The Crypto Daily – Movers and Shakers – May 11th, 2021

It’s a mixed start to the day for the majors. A Bitcoin move back through to $58,500 levels would signal a recovery from Monday’s pullback.
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Bitcoin, BTC to USD, fell by 4.22% on Monday. Following on from a 1.05% loss on Sunday, Bitcoin ended the day at $55,829.6.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $59,589.8 before hitting reverse.

Coming up against the first major resistance level at $59,590, Bitcoin slid to a late intraday low $53,844.0.

Bitcoin fell through the first major support level at $56,609 and the second major support level at $54,941.

Steering clear of sub-$53,000 levels, Bitcoin broke back through the second major support level to end the day at $55,800 levels.

The near-term bullish trend remained intact in spite of the latest slide back to $53,000 levels. For the bears, Bitcoin would need to slide 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 mixed day on Monday.

Ethereum rose by 0.54% to buck the trend on the day.

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

Chainlink (-11.30%), and Ripple’s XRP (-9.39%) led the way down.

Cardano’s ADA (-7.03%), Litecoin (-7.40%), and Polkadot (-5.63%) also struggled.

Binance Coin (-4.63%) and Bitcoin Cash SV (-3.37%) saw relatively modest losses, with Crypto.com Coin falling by just 0.11%.

Early in the week, the crypto total market rose to a Monday high $2,533bn before sliding to a Monday low $2,138bn. At the time of writing, the total market cap stood at $2,291bn.

Bitcoin’s dominance fell to a Monday low 44.00% before rising to a Monday high 46.86%. At the time of writing, Bitcoin’s dominance stood at 45.89%.

This Morning

At the time of writing, Bitcoin was up by 0.67% to $56,203.0. A mixed start to the day saw Bitcoin fall to an early morning low $55,505.0 before rising to a high $56,602.0

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was down by 9.98% to buck the trend early on.

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

At the time of writing, Ripple’s XRP was up by 2.66% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $56,421 to support a run at the first major resistance level at $58,998.

Support from the broader market would be needed for Bitcoin to break back through to $58,000 levels.

Barring an extended crypto rally, the first major resistance level Monday’s high $59,589.8 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at April’s swing hi $64,829 before any pullback. The second major resistance level sits at $62,167.

Failure to move back through the pivot at $56,421 would bring the first major support level at $53,253 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The second major support level at $50,675 and the 23.6% FIB of $50,473 should limit the downside.

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