The Crypto Daily – Movers and Shakers – May 15th, 2021

Bob Mason
·3 min read

Bitcoin, BTC to USD, rose by 0.35% on Friday. Following on from a 0.34% gain on Thursday, Bitcoin ended the day at $49,924.0.

A mixed start to the day saw Bitcoin fell to an early morning intraday low $48,877.0 before making a move.

Steering clear of the first major support level at $47,123, Bitcoin rallied to a mid-afternoon intraday high $51,512.0.

While falling short of the first major resistance level at $51,855, Bitcoin broke back through the 23.6% FIB of $50,473.

A second sell-off, however, saw Bitcoin slide back through the 23.6% FIB to sub-$50,000 levels.

The near-term bullish trend remained intact in spite of the latest slide back to sub-$50,000 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 bullish day on Friday.

Polkadot surged by 19.60% to lead the way.

Binance Coin (+5.64%), Bitcoin Cash SV (+9.93%), Chainlink (+8.00%), Crypto.com Coin (+7.56%), and Ethereum (+9.71%) also found strong support.

Cardano’s ADA (+4.16%), Litecoin (+2.63%), and Ripple’s XRP (+2.98%) trailed the front runners, however.

In the current week, the crypto total market rose to a Wednesday high $2,577bn before sliding to an early Thursday low $1,965bn. At the time of writing, the total market cap stood at $2,295bn.

Bitcoin’s dominance rose to a Monday high 46.90% before falling to a Friday low 40.42%. At the time of writing, Bitcoin’s dominance stood at 40.73%.

This Morning

At the time of writing, Bitcoin was up by 0.31% to $50,079.8. A mixed start to the day saw Bitcoin fall to an early morning low $49,884.0 before rising to a high $50,388.0.

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

Elsewhere, it was a mixed start to the day.

Polkadot (-2.97%), Crypto.Com Coin (-1.85%), and Ripple’s XRP (-0.06%) saw red early on.

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

At the time of writing, Chainlink was up by 0.71% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the pivot level at $50,104 to support a run at the 23.6% FIB of $50,473 and the first major resistance level at $51,332.

Support from the broader market would be needed for Bitcoin to break back through to $51,000 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $51,512.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $52,739.

Failure to move back through the pivot at $50,104 would bring the first major support level at $48,697 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level at sits $47,469.

This article was originally posted on FX Empire

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