The Crypto Daily – Movers and Shakers – September 22, 2021
Bitcoin, BTC to USD, fell 5.29% on Tuesday. After falling 8.93% on Monday, Bitcoin ended the day at $ 40,748.0.
A bearish start to the day saw Bitcoin slide to an early morning low of $ 40,255.0.
Bitcoin fell through the FIB 38.2% of $ 41,592 and the first major support level to $ 41,286.
Finding early support, Bitcoin hit an intraday high of $ 43,625.0 late in the morning before reversing.
However, well below the first major resistance level at $ 46,046, Bitcoin fell to an intraday low of $ 39,678.0.
Bitcoin fell back through the FIB 38.2% from $ 41,592 and the first major support level to $ 41,286.
However, avoiding the second major support level at $ 39,546, Bitcoin ended the day at $ 40,700.
The short-term uptrend has remained intact, despite the latest return to levels below $ 40,000. For bears, Bitcoin would need a sustained decline through the 62% FIB of $ 27,237 to form a short-term downtrend.
The rest of the pack
In the rest of the majors, the day was mixed on Tuesday.
Bitcoin Cash SV rose 3.08% to reverse the trend for the day.
It was, however, a bearish day for the rest of the majors.
Chainlink slipped 9.10% to lead the way on the downside, with Ethereum (-7.08%) also struggling.
Binance Coin (-5.47%), Cardano’s ADA (-4.64%), Crypto.com Coin (-1.15%), Litecoin (-5.50%), Polkadot (-1.53%) and Ripple’s XRP (-5.22%) saw relatively modest losses however.
At the start of the week, the total crypto market peaked at $ 2.136 billion on Monday before dropping to a low on Tuesday of $ 1.743 billion. At the time of writing, the total market cap was $ 1.824 billion.
Bitcoin’s dominance peaked at 42.97% on Monday before falling to a low of 41.37% on Tuesday. At the time of writing this article, Bitcoin’s dominance stands at 42.36%.
This morning
At the time of writing, Bitcoin was up 0.95% to $ 41,134.0. A mixed start to the day saw Bitcoin drop to an early morning low of $ 40,636.0 before climbing to $ 41,494.0.
Bitcoin left major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin fell 7.46% to reverse the initial trend.
It was a bullish start for the rest of the majors, however.
As of this writing, Cardano’s ADA was up 1.74% to lead the way.
For Bitcoin Day Ahead
Bitcoin would need to break through the $ 41,350 38.2% FIB pivot of $ 41,592 to bring into play the first major resistance level at $ 43,023.
Broad market support would be needed for Bitcoin to return to levels of $ 43,000.
Barring a full-scale crypto rally, the first major resistance level and Tuesday’s high of $ 43,625.0 would likely cap the upside.
In the event of a widespread crypto rebound, Bitcoin could test resistance at levels of $ 45,000 before any pullback. The second major resistance level is located at $ 45,297.
Failure to break through the $ 41,350 pivot and 38.2% FIB of $ 41,592 would bring into play the first major support level at $ 39,076.
Unless another extended sell off that day, Bitcoin is expected to avoid the second major support level at $ 37,403.
This article originally appeared on FX Empire
