The Crypto Daily – Movers and Shakers – September 8th, 2021
Bitcoin, BTC to USD, slid by 11.06% on Tuesday. Reversing a 1.73% gain from Monday, Bitcoin ended the day at $46,849.0.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $52,888.0 before hitting reverse.
Falling short of the first major resistance level at $53,262, Bitcoin tumbled to a mid-afternoon intraday low $43,220.0.
Bitcoin fell through the day’s major support levels and also through the 23.6% FIB of $50,473.
Finding late support, Bitcoin briefly revisited $47,000 levels before easing back.
The near-term bullish trend remained intact, in spite of the latest return to $43,000 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 bearish day on Tuesday
Ripple’s XRP slumped by 19.26% to lead the way down.
Bitcoin Cash SV (-18.26%), Chainlink (-18.90%), and Litecoin (-18.73%) weren’t far behind.
Binance Coin (-15.66%), Cardano’s ADA (-11.31%), Crypto.com Coin (-15.80%), Ethereum (-12.52%), and Polkadot (-8.63%) were also in the deep red.
Early in the week, the crypto total market rose to a Tuesday high $2,437bn before tumbling to a Tuesday low $1,835bn. At the time of writing, the total market cap stood at $2,087bn.
Bitcoin’s dominance fell to a Tuesday low 40.85% before rising to a Tuesday high 43.65%. At the time of writing, Bitcoin’s dominance stood at 42.09%.
This Morning
At the time of writing, Bitcoin was down by 0.46% to $46,633.0. A mixed start to the day saw Bitcoin rise to an early morning high $46,968.0 before falling to a low $46,402.0
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Crypto.com Coin bucked the early trend, rising by 1.02%.
It was a bearish start for the rest of the majors, however.
At the time of writing, Bitcoin Cash SV was down by 2.20% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move the $47,652 pivot to bring the first major resistance level at $52,085 into play.
Support from the broader market would be needed for Bitcoin to break out from the 23.6% FIB of $50,473.
Barring a broad-based crypto rally, the 23.6% FIB would likely leave Bitcoin short of the first major resistance level.
In the event of a broad-based crypto rebound, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $57,320.
Failure to move through the $47,652 pivot would bring the first major support level at $42,417 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of the 38.2% FIB of $41,592. The second major support level sits at $37,984.
This article was originally posted on FX Empire