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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%.

This Morning

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.

Source: fxempire

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