The Crypto Daily – Movers and Shakers – August 12th, 2021

Bitcoin, BTC to USD, slipped by 0.18% on Wednesday. Following a 1.44% loss on Tuesday, Bitcoin ended the day at $45,531.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $45,341.0 before making a move.

Steering clear of the first major support level at $44,600, Bitcoin rose to an early afternoon intraday high $46,727.0.

Bitcoin broke through the first major resistance level at $46,660 before falling back to end the day at sub-$46,000 levels.

The near-term bullish trend remained intact, supported by the latest return to $46,000 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 bullish day on Wednesday.

Ripple’s XRP surged by 18.89% to lead the way.

Binance Coin (+5.14%), Bitcoin Cash SV (+4.16%), Cardano’s ADA (+6.93%), Chainlink (+5.57%), and Crypto.com Coin (+6.00%) also found strong support.

Ethereum (+0.65%), Litecoin (+3.24%), and Polkadot (+3.72%) trailed the front runners, however.

In the current week, the crypto total market fell to a Monday low $1,696bn before rising to a Wednesday high $1,944bn. At the time of writing, the total market cap stood at $1,886bn.

Bitcoin’s dominance rose to a Monday high 47.44% before falling to a Wednesday low 45.19%. At the time of writing, Bitcoin’s dominance stood at 45.57%.

This Morning

At the time of writing, Bitcoin was up by 0.43% to $45,727.0. A mixed start to the day saw Bitcoin fall to an early morning low $45,292.0 before rising to a high $45,855.2.

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

Elsewhere, it was a mixed start to the day.

Crypto.com Coin (-1.69%) and Ripple’s XRP (-0.17%) saw red early on to buck the trend.

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

At the time of writing, Cardano’s ADA was up by 2.45% to lead the way.

BTCUSD 120821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $45,866 pivot to bring the first major resistance level at $46,392 into play.

Support from the broader market would be needed for Bitcoin to break back through to  $46,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $46,727.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $48,000 before any pullback. The second major resistance level sits at $47,252.

Failure to move through the $45,866 pivot would bring the first major support level at $45,006 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$44,000 levels. The second major support level at $44,480 should limit the downside.

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