The Crypto Daily – Movers and Shakers – August 29th, 2021
A choppy start to the day saw Bitcoin rise to an early morning intraday high $49,310.0 before hitting reverse.
Falling short of the first major resistance level at $50,038, Bitcoin slid to an early afternoon intraday low $48,385.9.
Steering well clear of the first major support level at $47,242, Bitcoin revisited $49,200 levels before falling back into the red.
The near-term bullish trend remained intact, supported by the latest return to $50,000 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 Saturday.
It was a bearish day for the rest of the majors, however.
In the current week, the crypto total market rose to a Monday high $2,169bn before falling to a Thursday low $1,933bn. At the time of writing, the total market cap stood at $2,092bn.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
It was a bullish start for the rest of the majors, however.
At the time of writing, Bitcoin Cash SV was up by 2.93% to lead the way.
For the Bitcoin Day Ahead
Bitcoin would need to avoid the $48,870 pivot to bring the first major resistance level at $49,354 into play.
Support from the broader market would be needed for Bitcoin to break back through to $49,300 levels.
Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $49,311 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $50,000 before any pullback. The second major resistance level sits at $49,794.
A fall through the $48,870 pivot would bring the first major support level at $48,430 into play.
Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$47,500 levels. The second major support level at $47,946 should limit the downside.
This article was originally posted on FX Empire