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The Crypto Daily – Movers and Shakers – October 18th, 2021

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·3 min read
In this article:
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Bitcoin, BTC to USD, rose by 1.05% on Sunday. Partially reversing a 1.33% loss from Saturday, Bitcoin ended the week up by 12.48% to $61,504.0.

A mixed start to the day saw Bitcoin rise to a late morning intraday high $61,475.0 before hitting reverse.

Falling well short of the first major resistance level at $62,077, Bitcoin slid to a late intraday low $59,019.0.

Bitcoin fell through the first major support level at $59,915 before a late move back through to $61,000 levels.

The near-term bullish trend remained intact, supported the latest return to $62,000 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 Sunday.

Binance Coin and Ethereum rose by 1.15% and by 0.46% respectively to buck the trend at the end of the week.

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

Chainlink and Ripple’s XRP fell by 2.55% and by 3.61% respectively to lead the way down.

Bitcoin Cash SV (-1.66%), Crypto.com Coin (-2.08%), and Litecoin (-1.22%) also struggled.

Cardano’s ADA (-0.89%) and Polkadot (-0.20%) saw relatively modest losses on the day, however.

It was also a mixed week ending 17th October for the majors.

Bitcoin Cash SV (-2.26%), Cardano’s ADA (-1.44%), Crypto.com Coin (-1.62%), and Ripple’s XRP (-3.90%) saw red.

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

Binance Coin jumped by 16.51% to lead the way, with Ethereum (+12.66%), Litecoin (+12.46%), and Polkadot (+8.69%) also finding strong support.

Chainlink (+3.43%) trailed the front runners, however.

In the week, the crypto total market fell to a Tuesday low $2,210bn before rising to a Friday high $2,606bn. At the time of writing, the total market cap stood at $2,503bn.

Bitcoin’s dominance fell to a Thursday low 44.43% before rising to a Sunday high 46.75%. At the time of writing, Bitcoin’s dominance stood at 46.63%.

This Morning

At the time of writing, Bitcoin was up by 0.58% to $61,862.0. A mixed start to the day saw Bitcoin fall to an early morning low $61,406.0 before rising to a high $61,862.0.

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

Elsewhere, it was a mixed start to the day.

Cardano’s ADA bucked the early trend, falling by 0.09%.

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

At the time of writing, Litecoin was up by 0.55% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $60,666 pivot to bring the first major resistance level at $62,313 into play.

Support from the broader market would be needed for Bitcoin to break back through to $62,000 levels.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $62,475.0 would likely cap the upside.

In the event of another breakout, Bitcoin could test resistance at $65,000 levels before any pullback. The second major resistance level sits at $63,122.

Bitcoin would need plenty of support, however, to breakout from 14th April 2021’s swing hi $64,829.0

A fall through the $60,666 would bring the first major support level at $59,857 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$59,000 levels, The second major support level sits at $58,210.

This article was originally posted on FX Empire

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