The Crypto Daily – Mover and Shaker – February 17, 2021

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The Crypto Daily - Mover and Shaker - February 17, 2021

Bitcoin, BTC to USD, rose 2.65% on Tuesday. Bitcoin ended the day losing 1.42% on Monday at $ 49,203.0.

On a mixed start to the day, Bitcoin slid to an early morning intraday low of $ 47.0460 before moving.

Bitcoin pulled out of the first major support level at $ 46,105 and rebounded to a midday intraday high and a new swing of $ 50,490.0.

Bitcoin broke the first major resistance level at $ 49,333 and visited $ 50,000 for the first time.

Bitcoin fell behind the second major resistance level at $ 50,760, dropping to below $ 48,000 and into the red.

However, when Bitcoin found belated support, it returned to $ 49,000 to hit the day’s uptrend.

The first major resistance level at $ 49,333 brought Bitcoin back late.

The short-term uptrend remained intact, supported by Tuesday’s new swing of $ 50,490.0. For the bears, Bitcoin would have to slide through the 62% FIB of $ 21,759 to form a short-term bearish trend.

The rest of the pack

Tuesday was a mixed day for the other majors.

Bitcoin Cash SV (-3.75%), Chainlink (-1.62%), Crypto.com Coin (-1.38%) and Ripple’s XRP (-5.35%) were red.

For the rest of the majors, however, it was a bullish day.

Polkadot gained 5.49% and led the way.

Binance Coin (+ 0.03%), Cardanos ADA (+ 1.13%), Ethereum (+ 0.08%) and Litecoin (+ 0.99%) have also joined Bitcoin in the positive range.

During the current week, total crypto market cap fell to a Monday low of $ 1,350.01 billion before rising to a Tuesday high of $ 1,537.78 billion. At the time of writing, its total market cap was $ 1,476.39 billion.

Bitcoin’s dominance rose to a Monday high of 63.36% before falling to a Monday low of 60.67%. At the time of writing, Bitcoin was dominant at 62.44%.

This morning

At the time of writing, Bitcoin was up 0.75% to $ 49,572.5. A bullish start to the day caused Bitcoin to climb from an early morning low of $ 49,182.0 to a high of $ 49,584.0.

Bitcoin left key support and resistance levels untested early on.

The story goes on

Elsewhere it was a mixed start to the day.

Binance Coin (+ 0.07%), Litecoin (+ 0.85%) and Ripple’s XRP (+ 1.76%) have joined Bitcoin in the green.

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

At the time of writing, Chainlink was down 1.17% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would have to avoid a drop in the pivot level at $ 48,913 to bring the first major resistance level into play at $ 50,780.

The broader market support would be required for Bitcoin to break out of Tuesday’s new swing of $ 50,490.0.

Aside from an extended Crypto rally, Tuesday’s first major resistance level and new Swing Hi would likely limit any uptrend.

In the event of an extended crypto rally, Bitcoin could test resistance at $ 55,000 before pulling back. The second major resistance level is at $ 52,357.

Unless a fall from the $ 48,913 pivot is avoided, the first major support level of $ 47,336 is brought into play.

However, subject to an extended crypto sell-off, Bitcoin should avoid levels below $ 46,000. The second major level of support is at $ 45,469.

This article was originally published on FX Empire

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