The Crypto Daily – Movers and Shakers – January 21st, 2021

It’s a mixed stat to the day for the majors. A Bitcoin break through to $37,000 levels should support the pack.
Ripple, Dash coin, Bitcoin, Monero and Ethereum

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Bitcoin, BTC to USD, fell by 1.04% on Wednesday. Following on from a 2.17% decline on Tuesday, Bitcoin ended the day at $35,516.0.

It was a mixed start to the day. Bitcoin rose to an early morning high $36,422.0 before hitting reverse.

Falling short of the first major resistance level at $37,263, Bitcoin slid to a late afternoon intraday low $33,303.0.

Bitcoin fell through the first major support level at $35,190 and the second major support level at $34,490.

Steering clear of the 23.6% FIB of $33,008, Bitcoin broke back through the support levels to end the day at $35,500 levels.

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 Wednesday.

Bitcoin Cash SV and Crypto.com Coin slid by 3.47% and by 5.35% to lead the way down.

Litecoin fell by a more modest 1.40% to also join Bitcoin in the red.

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

Polkadot jumped by 10.91% to lead the way, with Chainlink (+6.39%) also finding strong support.

Binance Coin  (+0.08%), Cardano’s ADA (+2.21%), Ethereum (+0.67), and Ripple’s XRP (+0.40%) also ended the day in the green.

In the current week, the crypto total market cap fell to a Monday low $958.80bn before rising to a Tuesday high $1,080.72bn. At the time of writing, the total market cap stood at $1,005.35bn.

Bitcoin’s dominance rose to a Monday high 67.47% before falling to a Wednesday low 65.02%. At the time of writing, Bitcoin’s dominance stood at 65.29%.

This Morning

At the time of writing, Bitcoin was down by 0.61% to $35,300.0. A mixed start to the day saw Bitcoin rise to an early morning high $35,616.0 before falling to a low $35,183.0.

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

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV and Crypto.com Coin bucked the trend early on, with gains of 1.44% and 4.40% respectively.

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

At the time of writing, Polkadot was down by 1.93% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $35,080 to bring the first major resistance level at $36,858 into play.

Support from the broader market would be needed for Bitcoin to break out from Wednesday’s high $36,422.0.

Barring an extended crypto rally, first major resistance level and resistance at $37,000 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 $38,199.

Failure to avoid a fall through the $35,080 pivot would bring the first major support level at $35,759 into play.

Barring an extended crypto sell-off, Bitcoin should avoid the second major support level at $31,961 The 23.6% FIB of $33,008 should limit the downside.

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