The U.S Crypto Morning Session – May 20th, 2021

It’s been a bullish start for Bitcoin and the broader crypto market. After Wednesday’s PBoC driven sell-off, investors reentered the crypto market albeit with some degree of caution.

At the time of writing, Bitcoin, BTC to USD, was up by 8.16% to $39,729.0. Through the early hours, UTC, Bitcoin slid to a current day low $34,985.0 before striking a mid-morning high $40,826.0.

While steering clear of sub-$30,000 levels and the 62% FIB of $27,237, Bitcoin failed to test resistance at the 38.2% FIB of $41,592.

The Rest of the Pack

Across the rest of the majors, it has been a mixed morning on Thursday.

Bitcoin Cash SV was down by 4.77%, at the time of writing, to buck the trend.

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

Cardano’s ADA was up by 13.57% to lead the recovery, with Chainlink rising by11.15%.

Ethereum (+9.18%), Litecoin (+10.92%), and Ripple’s XRP (+9.21%) also found strong support early on.

Binance Coin (+6.87%), and Coin (+7.22%) trailed the front runners, however.

Through the early hours, the crypto total market rose from an early morning low $1,427bn to a high $1,744bn before easing back. At the time of writing, the total market cap stood at $1,682bn.

Bitcoin’s dominance rose to an early high 46.24% before falling to a low 43.49%. At the time of writing, Bitcoin’s dominance stood at 44.14%.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall back through the $36,632 pivot to support a run at the 38.2% FIB of $41,592.

Barring an extended rally through the early afternoon, Bitcoin will likely come up short of the first major resistance level at $43,701.

A move back through the $42,000 levels, however, would bring the 23.6% FIB of $50,473 and the second major resistance level at $50,669 into play.

A fall back through the $36,632 pivot would bring sub-$30,000 levels and the first major support level at $29,664 into play.

Barring another extended sell-off throughout the day, Bitcoin should steer clear of the 62% FIB of $27,237.

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