The Crypto Daily – Movers and Shakers – August 19th, 2021

Bitcoin, BTC to USD, rose by 0.06% on Wednesday. Partially reversing a 2.70% loss from Tuesday, Bitcoin ended the day at $44,721.0.

A choppy start to the day saw Bitcoin fall to an early morning intraday low $44,266.0 before making a move.

Steering clear of the first major support level at $43,702, Bitcoin rallied to a late intraday high $46,010.0.

Falling short of the first major resistance level at $46,427, however, Bitcoin slid back to end the day at sub-$45,000.

The near-term bullish trend remained intact, supported by the latest return to $48,000 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 Wednesday.

Chainlink fell by 3.14% to lead the way down.

Binance Coin (-1.32%), Bitcoin Cash SV (-0.53%), Crypto.com Coin (-2.46%), and Litecoin (-1.25%) also saw red.

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

Cardano’s ADA rallied by 9.45% to lead the way, with Polkadot (+1.45%) and Ripple’s XRP (+4.46%) finding support.

Ethereum (+0.01%) saw a modest gain on the day, however.

In the current week, the crypto total market rose to a Monday high $2,061bn before falling to a Wednesday low $1,832bn. At the time of writing, the total market cap stood at $1,885bn.

Bitcoin’s dominance fell to a Tuesday low 43.67% before rising to a Wednesday high 45.35%. At the time of writing, Bitcoin’s dominance stood at 44.65%.

This Morning

At the time of writing, Bitcoin was up by 0.07% to $44,752.0. A mixed start to the day saw Bitcoin rise to an early morning high $44,974.0 before falling to a low $44,510.0.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA (+1.70%) and Ethereum (+0.02%) avoided the red early on.

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

At the time of writing, Bitcoin Cash SV was down by 1.21% to lead the way down.

BTCUSD 190821 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $44,999 pivot to bring the first major resistance level at $45,732 into play.

Support from the broader market would be needed for Bitcoin to break back out from $45,500 levels.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $46,010.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $48,000 levels before any pullback. The second major resistance level sits at $46,743.

Failure to move through the $44,999 pivot would bring the first major support level at $43,988 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$43,000 levels. The second major support level at $43,255 should limit the downside.

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