The Crypto Daily – Movers and Shakers – May 18th, 2021

It’s a bullish start to the day for the majors. A Bitcoin move back through to $48,000 levels would support the broader market.
Crypto00 567

To view this video content please accept our cookie policy.

Bitcoin, BTC to USD, fell by 6.55% on Monday. Following a 0.53% decline on Sunday, Bitcoin ended the day at $43,534.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $46,796.0 before hitting reverse.

Falling short of the first major resistance level at $49,638, Bitcoin slid to a late afternoon intraday low $42,128.0.

Bitcoin fell through the first major support level at $43,789 before revisiting $44,900 levels.

A 2nd pullback, however, saw Bitcoin fall back through the first major support level to end the day at sub-$43,600 levels.

The near-term bullish trend remained intact in spite of the latest slide back to sub-$43,000 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.

Ripple’s XRP rose by 3.12% to buck the trend on the day.

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

Bitcoin Cash SV and Cardano’s ADA tumbled by 12.09% and by 11.71% respectively to lead the way down.

Binance Coin (-9.15%), Chainlink (-8.50%), Crypto.com Coin (-9.99%), Ethereum (-8.41%), Litecoin (-4.94%), and Polkadot (-2.71%) also saw red.

Early in the week, the crypto total market rose to a Monday high $2,132bn before falling to a Monday low $1,885bn. At the time of writing, the total market cap stood at $2,025bn.

Bitcoin’s dominance rose to a Monday high 41.50% before falling to a Monday low 40.38%. At the time of writing, Bitcoin’s dominance stood at 41.04%.

This Morning

At the time of writing, Bitcoin was up by 1.94% to $44,380.0. A mixed start to the day saw Bitcoin fall to an early morning low $43,183.0 before rising to a high $44,600.0.

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, Litecoin was up by 3.79% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the pivot level at $44,153 to support a run at the first major resistance level at $46,177.

Support from the broader market would be needed for Bitcoin to break out from $45,000 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $46,796.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $50,000 before any pullback. The second major resistance level sits at $48,821.

Failure to avoid a fall back through the pivot at $44,153 would bring 38.2% FIB of $41,592 and the first major support level at $41,509 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $39,485.

Most Recent

Top Articles