Bitcoin
Bitcoin, BTC to USD, was down 20.06% for the week ending May 16. Bitcoin ended the week up 2.96% from the previous week at $ 46,597.0.
With a mixed start to the week, Bitcoin rose to a Monday high of $ 59,589.8 within the week before hitting reverse.
Bitcoin trailed the first major resistance level at $ 60,831, falling to a Sunday weekday low of $ 44,021.0.
With the extended sell-off, Bitcoin fell through the first major support level at $ 54,341 and the second major support level at $ 50,405.
Bitcoin also fell through the 23.6% FIB of $ 50,473, ending the week at $ 46,500.
4 days in the red, which included a 12.53% drop on Wednesday and a 6.17% drop on Saturday, delivered the downside for the week.
For the coming week
Bitcoin would have to move through the $ 50,069 pivot and 23.6% FIB of $ 50,473 to support a run at the first major resistance level of $ 56,118.
Support from the broader market would be required for Bitcoin to break out of the $ 55,000 level.
Aside from an extended crypto rally, the first major resistance level would likely limit an uptrend.
In the event of a longer breakout, Bitcoin could test resistance on the April swing at $ 64,829.0 before pulling back. The second major resistance level is at $ 65,638.
If the pivot of $ 50,069 and the FIB of 23.6% of $ 50,473 are not traversed, the FIB of $ 38,292 of $ 38,292 and the first major support level of $ 40,549 would come into play.
Subject to another extended sell-off, Bitcoin should stay away from support levels below $ 40,000. The second major support level is at $ 34,500.
At the time of writing, Bitcoin was down 3.09% to $ 45,156.7. On a mixed start to the day, Bitcoin rose to a high of $ 46,796.0 early Monday morning before falling to a low of $ 44,956.1.
Bitcoin left key support and resistance levels untested early on.
ether
Ethereum fell 8.73% for the week ending May 16. Ethereum partially reversed a 33.07% increase from the previous week and ended the week at $ 3,585.62.
A bullish start to the week caused Ethereum to rebound to a midweek high on Wednesday, taking a new swing of $ 4,384.43 before reversing.
The story goes on
Ethereum broke the first major resistance level at $ 4,277 and was in the $ 4,400 area.
However, the reversal caused Ethereum to slide to a Sunday weekday low of $ 3,343.57.
As Ethereum avoids the first major support level at $ 3,266, it tests the support at 23.6% FIB of $ 3,369 before ending the week at $ 3,500.
4 days in the red, which included a 8.45% decline on Wednesday and a 10.56% fall on Saturday, provided the disadvantage.
For the coming week
Ethereum would have to pivot through the pivot at $ 3,834 to bring the first major resistance level into play at $ 4,136.
However, support from the broader market would be required for Ethereum to rebound back to $ 4,000 levels.
Aside from an extended crypto rally, last week’s first major resistance level and swing of $ 4,384.3 would likely limit an uptrend.
In the event of a prolonged breakout, Ethereum could test resistance before a pullback at USD 5,000. The second major resistance level is at $ 4,687.
If the pivot at $ 3,834 is not traversed, the 23.6% FIB of $ 3,369 and the first major support level at $ 3,283 would come into play.
Subject to an extended weekly sell-off, Ethereum should avoid levels below $ 3,000. The second major support is at $ 2,980.
At the time of writing, Ethereum was down 5.22% to $ 3,398.42. A bearish start to the week caused Ethereum to slide from an early Monday morning high of $ 3,590.00 to a low of $ 3,398.42.
Ethereum left key support and resistance levels untested earlier in the week.
This article was originally published on FX Empire
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