Bitcoin
Bitcoin, BTC to USD, slid by 9.97% in the week ending 24th January. Following on from a 6.02% decline from the previous week, Bitcoin ended the week at $32,320.0.
A mixed start to the week saw Bitcoin rise to a Tuesday intraweek high $37,936.6 before hitting reverse.
Falling well short of the first major resistance level at $40,389, Bitcoin slid to a Friday intraweek low $28,989.0.
The sell-off saw Bitcoin fall through the 23.6% FIB of $33,008 and the first major support level at $31,023.
It was Bitcoin’s first visit to sub-$30,000 levels since 5th January.
Finding support on Friday, Bitcoin broke back through the 23.6% FIB before ending the day at sub-$32,500 levels.
4 days in the red that included an 13.08% tumble on Thursday delivered the downside for the week.
For the week ahead
Bitcoin would need to move through the 23.6% FIB of $33,008 and the $33,082 pivot to support a run the first major resistance level at $37,175.
Support from the broader market would be needed for Bitcoin to break back through to $37,000 levels.
Barring an extended crypto rally, the first major resistance level and last week’s high $37,936.6 would likely cap any upside.
In the event of an extended breakout, Bitcoin could test resistance at the swing hi $41,969 before any pullback. The second major resistance level sits at $42,029.
Failure to move through the 23.6% FIB and the $33,082 pivot would bring the first major support level at $28,227 into play.
Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $24,134. The 38.2% FIB of $27,465 should limit the downside in the event of an extended sell-off.
At the time of writing, Bitcoin was up by 1.68% to $32,863.4. A mixed start to the week saw Bitcoin fall to an early Monday low $32,253.0 before rising to a high $32,919.0.
Bitcoin left the major support and resistance levels untested at the start of the week.
Ethereum
Ethereum rose by 13.09% in the week ending 24th January. Reversing a 1.76% loss from the previous week, Ethereum ended the week at $1,394.00.
It was a bullish start to the week. Ethereum rose to a Tuesday intraweek high and a new swing hi $1,440.0 before hitting reverse.
The breakout saw Ethereum break through the first major resistance level before sliding to a Friday intraweek low $1,039.62.
While steering clear of the first major support level at $994, Ethereum fell through the 23.6% FIB of $1,119.
A recovery on Friday and a bullish weekend, however, saw Ethereum break back through the 23.6% FIB to end the week at $1,390 levels.
6-days in the green included an 8.71% rally on Tuesday, an 11.07% jump on Friday, and a 12.92% breakout on Sunday delivered the upside in the week. A 19.34% slump on Thursday pared some of the gains, however.
For the week ahead
Ethereum would need to avoid a fall through the pivot level at $1,291 to support a run at the first major resistance level at $1,543.
Support from the broader market would be needed, however, for Ethereum to break through to $1,500 levels.
Barring another extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended breakout, Ethereum could test resistance at $1,750 before any pullback. The second major resistance level sits at $1,692.
Failure to avoid a fall through the pivot level at $1,291 would bring the first major support level at $1,142 and the 23.6% FIB of $1,119 into play.
Barring a crypto meltdown, however, Ethereum should steer clear of the 38.2% FIB of $921 and the second major support level at $891.
At the time of writing, Ethereum was up by 3.31% to $1,440.19. A mixed start to the week saw Ethereum fall to an early Monday low $1,384.15 before striking a new swing hi $1,477.30.
Ethereum left the major support and resistance levels untested at the start of the week.
This article was originally posted on FX Empire
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