The Crypto Daily – Movers and Shakers – January 12th, 2021

It’s a bearish start to the day for the majority of the majors. A Bitcoin move back through to $38,000 levels should provide support.
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Bitcoin, BTC to USD, slid by 7.31% on Monday. Following on from a 4.90% decline on Sunday, Bitcoin ended the day at $35,408.0.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $38,277 before hitting reverse.

Falling short of the first major resistance level at $41,313, Bitcoin slid to a late afternoon intraday low $30,635.0.

The sell-off saw Bitcoin fall through the first major support level at $35,174 and the second major support level at $32,147.

More significantly, Bitcoin also fell through the 23.6% FIB of $33,008.

Avoiding sub-$30,000 levels, Bitcoin revisited $35,900 levels late in the day before easing back.

The partial recovery saw Bitcoin move back through the support levels and the 23.6% FIB to end the day at $35,400 levels.

The near-term bullish trend remained intact, in spite of the latest sell-off. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Monday.

Bitcoin Cash SV  and Crypto.com Coin slid by 28.84% and by 24.54% to lead the way down.

Binance Coin (-10.00%), Ethereum (-13.25%), and Litecoin (-18.09 %) also saw particularly heavy losses.

Cardano’s ADA (-8.65%), Chainlink (-9.76%), Polkadot (-4.12%), and Ripple’s XRP (-8.63%) also struggled, however.

At the start of the week, the crypto total market cap slid to a Monday high $1,040.98 to a low $804.04bn. At the time of writing, the total market cap stood at $930.19bn.

Bitcoin’s dominance rose from a Monday low 68.36% to a high 70.00%. At the time of writing, Bitcoin’s dominance stood at 69.63%.

 

This Morning

At the time of writing, Bitcoin was down by 0.37% to $35,277.0. A mixed start to the day saw Bitcoin rise to an early morning high $35,560.0 before falling to a low $35,127.0.

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

Elsewhere, it was another mixed start to the day.

Bitcoin Cash and Crypto.com Coin bucked the trend early on with gains of 12.54% and 6.70%.

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

At the time of writing, Chainlink was down by 1.54% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $34,773 to bring the first major resistance level at $38,912 into play.

Support from the broader market would be needed for Bitcoin to break out from Monday’s high $38,277.0.

Barring an extended crypto rally, first major resistance level and resistance at $40,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test the second major resistance level at $42,415.

Failure to avoid a fall through the $34,773 pivot would bring the 23.6% FIB of $33,008 and the first major support level at $31,270 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$30,000 levels and the 38.2% FIB of $27,465. The second major support level sits at $27,131.

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