Dropping well below the first major resistance level at $ 37,175, Bitcoin fell to an intra-week low of $ 28,283.0 on Wednesday.
By falling into the $ 33.008 23.6% FIB, Bitcoin prevented a decline through the first level of main support at $ 28,227.
Finding support on Thursday, Bitcoin rose to a Friday high of $ 38,710.7 intra-week.
Bitcoin broke through the 23.6% FIB of $ 33,008 and the first major resistance level at $ 37,175 before dropping back to levels below $ 33,000.
Finding support over the weekend, however, Bitcoin broke the 23.6% FIB to end the week at $ 33,100 levels.
4 days in the green that included a 9.7% hike on Thursday delivered the upside for the week.
For the next week
Bitcoin would need to pass the $ 33,711 pivot to support a race to the first major resistance level at $ 38,138.
Broader market support would be needed for Bitcoin to reach $ 38,000 levels.
Except for an extended crypto rally, the first major resistance level and last week’s high of $ 38,710.7 would likely limit any high.
In the event of a prolonged breach, Bitcoin could test the resistance on the hi $ 41,969 swing before any setback. The second highest resistance level is at $ 43,138.
Failure to pass the $ 33,711 pivot would bring 23.6% FIB and the first major support level of $ 28,710 into play.
In the case of a sale, Bitcoin should stay away from the 38.2% FIB of $ 27,465. The second highest level of support is $ 24,283.
At the time of this writing, Bitcoin was up 0.98% to $ 33,462.6. A mixed start to the week saw Bitcoin drop to $ 32,333.0 early Monday morning, before rising to $ 33,570.0.
While Bitcoin left the main levels of support and resistance untested earlier in the week, Bitcoin fell briefly at the FIB of 23.6%.