The Crypto Daily – Movers and Shakers – May 16, 2021

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The Crypto Daily - Movers and Shakers - May 16, 2021

Bitcoin, BTC to USD, fell 6.17% on Saturday. Bitcoin reversed a 0.35% gain from Friday, ending the day at $ 46,844.0.

After a mixed start to the day, Bitcoin rose to an early morning intraday high of $ 50,737.0 before turning back into reverse.

While Bitcoin missed the first major resistance level of $ 51,332, it broke the 23.6% FIB of $ 50,473.

The reversal caused Bitcoin to drop 23.6% on the FIB to an intraday low of $ 46,644.0 in the last hour.

Bitcoin also fell through the first major support level at $ 48,967 and the second major support level at $ 47,469.

The short-term uptrend has remained intact despite the recent drop below $ 47,000. For the bears, Bitcoin would have to slide through the 62% FIB of $ 27,237 to form a short-term downtrend.

The rest of the package

For all the other majors it was a mixed day on Saturday.

Cardano’s ADA rebounded 8.24%, with Ripple’s XRP gaining 6.22% to counter the trend of the day.

For the other majors, however, it was a bearish day.

Chainlink slid 11.04% to lead the way down.

Binance Coin (-6.61%), Bitcoin Cash SV (-8.54%), Ethereum (-10.56%) and Litecoin (-8.07%) also had problems.

Crypto.com Coin (-4.53%) and Polkadot (-3.07%) saw relatively modest losses that day.

For the current week, the overall crypto market soared to a Wednesday high of $ 2.577 billion before slipping to a low of $ 1.965 billion early Thursday. At the time of writing, its total market cap was $ 2,162 billion.

Bitcoin’s dominance rose to a Monday high of 46.90% before falling to a Saturday low of 40.04%. At the time of writing, Bitcoin was dominated by 40.88%.

This morning

At the time of writing, Bitcoin was up 1.08% to $ 47.352.0. After a mixed start to the day, Bitcoin fell to an early morning low of $ 46,500.0 before rising to a high of $ 47,429.0.

Bitcoin left key support and resistance levels untested early on.

Elsewhere it was a mixed start to the day.

Crypto.com Coin is down 3.24% to counter the trend earlier in the day.

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

The story goes on

At the time of writing, Ethereum was up 5.78% to lead the way.

For the coming Bitcoin day

Bitcoin would have to move through the pivot level at $ 48,075 to support a run to the first major resistance level at $ 49,506 and the 23.6% FIB of $ 50,473.

In order for Bitcoin to break back to a level of $ 50,000, support from the broader market would be required.

Aside from an extended crypto rally, the first major resistance level and Saturday’s high at $ 50,737.0 would likely limit any uptrend.

In the event of an extended crypto rally, Bitcoin could test resistance at $ 53,000 before retreating. The second major resistance level is at $ 52,168.

If the pivot at $ 48,075 is not broken, the first major support level at $ 45,413 would come into play.

Aside from another lengthy sell-off that day, Bitcoin should stay away from the 38.2% FIB of $ 41,592. The second major support level at $ 43,982 should limit the downside.

This article was originally published on FX Empire

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