Bitcoin Weekly Technical Analysis
It’s a mixed start to the week. Steering clear of the week’s pivot levels would support a run at the major resistance levels.
Bitcoin, BTC to USD, fell by 6.02% in the week ending 17th January. Partially reversing a 15.8% rally from the previous week, Bitcoin ended the week at $35,900.0.
A bearish start to the week saw Bitcoin tumble to a Monday intraweek low $30,635.0 before finding support.
Bitcoin fell through the 23.6% FIB of $33,008 to come within range of the first major support level at $30,504.
After another bearish day on Tuesday, Bitcoin rallied to a Wednesday intraweek high $40,001.0 before hitting reverse.
While falling well short of the first major resistance level at $43,933, Bitcoin broke back through the 23.6% FIB of $33,008.
A bearish end to the week, however, saw Bitcoin revisit sub-$34,000 levels before wrapping up the week at $35,900 levels.
5 days in the red that included an 7.31% tumble on Monday and a 6.12% slide on Friday delivered the downside.
For the week ahead
Bitcoin would need to avoid a fall through $35,512 pivot to support a run the first major resistance level at $40,389.
Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.
Barring an extended crypto rally, resistance at last week’s high $40,001 would likely cap any upside.
In the event of an extended breakout, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $44,878.
Failure to avoid a fall through the $35,512 pivot would bring the 23.6% FIB of $33,008 and the first major support level at $31,023 into play.
Barring an extended sell-off, however, Bitcoin should steer clear of sub-$30,000 support levels and the 38.2% FIB of $27,465. The second major support level sits at $26,146.
At the time of writing, Bitcoin was up by 0.28% to $35,999.0. A mixed start to the week saw Bitcoin fall to an early Monday morning low $35,630.0 before rising to a high $36,244.0.
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