The Crypto Daily – The Movers and Shakers – April 26th, 2021
It’s a mixed start to the day. A Bitcoin move back through to $51,500 levels would support a broad-based crypto rally.
Bitcoin, BTC to USD, fell by 2.03% on Sunday. Following a 1.91% fall on Saturday, Bitcoin ended the week down by 12.54% to $49,129.0.
A mixed start to the day saw Bitcoin break through the 23.6% FIB to strike an early morning high $50,563.0 before hitting reverse.
Falling short of the first major resistance level at $51,291, Bitcoin fell to a late morning low $49,164.0.
While steering clear of the first major support level at $48,942, Bitcoin fell back through the 23.6% FIB of $50,473.
Finding late morning support, however, Bitcoin broke back through the 23.6% FIB to hit an intraday high $50,671.0.
Continuing to fall short of the first major resistance level, Bitcoin slid to a late intraday low $47,112.0.
Falling back through the 23.6% FIB, Bitcoin also fell through the first major support level at $48,942 and the second major support level at $47,722.
Steering clear of sub-$47,000 levels, however, Bitcoin broke back through the major support levels to end the day at $49,100 levels.
The near-term bullish trend remained intact in spite of the latest reversal. 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 mixed day on Sunday.
Ethereum and Polkadot rallied by 4.78% and by 5.00% respectively to lead the way.
Binance Coin (+1.68%), Chainlink (+1.22%), and Crypto.com Coin (+1.76%) also bucked the trend on the day.
It was a bearish day for the rest of the majors, however.
Bitcoin Cash SV (-1.82%), Cardano’s ADA (-1.18%), Litecoin (-0.49%), and Ripple’s XRP (-1.88%) joined Bitcoin in the red.
It was also a mixed week for the crypto majors.
Binance Coin and Ethereum rose by 4.81% and by 3.60% respectively to buck the trend in the week.
It was a bearish week for the rest of the crypto majors, however.
Bitcoin Cash SV and Ripple’s XRP slid by 29.49% and by 26.97% respectively to lead the way down.
Cardano’s ADA (-14.67%), Chainlink (-19.02%), Crypto.com Coin (-13.09%), Litecoin (-18.24%), and Polkadot (-8.64%) also struggled, however.
In the week, the crypto total market rose to a Monday high $2,100bn before sliding to a Friday low $1,648bn. At the time of writing, the total market cap stood at $1,832.
Bitcoin’s dominance rose to a Tuesday high 54.32% before falling to a Thursday low 50.03%. At the time of writing, Bitcoin’s dominance stood at 51.18%.
At the time of writing, Bitcoin was up by 2.13% to $50,173.8. A mixed start to the day saw Bitcoin fall to an early morning low $48,831.0 before rising to a high $50,439.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin fell by 0.81% early on to buck the trend.
It was a bullish start for the rest of the majors, however.
At the time of writing, Ripple’s XRP was up by 5.25% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid a fall back through the $48,971 pivot to bring the 23.6% FIB of $50,473 and the first major resistance level at $50,829 into play.
Support from the broader market would be needed for Bitcoin to break out from $50,500 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $51,000 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $53,000 before any pullback. The second major resistance level sits at $52,530.
Failure to avoid a fall back through the $48,971 would bring the first major support level at $47,270 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$45,000 levels. The second major support level at $45,412 should limit the downside.
The views expressed in this article are the author's own and do not necessarily reflect the view of Hotpot Crypto. Hotpot Crypto shall not be held liable under any circumstances for any losses, damages or expenses arising from the use of any content mentioned in this article.
The information contained on this website is provided for informational purposes only, with no warranties, or guarantees made as to the accuracy, completeness or timeliness of it. Hotpot Crypto assumes no liability or responsibility for any errors or omissions in the information contained on this site. We strongly encourage you to conduct your own research before taking any action.
This site may contain copyrighted material, the use of which has not always been specifically authorized by the copyright owner. If you wish to use the copyrighted material from this site for the purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. Authors or publishers who claim ownership of copyrighted articles reprinted on this website and wish for the content to be removed may email us directly at email@example.com
If you would like to connect with us about any of the distributed content or other inquiries, please email us at firstname.lastname@example.org with the relevant documentation.