The Crypto Daily – Movers and Shakers – January 19th, 2021

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Bitcoin, BTC to USD, rose by 2.22% on Monday. Reversing a 0.38% decline from Sunday, Bitcoin ended the day at $36,699.0.

It was a mixed start to the day. Bitcoin rose to an early morning high $36,244.0 before hitting reverse.

Falling short of the first major resistance level at $37,263, Bitcoin slid to a mid-morning intraday low $34,842.0.

Steering clear of the first major support level at $34,203, however, Bitcoin rallied to a mid-day intraday high $37,555.0.

Bitcoin broke through the first major resistance level at $37,263 before a slide back to sub-$35,500 levels.

Finding late support, Bitcoin moved back through to $36,000 levels to end the day in the green.

The near-term bullish trend remained intact, in spite of the latest reversal. 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 another mixed day on Monday.

Chainlink and Polkadot slid by 5.36% and by 4.99% respectively to lead the way down.

Binance Coin  (-1.14%) and Cardano’s ADA (-2.49%) also saw red on the day.

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

Litecoin rallied by 6.39% to lead the way.

Bitcoin Cash SV (+2.02%), Crypto.com Coin (+1.39%), Ethereum (+2.10%), and Ripple’s XRP (+2.77%) also found support.

At the start of the week, the crypto total market cap fell to a Monday low $958.83bn before rising to a high $1,049.2bn. At the time of writing, the total market cap stood at $1,016.95bn.

Bitcoin’s dominance fell to a Monday low 66.40% before rising to a Monday high 67.48%. At the time of writing, Bitcoin’s dominance stood at 66.87%.

This Morning

At the time of writing, Bitcoin was down by 0.40% to $36,551.0. A mixed start to the day saw Bitcoin rise to an early morning high $36,989.0 before falling to a low $36,545.0.

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

Elsewhere, it was a mixed start to the day.

Chainlink (-1.13%), Ethereum (-0.15%), Litecoin (-0.91%), and Ripple’s XRP (-0.21%) joined Bitcoin in the red early on.

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

At the time of writing, Crypto.com Coin was up by 5.63% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $36,365 to bring the first major resistance level at $37,889 into play.

Support from the broader market would be needed for Bitcoin to break out from Monday’s high $37,555.0.

Barring an extended crypto rally, first major resistance level and resistance at $38,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $40,000 before any pullback. The second major resistance level sits at $39,078.

Failure to avoid a fall through the $36,365 pivot would bring the first major support level at $35,176 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of the second major support level at $33,652.