major resistance level at $48,724.

Falling short of the third major resistance level at $49,636, Bitcoin slid back through the resistance levels to sub-$48,000 levels.

Finding late support, however, Bitcoin broke back through the first major resistance level to end the day at $48,200 levels.

The near-term bullish trend remained intact, supported the latest return to $49,000 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.

Polkadot (-0.95%) saw red to buck the trend on the day.

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

Bitcoin Cash SV rallied by 4.40% to lead the way.

Chainlink (+2.11%), Crypto.com Coin (+1.75%), and Ripple’s XRP (+1.76%) also found strong support.

Binance Coin (+0.79%), Cardano’s ADA (+0.18%), Ethereum (+0.93%), and Litecoin (+0.99%) trailed the front runners, however.

It was also a mixed week ending 3rd October for the crypto majors.

Polkadot fell by 0.33% to buck the trend.

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

Binance Coin rallied by 25.07% to lead the way.

Bitcoin Cash SV (+11.90%), Chainlink (+12.04%), Crypto.com Coin (+12.42%), Ethereum (+11.74%), Litecoin (+13.22%), and Ripple’s XRP (+11.74%) also found strong support.

Cardano’s ADA (+1.99%) trailed the front runners, however.

In the week, the crypto total market fell to a Wednesday low $1,808bn before rising to a Sunday high $2,203bn. At the time of writing, the total market cap stood at $2,151bn.

Bitcoin’s dominance fell to a Friday low 41.29% before rising to a Saturday high 42.81%. At the time of writing, Bitcoin’s dominance stood at 42.14%.

This Morning

At the time of writing, Bitcoin was down by 0.22% to $48,138.0. A mixed start to the day saw Bitcoin rise to an early morning high $48,289.0 before falling to a low $48,019.0.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin bucked the early trend, rising by 0.38%

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

At the time of writing, Chainlink was down by 0.79% to lead the way down.

BTCUSD 041021 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $48,186 pivot to bring the first major resistance level at $49,252 into play.

Support from the broader market would be needed for Bitcoin to break back through to $49,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $49,196.0 would likely cap the upside.

In the event of a broad-based crypto rally, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $50,262.

Failure to move back through the $48,186 would bring the first major support level at $47,176 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$47,000. The second major support level sits at $46,110.

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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