Steering clear of the first major support level at $13,006, Bitcoin rallied to a Friday intraweek high $15,888.0.

Bitcoin broke through the first major resistance level at $14,280 and the second major resistance level at $14,805.

Falling short of $16,000 levels, Bitcoin slid back to sub-$14,500 levels on Saturday before a bullish end to the week.

A Sunday recovery saw Bitcoin break back through the second major resistance level to wrap up the week at $15,500 levels.

5 days in the green that included a 10.03% rally on Friday and a 4.41% rally on Sunday delivered the upside for the week. A 4.67% slide on Saturday limited some up the upside for the week, however.

For the week ahead

Bitcoin would need to avoid a fall through the $14,865 pivot to support a run the first major resistance level at $16,523.

Support from the broader market would be needed for Bitcoin to break out from last week’s $15,888.0 high.

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

In the event of another breakout, Bitcoin could test resistance at $17,000 before any pullback. The second major resistance level sits at $17,546.

Failure to avoid a fall through the $14,865 pivot would bring the first major support level at $13,842 into play.

Barring an extended sell-off, however, Bitcoin should steer clear of sub-$13,500 support levels. The second major support level sits at $12,184.

At the time of writing, Bitcoin was up by 0.11% to $15,517.0. A mixed start to the week saw Bitcoin fall to an early Monday morning low $15,424.0 before striking a high $15,608.0.

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

(Excerpt) Read more Here | 2020-11-08 19:24:41
Image credit: source

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