The Crypto Daily – Mover and Shaker – April 19, 2021

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The Crypto Daily - Mover and Shaker - April 19, 2021

Bitcoin, BTC to USD, was down 6.29% on Sunday. After falling 2.27% on Saturday, Bitcoin ended the week 6.43% to $ 56,172.0.

A bullish start to the day caused Bitcoin to climb to an early morning intraday high of $ 60,279.0 before hitting reverse.

Bitcoin missed the first major resistance level at $ 61,197 and fell to an early morning intraday low of $ 50,500.0.

With the extended sell-off, Bitcoin fell through key support levels

Bitcoin found support at the 23.6% FIB of $ 50,473 and broke the third major resistance level at $ 55,104 to end the day at $ 56,100.

The short-term uptrend remained intact despite the decline to $ 50,500. For the bears, Bitcoin would have to slide through the 62% FIB of $ 27,237 to form a short-term bearish trend.

The rest of the pack

For the rest of the majors, Sunday was a bearish day.

Crypto.com Coin fell 15.14% to lead the way down and Bitcoin Cash SV slid 12.39%.

Litecoin (-8.92%) and Ripple’s XRP (-8.28%) also posted heavy losses.

Binance Coin (-6.24%), Cardanos ADA (-6.50%), Chainlink (-2.17%), Ethereum (-3.35%) and Polkadot (-5.14%) recorded that day relatively low losses.

It was also a mixed week for the majors in the week ending April 18th.

The Binance coin fell 8.23% while the Crypto.com coin fell 5.08% to put Bitcoin in the red.

For the rest of the majors, however, it has been a bullish week.

Bitcoin Cash SV rose 25.25% and led the way while Polkadot rose 15.72%.

Cardanos ADA (+ 1.32%), Ethereum (+ 4.23%), Litecoin (+ 8.68%) and Ripple’s XRP (+ 4.67%) also ended the week in positive territory.

During the week, the overall crypto market rose to a Friday high of $ 2,305 billion before slipping to a Sunday low of $ 1,755 billion. At the time of writing, its total market cap was $ 2,019 billion.

Bitcoin’s dominance rose to a Monday high of 56.61% before falling to a Saturday low of 51.37%. At the time of writing, Bitcoin was dominant at 52.52%.

This morning

The story goes on

At the time of writing, Bitcoin was up 0.81% to $ 56,625.1. On a mixed start to the day, Bitcoin fell to an early morning low of $ 55,709.0 before rising to a high of $ 56,666.0.

Bitcoin left key support and resistance levels untested early on.

Elsewhere it was a mixed start to the day.

Polkadot (-0.77%) and Ripple’s XRP (-0.55%) saw red to buck the trend early.

For the rest of the majors, however, it’s been a bullish start.

At the time of writing, Chainlink was up 3.69% to take the lead.

For the Bitcoin Day Ahead

Bitcoin would have to avoid a drop in the pivot level at $ 55,650 to bring the first major resistance level into play at $ 60,801.

In order for Bitcoin to return to $ 60,000 levels, it would require the support of the broader market.

Aside from an extended crypto rally, the first major resistance level and $ 60,279.0 high on Sunday would likely limit an uptrend.

In the event of an extended crypto rally, Bitcoin could test resistance in the swing on Wednesday at $ 64,829.0 before pulling back. The second major resistance level is at $ 65,429.

Unless a fall from the $ 55,650 pivot is avoided, the first major support level at $ 51,022 and the 23.6% FIB of $ 50,473 would come into play.

Subject to another lengthy sell-off that day, Bitcoin should avoid levels below $ 50,000. The second major level of support is at $ 45,871.

This article was originally published on FX Empire

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