The Crypto Daily – Movers and Shakers – January 16th, 2021

Bitcoin, BTC to USD, slid by 6.15% on Friday. Reversing a 4.73% rally from Thursday, Bitcoin ended the day at $36,741.0.

It was a mixed start to the day. Bitcoin rise to an early morning intraday high $39,701.0 before hitting reverse.

Falling short of the first major resistance level at $40,536, Bitcoin slid to a late afternoon intraday low $34,500.0.

Bitcoin fell through the first major support level at $37,201 and the second major support level at $35,266.

Finding support late in the day, however, Bitcoin broke back through the second major support level to end the day at $36,700 levels.

The near-term bullish trend remained intact, in spite of the reversal. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Friday.

Chainlink bucked the trend on the day, rallying by 15.7%.

It was a bearish day for the rest of the pack.

Bitcoin Cash SV and Crypto.com Coin slid by 7.11% and by 7.93% respectively to lead the way down.

Ethereum (-5.16%), Litecoin (-5.74%), and Ripple’s XRP (-5.30%) also saw heavy losses.

Binance Coin (-2.18%),Cardano’s ADA (-3.13%), and Polkadot (-3.15%) saw relatively modest losses on the day.

In the current week losses, the crypto total market cap fell to a Monday low $804.33bn before rising to a Thursday high $1,083.27bn. At the time of writing, the total market cap stood at $1,011.91bn.

Bitcoin’s dominance rose to a Thursday high 70.28% before falling to a Friday low 68.27%. At the time of writing, Bitcoin’s dominance stood at 68.47%.

This Morning

At the time of writing, Bitcoin was up by 1.27% to $37,207.0. A bullish start to the day saw Bitcoin rise from an early morning low $36,731.0 to a high $37,388.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was also a bullish start to the day.

At the time of writing, Polkadot was up by 12.43% to lead the way, with Crypto.com Coin up by 7.74%.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $36,981 to bring the first major resistance level at $39,461 into play.

Support from the broader market would be needed for Bitcoin to break back through to $39,000 levels.

Barring an extended crypto rally, first major resistance level and resistance at $40,000 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at the all-time high $41,969 and at $42,000 before any pullback. The second major resistance level sits at $42,182.

Failure to avoid a fall through the $36,981 pivot would bring the first major support level at $34,260 into play.

Barring an extended crypto sell-off, Bitcoin should continue to steer clear of the second major support level at $31,780. The 23.6% FIB of $33,008 should limit the downside.

This article was originally posted on FX Empire

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