The Crypto Daily – Movers and Shakers – October 19th, 2021
Bitcoin, BTC to USD, rose by 0.79% on Monday. Following a 1.05% gain on Sunday, Bitcoin ended the day at $61,994.0.
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A mixed start to the day saw Bitcoin rise to a late morning intraday high $62,682.0 before hitting reverse.
Bitcoin broke through the first major resistance level at $62,313 before falling to an early afternoon intraday low $59,883.0.
Finding support at the first major support level at $59,857, Bitcoin revisited $62,000 levels before easing back.
The near-term bullish trend remained intact, supported the latest return to $62,000 levels. For the bears, Bitcoin would need a sustained fall 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 mixed day on Monday.
Binance Coin rose by 2.99% to lead the way, with Litecoin (+1.01%) also joining Bitcoin in the green.
It was a bearish day for the rest of the majors, however.
Chainlink and Polkadot slid by 3.13% and by 3.02% respectively to lead the way down.
Bitcoin Cash SV (-0.54%), Cardano’s ADA (-1.37%), Crypto.com Coin (-1.52%), Ethereum (-2.65%), Ripple’s XRP (-1.05%) also saw red, however.
Early in the week, the crypto total market rose to a Monday high $2,509bn before falling to a Monday low $2,421bn. At the time of writing, the total market cap stood at $2,486bn.
Bitcoin’s dominance fell to a Monday low 46.57% before rising to a Monday high 47.29%. At the time of writing, Bitcoin’s dominance stood at 47.09%.
This Morning
At the time of writing, Bitcoin was down by 0.01% to $61,987.0. A mixed start to the day saw Bitcoin rise to an early morning high $62,049.7 before falling to a low $61,804.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Binance Coin (-0.05%), Chainlink (-0.11%), and Polkadot (-0.18%) saw red early on.
It was a bullish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was up by 0.39% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $61,520 pivot to bring the first major resistance level at $63,156 into play.
Support from the broader market would be needed for Bitcoin to break through to $63,000 levels.
Barring a broad-based crypto rally, the first major resistance level would likely cap the upside.
In the event of another breakout, Bitcoin could test resistance at $65,000 levels before any pullback. The second major resistance level sits at $64,319.
Bitcoin would need plenty of support, however, to breakout from 14th April 2021’s swing hi $64,829.0
A fall through the $61,520 would bring the first major support level at $60,357 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$59,000 levels, The second major support level sits at $58,721.