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Failing to reach the first major resistance level at $ 19,600, Bitcoin plunged to an intraweek low on Thursday at $ 16,317.0.
The sell-off saw Bitcoin fall through the first major support level at $ 16,529 before a partial recovery to $ 18,100.
4 days in red which included an 8.09% drop on Thursday led to the downside for the week.
For the next week
Bitcoin should avoid a fall through the $ 18,003 pivot to support a run at the first major resistance level at $ 19,690.
Support from the broader market would be needed for Bitcoin to break out of last week’s $ 19,497 high.
Barring an extended cryptocurrency rally, the first major resistance and resistance level at $ 19,500 would likely limit any upside.
In the event of another breakout, Bitcoin could test resistance at $ 20,000 before any pullback. The second major resistance level is found at $ 21,183.
Failure to avoid a fall through the $ 18,003 pivot would bring the first major support level at $ 16,510 into play.
Barring an extended sell-off, however, Bitcoin should avoid support levels below $ 15,000. The second major support level is found at $ 14,823.
At the time of writing, Bitcoin was up 1.54% to $ 18,477.0. A bullish start to the week saw Bitcoin rise from a Monday morning low of $ 18,196.0 to a high of $ 18,550.0.
Bitcoin left the major support and resistance levels untested earlier in the week.
