The Crypto Daily – Movers and Shakers – September 17th, 2021
Bitcoin, BTC to USD, fell by 0.74% on Thursday. Partially reversing a 2.13% gain from Wednesday, Bitcoin ended the day at $47,782.0.
A mixed start to the day saw Bitcoin rise to a mid-morning intraday high $48,530.0 before hitting reverse.
Falling short of the first major resistance level at $48,813, Bitcoin slid to a late intraday low $47,061.0.
Bitcoin fell through the first major support level at $47,093 before a partially recovery to $47,700 levels.
The near-term bullish trend remained intact, in spite of the latest return to $43,000 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 Thursday.
Crypto.com Coin rose by 2.04% to buck the trend.
It was a bearish day for the rest of the majors, however.
Cardano’s ADA fell by 3.52% to lead the way down.
Bitcoin Cash SV (-0.33%) saw a relatively modest loss, however
In the current the week, the crypto total market fell to a Monday low $1,958bn before rising to a Thursday high $2,245bn. At the time of writing, the total market cap stood at $2,181bn.
Bitcoin’s dominance fell to a Monday low 40.36% before rising to a Wednesday high 41.91%. At the time of writing, Bitcoin’s dominance stood at 41.28%.
At the time of writing, Bitcoin was up by 0.09% to $47,825.0. A mixed start to the day saw Bitcoin fall to an early morning low $47,711.5 before rising to a high $47,886.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bullish start to the day.
At the time of writing, Bitcoin Cash SV was up by 0.85% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the $47,791 pivot to bring the first major resistance level at $48,521 into play.
Support from the broader market would be needed for Bitcoin to break back through to $48,500 levels.
Barring a broad-based crypto rally, the first major resistance level and resistance at $49,000 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 $49,260.
A fall back through the $47,791 pivot would bring the first major support level at $47,052 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$46,000 levels. The second major support level at $46,322 should limit the downside.