FXEMPIRE
All
Ad
Advertisement
Advertisement
Bob Mason
Add to Bookmarks
Golden bitcoins on the black background closeup. Cryptocurrency virtual money

Bitcoin

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.

Advertisement
Know where Bitcoin is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

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.

Bitcoin left the major support and resistance levels untested at the start of the week.

Advertisement

Chainlink

Chainlink surged by 43.53% in the week ending 17th January. Following on from an 18.11% gain from the week prior, Chainlink ended the week at $23.30.

It was a particularly bearish start to the week. Chainlink slid to a Monday intraweek low $12.50 before ending the day at $16 levels.

The sell-off saw Chainlink briefly fall through the 38.2% FIB of $12.9 and the first major support level at $12.87.

After a bearish Tuesday, Chainlink surged to a Sunday intraweek high and a new swing hi $23.7392.

The breakout saw Chainlink break through the week’s major resistance levels to end the week at $23 levels.

4-days in the green included a 13.86% rally on Wednesday, a 12.48% gain on Thursday, a 15.7% jump on Friday, and a 15.82% breakout on Sunday.

For the week ahead

Chainlink would need to avoid a fall through the pivot level at $19.85 to support a run at the first major resistance level at $27.19.

Support from the broader market would be needed, however, for Chainlink to break out from last week’s all-time high $23.7392.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Chainlink could test resistance at $30 before any pullback. The second major resistance level sits at $31.09.

Failure to avoid a fall through the pivot level at $19.85 would bring 23.6% FIB of $18.5 into play before any recovery.

Barring a crypto meltdown, however, Chainlink should steer well clear of last week’s low $12.50. The first major support level at $15.95 and the 38.2% FIB of $15.2 should limit any downside.

At the time of writing, Chainlink was flat at $23.30. A mixed start to the week saw Chainlink fall to an early Monday morning low $22.9074 before rising to a high $23.6632.

Chainlink left the major support and resistance levels untested at the start of the week.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker