The Crypto Daily – Movers and Shakers – September 20th, 2021
Bitcoin, BTC to USD, fell by 2.24% on Sunday. Reversing a 2.14% gain from Saturday, Bitcoin ended the week up by 2.61% to $47,239.0.
A mixed start to the day saw Bitcoin rise to a late morning intraday high $48,370.3 before hitting reverse.
Falling short of the first major resistance level at $49,063, Bitcoin slid to a late intraday low $46,837.0.
Bitcoin fell through the first major support level at $47,310 to end the day at sub-$47,300 levels. Finding late support, Bitcoin moved back through to $47,200 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 bearish day on Sunday.
It was a mixed week ending 19th September for the majors.
Crypto.com Coin bucked the trend, rising by 2.81%.
It was a bearish week for the rest of the major, however.
Cardano’s ADA slid by 11.58% to lead the way down, with Chainlink (-6.99%), Polkadot (-7.88%), and Ripple’s XRP (-6.41%) also struggling.
Binance Coin (-1.90%), Bitcoin Cash SV (-0.24%), Ethereum (-2.21%), and Litecoin (-3.94%) saw relatively modest losses, however.
In the week, the crypto total market fell to a Monday low $1,957bn before rising to a Thursday high $2,245bn. At the time of writing, the total market cap stood at $2,111bn.
Bitcoin’s dominance fell to a Monday low 40.36% before rising to a Friday high 42.30%. At the time of writing, Bitcoin’s dominance stood at 42.02%.
At the time of writing, Bitcoin was down by 0.29% to $47,100.3. A mixed start to the day saw Bitcoin rise to an early morning high $47,327.0 before falling to a low $47,076.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Crypto.com Coin was down by 1.34% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $47,482 pivot to bring the first major resistance level at $48,127 into play.
Support from the broader market would be needed for Bitcoin to break out from $47,500 levels.
Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $48,370.3 would likely cap the upside.
In the event of a broad-based crypto rally, Bitcoin could test resistance at $50,000 levels before any pullback. The second major resistance level sits at $49,015.
Failure to move through the $47,482 pivot would bring the first major support level at $46,594 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$45,500 levels. The second major support level at $45,949 should limit the downside.