Steering clear of the 38.2% FIB of $41,592 and the first major support level at $38,991, Bitcoin rallied to a Saturday intraweek high $48,141.0.
Bitcoin broke through the first major resistance level at $46,923 to end the week at $47,000 levels.
2 days in the green that included a 5.68% rise on Monday and a 7.68% rally on Friday delivered the upside for the week.
For the week ahead
Bitcoin would need to avoid the $45,984 pivot to support a run the first major resistance level at $49,179.
Support from the broader market would be needed for Bitcoin to break out from last week’s high $48,141.0.
Barring an extended crypto rally, the first major resistance level and resistance at the 23.6% FIB of $50,473 would likely cap any upside.
In the event of an extended breakout, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $51,335.
A fall through the $45,984 pivot would bring the first major support level at $43,828 into play.
Barring an extended sell-off, Bitcoin should steer clear of the 38.2% FIB of $41,592. The second major support level sits at $40,633.
At the time of writing, Bitcoin was up by 1.93% to $47,931.0. A mixed start to the week saw Bitcoin fall to an early Monday morning low $46,830.0 before rising to a high $47,945.0.
Bitcoin left the major support and resistance levels untested early on.