The Crypto Daily – Movers and Shakers – January 20th, 2021
Bitcoin, BTC to USD, fell by 2.17% on Tuesday. Reversing a 2.22% gain from Monday, Bitcoin ended the day at $35,890.0.
It was a mixed start to the day. Bitcoin rose to an early morning high $37,450.0 before hitting reverse.
Falling short of the first major resistance level at $37,889, Bitcoin slid to a mid-morning low $36,299.0.
Steering clear of the first major support level at $35,176, however, Bitcoin rallied to a late afternoon intraday high $37,936.6.
Continuing to fall short of the first major resistance level at $37,889 Bitcoin slid to a final hour intraday low $35,863.0.
In spite of the late sell-off, Bitcoin continued to steer clear of the first major support level at $35,176.
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 Tuesday.
Binance Coin and Chainlink slid by 6.05% and by 6.79% respectively to lead the way down.
Cardano’s ADA (-1.04%) also saw red on the day.
It was a bullish start to the week for the rest of the majors, however.
Ethereum rallied by 8.70% to lead the way.
Crypto.com Coin (+5.12%), and Ripple’s XRP (+2.87%) also found strong support.
Bitcoin Cash SV (+0.10%), Litecoin (+0.06%) and Polkadot (+0.92%) trailed the front runners, however.
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 $1,029.91bn.
Bitcoin’s dominance rose to a Monday high 67.47% before falling to a Tuesday low 65.20%. At the time of writing, Bitcoin’s dominance stood at 65.65%.
This Morning
At the time of writing, Bitcoin was up by 1.14% to $36,298.6. A mixed start to the day saw Bitcoin fall to an early morning low $35,602.0 before rising to a high $36,353.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (-0.33%) and Chainlink (-1.85%) saw red to buck the trend early on, with Bitcoin Cash SV flat.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 4.04% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall through the pivot level at $36,563 to bring the first major resistance level at $37,263 into play.
Support from the broader market would be needed for Bitcoin to break back through to $37,000 levels.
Barring an extended crypto rally, first major resistance level and Tuesday’s high $37,936.6 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 $38,637.
Failure to avoid a fall through the $36,563 pivot would bring the first major support level at $35,190 into play.
Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$35,000 levels. The second major support level sits at $34,490.
This article was originally posted on FX Empire
