The Crypto Daily – Movers and Shakers – January 28th, 2021

It’s a bullish start to the day following Wednesday’s sell-off. A Bitcoin move back through to $32,000 levels should support a breakout.
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Bitcoin, BTC to USD, slid by 6.45% on Wednesday. Reversing a 0.83% gain from Tuesday, Bitcoin ended the day at $30,421.2.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $32,596.0 before hitting reverse.

Falling short of the 23.6% FIB of $33,008 and the major resistance levels, Bitcoin slid to an early afternoon intraday low $29,283.0.

The reversal saw Bitcoin fall through the first major support level at $31,267 and the second major support level at $30,015.

Finding late support, Bitcoin briefly revisited $31,600 levels before falling back through the first major support level at $31,267 to end the day at sub-$30,500 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 Wednesday.

Ethereum (-9.28%), Cardano’s ADA, (-9.14%), Chainlink (-8.82%), and Litecoin (-9.08%) led the way down

Binance Coin  (-2.15%), Bitcoin Cash SV (-5.94%), Crypto.com Coin (-5.86%), Polkadot (-3.43%), and Ripple’s XRP (-6.51%) also struggled, however.

In the current week, the crypto total market cap rose to a Monday high $1,038.16bn before falling to a Wednesday low $847.51bn. At the time of writing, the total market cap stood at $907.63bn.

Bitcoin’s dominance rose from a Monday low 62.54% to a high 64.32%. At the time of writing, Bitcoin’s dominance stood at 63.75%.

This Morning

At the time of writing, Bitcoin was up by 2.20% to $31,090.0. A mixed start to the day saw Bitcoin fall to an early morning low $29,918.0 before rising to a high $31,310.0.

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, Chainlink was up by 3.91% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $30,767 to bring the first major resistance level at $32,251 into play.

Support from the broader market would be needed for Bitcoin to break back through $32,000 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $32,500 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the 23.6% FIB of $33,008 before any pullback. The second major resistance level sits at $34,080.

Failure to avoid a fall back through the $30,767 pivot would bring the first major support level at $28,938 into play.

Barring an extended crypto sell-off, Bitcoin should steer clear of the 38.2% FIB of $27,465. The second major support level sits at $27,454.

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