The Crypto Daily – Movers and Shakers – May 20th, 2021

It’s a bullish start to the day for the majors. A Bitcoin move back through to $40,000 levels would provide the broader market with support.
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Bitcoin, BTC to USD, slid by 14.37% on Wednesday. Following on from a 1.47% decline on Tuesday, Bitcoin ended the day at $36,733.0.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $43,600.0 before hitting reverse.

Falling short of the first major resistance level at $45,028, Bitcoin slumped to an early afternoon intraday low $29,563.0.

Bitcoin fell through the day’s major support levels and through the 38.2% FIB of $41,592.

Steering clear of the 62% FIB of $27,237, Bitcoin briefly revisited $40,000 levels before sliding back into the deep red.

The near-term bullish trend remained intact in spite of the latest slide back to sub-$30,000 levels. For the bears, Bitcoin would need a sustained fall 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 particularly bearish day on Wednesday. China’s PBoC hit the markets, following statements that institutions should not accept cryptos.

Binance Coin (-33.99%), Chainlink (-38.18%), Litecoin (-36.54%), and Ripple’s XRP (-33.23%) led the way down.

Things were not much better elsewhere, however.

Bitcoin Cash SV (-27.58%), Cardano’s ADA (-26.72%), Coin (-19.83%), Ethereum (-27.63%), and Polkadot (-27.96%) also saw heavy losses.

In the current week, the crypto total market rose to a Monday high $2,160bn before sliding to a Wednesday low $1,207. At the time of writing, the total market cap stood at $1,574bn.

Bitcoin’s dominance fell to a Tuesday low 39.89% before surging to a Wednesday high 45.95%. At the time of writing, Bitcoin’s dominance stood at 44.67%.

This Morning

At the time of writing, Bitcoin was up by 2.34% to $37,593.0. A bullish start to the day saw Bitcoin rise from an early morning low $36,716.0 to a high $38,220.0.

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

Elsewhere, it was also a bullish start to the day.

At the time of writing, Coin was up by 4.81% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $36,632 to bring the 38.2% FIB of $41,592 and the first major resistance level at $43,701 into play.

Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.

Barring a broad-based crypto rebound, resistance at the 38.2% FIB of $41,592 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $50,669

Failure to avoid a fall through the pivot at $36,632 would bring the first major support level at $29,664 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the 62% FIB of $27,237. The second major support level sits at $22,595.

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